One lesson each for Buy Limit, Sell Limit, Buy Stop and Sell Stop, then stop-loss and take-profit, sizing by risk, and gaps and slippage.
For: learners who know the forex basics and want to master pending orders
Risk warning: forex, CFDs, options, futures and crypto assets usually involve leverage or high volatility, and you can lose more than you put in. This lesson only teaches the concepts; all numbers are for illustration and are not investment advice.
This course uses ideas from the courses below (optional; you can start right away).
Don't want to watch the screen all day? Leave an order waiting at your target price and it fills automatically when the price gets there.
A buy order placed below the current price: wait for the price to dip somewhere cheaper, then buy, expecting a bounce.
A sell order placed above the current price: wait for the price to rise somewhere more expensive, then sell, expecting a pullback.
A buy order placed above the current price: it automatically buys when the price breaks out upward.
A sell order placed below the current price: it automatically sells when the price breaks down through support.
Put all four pending orders into one 2×2 matrix (above/below × buy/sell) and see the differences at a glance.
Set your exit plan when you open the trade: where you admit you're wrong and where you take the win, measuring risk and reward in pips.
First decide the most you'll lose on this trade, then work back to the lot size from the stop distance. That's the heart of risk control.
Weekend news makes the price gap at the open. Why does a stop-loss lose more? Why can a limit order come out better? And when does a pending order expire on its own?