One of the most important mechanism for a forex trader is alerts and pending orders system. A good trader need to place the market orders at the right moment. All in trading is related on the right moment and managing the risk.
Most of the small traders are trading part time and usually need to be compliant with a full time job. How you know if the price is hitting a specific support/resistance or positions need to be covered when you are doing something else? This is not an easy answer!
In this chapter will explain how to manage the trades and what tools do you need.
First of all – you need to understand the tools provided by your broker. The most important are stop loss, take profit sometimes pending orders. You can understand all these in 5 min – no big deal.
Problems appear when you are trading in timeframe of 5 minutes and you have to be part of an important meeting. In this case trading became almost impossible.
If your personal context is like the one described above – you need to take some actions:
Another important decision you need to take is how to trade – manually, based on an automatic robot or a mix.
If you want to trade manually we can provide a price simulator based on the earlier market conditions. You can exercise your ability to trade, position sizing and risk allocation, trend recognition and other important skills mandatory for a trader.
If your decision is to use an expert adviser or any other artificial intelligence program – we are ready to provide appropriate tools.
All these trading tools will be present in this area of the site totally for free: