Entry Orders VS Market Orders
TIP: Using entry orders helps avoid forcing trades.
What are entry orders?
What are market orders?
What's the difference between Entry and Market Orders?
WHY ENTRY ORDERS MATTER:
– No unnecessary losses.
– You aren’t forcing trades.
Entry orders – applying patience in letting the market gently slide into your entry, rather than forcing it on live trade just because of one massive candle on the hourly. With an entry order, the market will let you know if you were correct in your short/long bias.
Market Orders – although acceptable in certain situations, is not a style I support for new traders. Market orders are live orders that trigger immediately after you click submit.
TAKE A LOOK AT THIS TRADE FOR AN EXAMPLE OF HOW AN ENTRY ORDER SAVED ME FROM AN UNNECESSARY LOSS: NZDUSD – https://www.tradingview.com/x/8CsMg8NR/
1hr in a rising wedge which is a potential trend change to the downside. However, 1hr and 4hr 50...
Importance of Backtesting - What Is Backtesting?
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The importance of Backtesting your trades could not be more paramount in your trading career. Apart from having a solid mindset, you need a solid strategy. Your strategy is only valid if it has been time-tested, meaning it can work across all market conditions over the years.
What is backtesting?
Backtesting is the process of testing a trading strategy or system using historical data to see how it would have performed in the past.
It is an important step in developing and evaluating a trading strategy, as it allows traders to see how their strategy would have performed under different market conditions and to identify any potential issues or areas for improvement.
There are several benefits to backtesting a trading strategy.
Firstly, backtesting allows traders to evaluate the robustness of their strategy, by determining its performance over a large sample of historical data. This can help traders to identify patterns or trends th...