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How To Enter A Trade Using GT247

by | Oct 8, 2020

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.

  1. In the GT247 Dashboard on the left (New Order)

  2. Right click on the chart – Trading – New Order

  3. 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:
Market Execution

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:
BUY Limit

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

Entry Order #3:
SELL Limit

When you place a ‘Sell Limit Order’, you’ll place your SHORT trade entry price ABOVE where the current price is trading at.

Once the market price hits this entry point or above it, you will be automatically entered into your ‘short’ trade.

EXAMPLE: SELL Limit

If Spar’s share price is currently trading at R190.00 per share and you would like to sell (go short) at R191.00 per share, you’ll choose the Sell Limit Order.

You’ll then wait for the market price to rise to or above your chosen order price, where you’ll then be automatically entered into your ‘short’ trade. 

Entry Order #4:
BUY Stop

When you place a ‘Buy Stop Order’, you’ll place your LONG trade entry price ABOVE where the current price is trading at.

Once the market price hits this entry point or above it, you will be automatically entered into your ‘long’ trade.

EXAMPLE: BUY Stop

If Spar’s share price is currently trading at R190.00 per share and you would like to buy (go long) at R191.00 per share, you’ll choose the Buy Stop Order.

You’ll then wait for the market price to rise to or above your chosen order price, where you’ll then be automatically entered into your ‘long’ trade. 

Entry Order #5:
SELL Stop

When you place a ‘Sell Stop Order’, you’ll place your SHORT trade entry price BELOW where the current price is trading at.

Once the market price drops on or below the Sell Stop Order price, you will be automatically entered into your ‘short’ trade.

EXAMPLE: SELL Stop

If Spar’s share price is currently trading at R190.00 per share and you would like to sell (go short) at R189.00 per share, you’ll choose the Sell Stop 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 ‘short’ trade.

SUMMARY TIME!

To conclude the four main buy and sell limit orders, here’s a summary table I’ve created for you.

Print it, laminate it and stick it on your wall.

This way you’ll never forget how these market entry orders work.

Trade well and look after yourself,

 

 

Timon Rossolimos

Founder, MATI Trader