Entry and exit point

Beginner Questions
1

how can I set entry and exit point on MT4

2

click on ‘Market Execution’ when placing a trade, and choose whether you want a buy or sell stop/limit order. That’s how you would choose your entry price, stop loss, and take profit

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3

I see, you have already opened 2 questions, that means you are a newbie! You are welcome in trading industry. And I have a good news for you! Just use BabyPips School; there you’ll get all kind of basic information’s for sure.

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4

Am using the babpip school already still in the kindergarten level and also am putting everything I learn into practice using the demo trade

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5

Take it slow, one step at a time. If you are in Kindergarten, you’ve still got a long way until you reach setting up MT4.

Entry Points - The point/price which you want to place your trade. You’ve already “entered” the trade once you click “Buy” or “Sell”, unless you use a pending order, in which case you will enter when price reaches your pending order.

Exit Points - The point/price which you want to close your trade, either done manually, through a stop loss or take profit.

As I said, take it slow. And my best wishes to your trading success.

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6

Thanks I really appreciate and I must tell you that am already trading demo account made $55 profit today using H1 time frame

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7

That’s great, but what truly matters is your result over a long period of time. See how your account changes over the course of six months to a year and if you are consistently profitable you may consider eventually opening a live account. For now, however, simply trade a lot on the demo account.

8

that’s great! Have you already started your trading plan?

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9

No, I haven’t and what’s the best trading plan you can suggest?

10

You have to develop your own to be completely honest. There a tons of ways to trade, but it’s all about what makes sense to you. You HAVE to have a trading plan to follow every time you place a trade, along with RISK MANAGEMENT. Otherwise, your account can get wiped out quick. One thing I can say that most profitable traders use is price action. After you have a plan set, you must stick to it, and backtest with it,maybe a few years back

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11

So far have stick to trading of EURUSD (BUY) and entry the trade with H1 using the candle stick chart, I hope all this is part of trade plan ?

12

Yes, that’s a start. Keep going, and document everything. If you place a trade and you lose, figure out why you lost, see what you could have done differently, and try to avoid making the same mistake

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13

and vice versa, if you win a trade, figure out why you even took the trade in the first place and write it down! It’s all about trial and error. A lot of mistakes will be made, but it’s up to you to figure out how to limit them

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14

Great, that means you are on the right track; just keep it up! Hope for the best.

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15

Thanks mate I really appreciate you taking your time to put me on the right path

16

anytime!, I want to be able to help as many people as I can,that’s what life’s all about to me. Although, I still consider myself a newbie, I can still provide great input for the ones that are just starting out :slight_smile:

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