What's your preferred entry order type - market, limit or stop order, and why?
Entry order can play a significant part in how a trader achieves consistent profitability or even failure to attain success given an efficient trading system or strategy. Beyond the theoretical pros and cons of entry order types, the traders' personality, trading style and the nature of trade setups, and even order flow context, among other factors may account for the entry order type a trader employs at any particular point or even on specific market instrument or asset. I am starting this thread for us to share personal experiences on the entry order types employed by BabyPips Forum members. This thread is not interested in theories or postulations on order types.
Having a preferred entry order type does not preclude a trader from using another order type that fits specific setup, trade conditions etc; the preferred order type is basically what is mainly chosen in most of the trader's trades. I have my preferred entry order type and will talk about it and the reason I decide on it as we progress on this thread. I hope this thread runs for a good while, long enough to have a variety of opinions and experiences that we can summarize, perhaps later. I intend to open this thread on Forex Factory Forum and compare the results later across the two forums.
Rules for Contributors: 1. Only those who are trading live accounts should contribute. Please, do not post here if you do not operate a live account.
2. Please, state how long you have been trading live when you post on this thread and before you share your experience.
3. Take the poll attached to this thread as part of your contribution as it will be used later in summarizing the results we get from contributors.
4. Please, note that there is no right or wrong answer, so do not denigrate any contributor or any post.
5. Keep your posts to the point
6. Be civil in your language and adhere to BabyPips' ethical code.
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.
Originally Posted by scmonds
you have started this poll, but have yet to answer your own question. why would that be?