#445: How Using Limit Orders Will Increase Your Trading Performance

How Using Limit Orders Will Increase Your Trading Performance  Podcast: Click Here to Check Out The5ers.com Interview with Ryo Chong Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course - Click Here #445: How Using Limit Orders Will Increase Your Trading Performance In this video: 00:29 – I use Limit Orders on all of my trades 01:12 – Limit orders are the key to high reward:risk trades 02:23 – Other benefits of using limit orders 03:00 – Client trading for Prop firm credits limit order with an improvement in his trading results 05:12 – Consider Blueberry Markets if you are looking for a good Forex broker 06:13 – Enjoy your trading more by using Limit orders I'm going to talk about limit orders, why I use them all the time in my trading, and how they can help make a massive change in your trading results. Let's talk about that and more right now. Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach, with the video and podcast number 445. I use Limit Orders on all of my trades Now, I want to talk about limit orders. I use them on all of my trades. They're an incredible way of trading that will help you massively. So when you see a trade, you've got a few options. You can enter straight away at the market, and you're literally pressing buy or sell, put your lot size in that you require, and you're in the market straight away. You can use a breakout of a range that's called generally a buy stop or a sales stop. A buy stop is to buy somewhere above the current price, and a sales stop is to sell somewhere below the current price. It's okay if you're trading breakouts, etc., like that, but it's not generally a great way in terms of increasing the reward to risk of your trades. Limit orders are the key to high reward:risk trades However, the key to trading successfully with high reward to risk trades is to use limit orders, retracement orders. So, I use buy limits to buy lower than the current price and to sell higher than the current price. Price is always moving around. It obviously moves up down, very rarely does it move sideways, but it's always moving. And even if you get, let's say, an uptrend, within that uptrend, you're always going to get pullbacks. Nothing just goes dead straight line. And so, very rarely will you see a candle on your charts, especially a good setup candle and especially one on the longer timeframe charts that just opens at the absolute low and just go straight up. Very rarely does that happen. It can happen from time to time, but not very often. Most of the time you will see a, let's say, there's a good bullish set up most of the time within the next candles formation. You'll see the price drop first, and then go back up again. The opposite with a sale trade, you will see that the price will first get higher and then it will drop. That's how we take advantage of limit orders. Other benefits of using limit orders Now the other great thing is apart from not needing to be there at the exact time the price hit your entry level, because you can just place your buy limit or your sell limit and basically leave the trade alone to get filled. The other good thing with it is it takes the stress and the motion out of your trading, because it's not like the candles closed and you're re...