For those who are very new to trading will be wondering what sort of orders I am talking about. Every good brokering house should have these 'orders' in place in their trading platform. If you are a beginner forex trader, learning how to trade with orders will help you double your trading income consistently.

Good for the day - GFD

Imagine you are going out for an assignment or meeting but you have this trade in mind that you want to execute. You did not place any trade because you are worried that after placing it if it is not fill today you might forget to cancel it off. With this order function you can place your trade safely. GFD is meant to stay active in the market till the end of trading day. Forex market is traded 24 hours so the trading day usually will take US market closing time as 1 trading day. But to be safe before you trade you might just check with your brokers.

Good Till Canceled - GTC

A GTC order will remain active in the market until you cancel the trade. An example of GTC orders are Stop Loss order, Entry order and Take Profit order. If GTC is in schedule it is your responsibility to cancel it because your broker will not be able to do the cancellation for you.

Order Cancel Other - OCO

This order is an important order that beginner trader need to know and use. Basically an OCO is a mixture of two orders limit. How it works goes like this. You can place two orders that prices above and below the current market price. When an order is executed, the other order will automatically cancel. Let take an example, price of EUR/USD is currently at 1.4500. I want to buy EUR/USD at 1.4530 above my resistance level which I might anticipated a breakout or I will initiate a sell call at 1.4450 if it break the support level. If EUR trade below 1.4450, the sell order will trigger or 1.4530 is reached, buy order will trigger.

Summary

Beginner trader need to learn these FX trading basics and the orders mentioned. If learn well it will help to enhance your trading profits. You must also check with your brokers as not many broking houses offer such tools