Best Forex Brokers for Online Currency Trading

Study Materials

Adding Additional Symbols to Trade

Perfect Capital Markets MetaTrader platform offers trading in hundreds of symbols, including over 50 currency pairs, CFDs on Gold, Crude Oil, Stock Indices, and more. Perfect Capital Markets has pre-populated your “MarketWatch” window with some of the most popular symbols, but you can easily add or remove symbols, fully customizing what you see and what you trade.

Right-click anywhere in the “MarketWatch” window, and select “Symbols”:

You will now see a list of available Symbols organized into category folders:

Select the symbol from the folders you see, click on it and click “Show.” The symbol will now be at the bottom of your MarketWatch window, available for trading and charting. Symbols that are already added to the MarketWatch window will have a gold-colored icon next to them. If you want to remove them, select the symbol to be removed and click “Hide.”

Stop Loss:

This is an order designed to limit risk on an existing position. It will close a position at a price set by you if the position moves against you. If you have a Buy position, the Stop order will be below the current market. If you have a Sell position, the Stop order will be above the current market. You can place Stop Orders by right-clicking on the position in the “Trade” tab of the Terminal window and selecting “Modify or Delete Order.” You can input your Stop Loss price, which is 1.2900 in the example below, and then click the blue “Modify #[ticket number][position description]” button:

Alternatively, you can place a “Predefined” stop order as soon as you open the position, as discussed on page 10.

Trailing Stop

This is also an order designed to limit risk on an existing position, but instead of being placed at a fixed rate, it is placed at a fixed distance, in pips, from the current market and “follows” the market as it moves in your favor. You can place Trailing Stop Orders by right-clicking on the position in the “Trades” tab of the Terminal window and selecting “Trailing Stop.” Then check the desired number of pips away from the current price you wish to have your stop:

Guide to Online Forex Trading 14 Having some losing trades is inevitable for any trader. One of the most critical keys to successful trading is to limit losses on these losing trades, using Stops and Trailing Stops and thereby controlling risk.

Entry Stop:

This is an order designed to open a new position, but only if the market begins to move in the direction that you anticipate. An Entry “Buy Stop” is an order to buy above the current market, and an Entry “Sell Stop” is an order to sell below the current market. To place an Entry Stop, double-click on the Symbol you wish to trade in the MarketWatch window. In the resulting Order box, change the Type from “Instant Execution” to “Pending Execution.” Then under “Pending Order,” change the Type to “Buy Stop” or “Sell Stop”:

Then click the blue “Place” button. The Entry Stop order, in this case a “Buy Stop”, will then appear in the “Trades” tab of your Terminal window until it is executed or deleted by you.

The advantage of an Entry Stop order is that it trades only in the direction of the current market momentum. If you incorrectly anticipated market direction, your Entry Stop rate will not be reached, the order will not be executed, and you will therefore not have what could have been a losing position.

Take Profit Order:

This is an order designed to capture profits on an existing position. It will close a position at a price set by you when the market moves in your favor. If you have a Buy position, the Take Profit order will be above the current market. If you have a Sell position, the Take Profit order will be below the current market. You can place Take Profit Orders by right-clicking on the position in the “Trade” tab of the Terminal window and selecting “Modify or Delete Order.” You can input your Take Profit price, which is 1.2950 in the example below, and then click the blue “Modify #[ticket number][position description]” button:

Alternatively, you can place a “Predefined” Take Profit order as soon as you open the position, as discussed on page 10

Limit Order:

This is an order designed to open a new position at a better rate than the current market. An Buy Limit is an order to buy below the current market, and an Sell Limit is an order to sell above the current market. You can place Limit Orders by double-clicking on symbol you wish to trade in the MarketWatch window. In the resulting Order box, change the Type from “Instant Execution” to “Pending Execution.” Then under “Pending Order,” change the Type to “Buy Limit” or “Sell Limit”:

Then click the blue “Place” button. The Entry Limit order, in this case a “Buy Limit” at 1.2909, will then appear in the “Trades” tab of your Terminal window until it is executed or deleted by you.

The advantage of a Limit order is that if the order is executed, you will have entered your position at a better rate than if you had placed a Market Order. For a Buy Limit, you can therefore take advantage of the market moving slightly lower before it trends upwards. For a Sell Limit, you can take advantage of the market moving slightly higher before it trends downwards.