What's your preferred entry order type - market, limit or stop order, and why?

26 years in total. 10 in stocks the remainder forex.

Very good. What’s your preferred entry order?

market execution.

you have started this poll, but have yet to answer your own question. why would that be?

Hello mate! Good to have your contribution on this thread. I will be posting my preferred entry order with the reason as the thread progresses. I felt I should not post it upfront at the beginning of the thread to avoid creating any bias. Trade safe and prosper.

In order for us to have a good comparative analysis with the poll on ForexFactory forum, we need more BabyPips forum members to view this thread and take the poll.

Trade safe and prosper.

I have been trading live since 2011. Initially I was entering my trades through market execution. However, much recently as I have a better understanding of my trading style and personality I began to see the need to use pending orders. Stop order is my preferred entry order. This gives me the opportunity to confirm my setup with specific price action/signal.

What is your preferred trade entry order? Share this on this thread if you trade a live account and tell us why. Also, remember to take the poll.

Trade safe and prosper.

If you trade live account, what order type do you use to enter your trades? Which is your preferred trade order type and why?

Don’t forget to take the poll.

Trade safe and prosper.

Although my preferred trade entry order is a stop order, there are times when I use limit order. One such time is after price action has reached and bounced off a key reaction (e.g. S/R) zone or when a reversal candlestick e.g. an engulfing candlestick is relatively big.

What about you, if you trade live account, which is your preferred trade entry order type? Remember to take the poll.

Market execution and limit orders. Using stop orders is asking for slippage in a fast moving market. The advantage of limit orders being you will frequently get positive slippage.

Very good. So which of the two you chose is your preferred, which of them do you use most of the time? I hope you have completed the poll. May we know how long you’ve been trading live account?

Trade safe and prosper.

Yes I did.

I don’t have a preferred method however I use at market the most. I’ve been trading for 9 years and have spent 2 years at a prop firm and now trading full time.

Another thing with the order type is the time in force.
I was not aware of it, like it wasn’t that important and nobody explained really clear.
So, if you open market orders at a higher frequency (>3 orders at market / sec) and time in force is fill-or-kill or equivalent IOC (Immediate Or Cancel) the broker can reply with an error “order cancelled” or similar.
I didn’t know this, tried this stupid strategy/setup and failed to execute. It was a mess.

Thanks for the information, and for sharing.

Did you take the poll? How long have you been trading live?

Yes, I voted.
I’ve been trading since Feb. 2014
I tried both manually and automated trading. Did everything. Destroyed my first 3k account.
Now I am building it back, one small step after another.

I’ve been interested in forex for almost 3 years now but unfortunately my live trading experience so far is limited to no more than 6 months in total in which I blew up my account 3 times (not big amounts, just around 2000 USD in total). I use mainly market trades which I can monitor during the day. I am also using limits from time to time but I am still not good enough to define my entries precisely. However I am always trying not to leave pending trades overnight to avoid surprises. Now I am mostly trading on a demo until I feel ready to go live again (maybe with some higher amount).
P.S: Poll made :slight_smile:

We all started with demo accounts. However, for success in live accounts, demo accounts should be used for developing and mastering one or two functional trading systems/strategies and learning solid risk and capital management. More forum members should endeavour to at least take the poll.

Trade safe and prosper.

Which order type do you use for trade entry? That’s the focus of this thread. Share yours if you trade live accounts. Remember to take the poll.

Trade safe and prosper.

Do you prefer a particular trade entry order type? Which? Share it with other forum members if you trade live accounts. Also, take the poll.

Trade safe and prosper.

If you trade live accounts, do you prefer any particular trade entry order type? Why?

Isn’t type of trade entry order significant in Forex trading? If you trade live accounts, do you have a preferred trade entry order type, e.g. market execution, limit order or stop order? Which?