Simple question Sell by Market , Buy by Market order

Beginner Questions
1

Newbie just started , i have a simple question if i know the price of a pair will go up after a long bearish candle and want to buy the asset while its low do i put sell by market or buy by market order?

And when i know the the price of an asset will fall down sell by market or buy by market order?

2

I would just like to start with the most important thing that can help you to save a lot of money - You can NOT ‘‘know’’ that a pair is going up or down at ANY given moment. There is no certainty in the markets, you have to think in probabilities.

To answer your question - in the first scenario you have to buy by market. In the second - you have to sell by market.

Anyhow I made a video a bout different types of orders here:

1 Like
3

I will recommend to you first to go through trading education, than open an demo account just to learn how to use a trading platform and all the tools for trading, than you can move to real trading and open a small live account and start developing your trading strategy.

4

Hello,

You probably need to find out about how different types of orders work - this might be a good place to start: How to Make Money in Forex

Brokers would like to convince you that there are all sorts of different, fancy order types. For the most part, that is nonsense. The functionality of these orders is derived from their own software algorithms. These operate on the broker’s own servers and orders do not sit in the book (futures) or price live on an ECN (forex). They can be useful (I regularly use IB’s MOC order type because it means that my real account execution doesn’t undergo tracking errors against a simulated account that I use for testing), but they’re ultimately an illusion.

Here are the actual order types that can sit on a book:

Buy Market
Sell Market
Buy Limit
Sell Limit

This neatly divides all participants into those who are passive/provide liquidity and those who are active/take liquidity.

If anyone has any questions about how broker modified order types relate to these then let me know :slight_smile:

Kind regards,

Nick

5

Thank you for the comprehensive answer , you guys are great :slight_smile: