Chapter 14
Pulling the Trigger
In This Chapter
Opening up trading positions
Averaging into trade setups
Trading on breakouts
Dealing online and placing orders
“You gotta be in it to win it” is a favorite saying that currency traders like to throw around. The “in it” part refers to being “in” the market, having the right directional view expressed with an open position (long/short) in a currency pair.
But there’s always a trade-off between having the right position and getting into that position at the most advantageous price. For example, being short AUD/USD may be the correct position to have, but if you enter at the wrong price, you may have to endure some pain before the trade moves your way.
In this chapter, I walk you through some of the different ways of entering trades and establishing the position to fit your overall strategy.
Getting into the Position
You can make trades in the forex market one of two ways: You can trade at the market, or the current price, using the click-and-deal feature of your broker’s platform; or you can employ orders, such as limit orders and if/then ...
