How To Enter A Trade Using GT247
Market Orders and Pending Orders can be quite overwhelming, when it comes to taking a trade.
This applies to most professional platforms…
In this quick article, I’m going to show you how to enter a trade with the five most common market orders, using the GT247 platform.
What is a New Order? And how to find it
In the GT247 platform, there are a few ways to access the New Order button which you’ll use to enter a trade.
In the GT247 Dashboard on the left (New Order)
Right click on the chart – Trading – New Order
Click on Tools and you’ll see New Order
Simply click (FN+F9) or (for a hot-key shortcut)
Once the New Order window has opened, with the market you want to trade, next we’ll get into the market orders…
Entry Order #1:
The first entry order is the easiest to understand.
This is where you’ll buy or sell at the most current market price.
When you choose a market execution (Market Order), it is the quickest, most effective and easiest way to enter into your ‘long’ or ‘short’ trade at the current bid (buy) or offer (sell).
Then you’ll just pop in your volume (No. CFDs), stop loss and take profit levels according to your strategy and risk management rules.
PENDING ORDERS –
(Choose your entry level exactly)
Entry Order #2:
When you place a ‘Buy Limit Order’, you’ll place your LONG trade entry price BELOW where the current price is trading at.
Once the market price drops on or below the Buy Limit Order price, you will be automatically entered into your ‘long’ trade.
EXAMPLE: BUY Limit
If Spar’s share price is currently trading at R190.00 per share and you would like to buy (go long) at R189.00 per share, you’ll choose the Buy Limit Order.
You’ll then wait for the market price to drop to your chosen order price or below it where you’ll then be automatically entered into your ‘long’ trade