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Entry Order #1: Buy Limit
A ‘Buy Limit Order’ is one where you’ll choose to buy or ‘go long’ a trade, BELOW the current market price.
If the market price drops where it is currently trading and touches or goes below your chosen ‘Buy Limit Order’ price you’ll be automatically entered into your trade.
Entry Order #2: Buy Stop
A ‘Buy Stop Order’ is where you’ll buy ‘go long’ a trade, ABOVE where the current market price is trading at.
If the market price rises from its current position and touches or moves above your chosen price, you’ll be entered into your trade.
Now that you know how to enter a buy or long trade, using a buy limit and stop entry order, we can now look at the second type for when you want to sell or ‘go short’ a trade.
Entry Order #3: Sell Limit
A ‘Sell Limit Order’ is one where you’ll choose to sell or ‘go short’ a trade, ABOVE the current market price.
If the market rises in price from where it is trading and touches or goes above your chosen ‘Sell Limit Order’ price you’ll be automatically entered into your trade.
Entry Order #4: Sell Stop
A ‘Sell Stop Order’ is where you’ll sell ‘go short’ a trade, BELOW where the current market price is trading at.
If the market price drops from its current position and touches or moves below your chosen price, you’ll be entered into your trade.
To sum up the 4 entry market orders, I’d suggest you print out this chart and pin it to your wall so you know exactly how to get into your trade for next time.
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What a loyal Trading Tips reader has to say:
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Q. "Last week broker asked if I wanted to square up on my position. This is something I’ve never heard of before… My maths is rusty but when I was in school I was taught that 4 squared is (4 X 4). I nearly fell off my chair when I was asked if I wanted to square up my positions.
Could you explain what this means so I know for next time?”
A. Fortunately, you have nothing to worry about when a broker asks if you’d like to square up on your positions.
Basically, to square up means, when you are not in any trading positions in your portfolio where you are neither long (where you've bought a position) or short (where you've sold a position).
When a broker asks if you'd like to square up, they're asking if you'd like to close your position where you will then be neutral and out of your trades...
I assume he asked you if you’d like to square up, as the markets locally and globally have been falling off the horse. In fact, it looks like the US markets are entering into a recession… Make sure you set your alarm to 8:00 for next week’s Trading Tips article where I’ll go into more detail.
NOW IT’S YOUR TURN…
Without your questions, there would be no Q&A Trading Tips articles for the week. This is why, if you have an urgent trading question you’d liked to have answered, please don’t be shy.
Ask us NOW by
clicking here… and I’ll be happy to help answer any trading related question.
Trade well,
Timon Rossolimos,
Analyst, Red Hot Storm Trader
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