Question:How to place pending orders on SimpleFX online trading platform?

Answer:

At “Open order” window, you can switch between market and pending order.

This time, choose the “Pending order” tab.

“Open Price” is where you need to set the price level where order will be activated. The changing price below the box shows the price that is currently available on the market.

In the “Trade Size” box, choose the size of a position and you will see required margin below in base currency of your account.

“Expiry” box is the time when your order will be automatically canceled if not filled earlier.

Now, click “Add Pending Order” to place an order.

Setting up Take Profit and Stop Loss

You can also add stop loss and take profit values presented in points or base currency.

For “Take Profit” order, put amount or number of pips from the open price point where to close out current position for a profit.

For “Stop Loss” order, put amount or number of pips from the open price point where to close out position for a loss. This parameter helps you minimize the emotion of cutting your losses and they are great tools for risk-management when you don’t have the time or ability to keep constant track of stock prices

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