What are the Types of Charts you Need to Consider?
Bar and Candlestick Charts: those two charts provide the opening and closing prices, in addition to the highs and lows in the time frame determined by the trader.
Line Charts: this type provides a quick summary of the historical prices, though it lacks the detailed information that the bar and candlestick charts provide.
As a trader, you should also consider volume charts, because they show the volume of traded instruments at a specific price level.
There are several ways to place an order on MT4 or MT5, but the easiest way is to click on “new order”. Then you choose the symbol (the instrument to trade), the volume of the trade, and finally the position.
Stop Loss Order: this is an order designed to limit the trader’s loss once the instrument price reaches a certain level.
Take Profit Order: this is an order that specifies a price above the purchasing price, which is chosen by the trader to maximize their profits.
You can confirm your order by choosing your position, and either going short or long by clicking on the “Sell” or “Buy” buttons.
Getting out at the right time is easy but needs good price observation. The trader can exit in case of profit or to minimize loss and enter another trade to compensate for the loss. The forex market is very liquid, for this reason, the trader can enter and exit the market at any time 24 hours, 5 days a week.