A.O.A, My name is Raheel Nawaz . Welcome to makemoneyinurdu.com
Today we will learn about New Order. What is new order? As you saw in our last video
we read about symbol and taken a little basic introduction only, because the market was close on that day, and we did as much as possible in a little video.
So today we will see that what we can do? What is New order? As you hear from me and if you study by your self, you listen Buy and Sell repeatedly. As you already read the introduction of Buy Sell in Urdu, today we will do it practically.
As we click on new order,
1. Symbol (It means pairs, in our last video I discuss about pairs that EUR/USD, PAK/USD etc, these are all symbols/pairs)
We will find our pair, as we are doing work on EUR/USD.
2. After this, we have to select our volume, that how much volume we want to use in our trade, and we will place our order. If you are new so I will recommend you to make a trade 0.01 or 0.02, but you can also give the order till 1$. I will place 1$ for this presentation for you.
3. Now next is Stop Loss and Take Profit, I tell you that, what is stop loss and what is take profit.
4. First I want to show you the Sell Order by clicking on Sell. Now finally our sell order has been placed, as you can see on the screen, before it we already
Placed many Sell orders. As you can see here our 1$ order for Sell are showing in the bottom including its order number. Market is going up after placing my order, and this is the part of this business. Now you see here Time is also given here on which time I placed it including date (2013.01.30 07:25 ).
After this, Type of our order, and the type of our order is Sell, than we see here size is showing, so our order size is 1$, and you can see above I also placed trades of less than 1$, so it’s depend on you, that how much want to play the trade or how much you can play the trade. Now symbol is giving here, as we selected EUR/USD. Now take a look on price here, on which my trade has been placed, so at that time price was 1.35017 in the market. After this we will see about S/L, T/P Price, swap and Profit. In this one thing is very important, which is Swap.
What is Swap ?
Swap is called interest in Forex term, so our account is swap free. As we learn our last video about, how to create an account. By creating an account in Pakistan when you select your Country and religion Islam, your account will be Swap free automatically, you will also receive an email in this regards, that your account is swap free. So this work is Legal for us according to Islamic point of view.
If you did not select your country Pakistan, or you want to do from any other country, you will send and email by requesting this that I want to create a swap free account and I also recommend you to create a swap free account, and Interest will not fixed on you.
If your account is not a swap free account, you have to pay the interest. If your trade is going in profit, the company will pay you
interest, and if your trade is going in Loss, the company will take interest from you. So this is our swap free account. In the last is Profit.
What is Profit?
As you can see here profit is going up and down as market is going by Pif, I already defined the pif in my last video, you can see it. So as you can see, my balance is moving as per pif are moving up and down…
5. Now, we will modify our order. We did not select T/P and S/L yet. What is the T/P and S/L ? T/P is called Take Profit and S/L is called Stop Loss. Now I am going to place T/P here by seeing the market. I keep T/P 1.34972 and modify it. As you can see, a Red line appear in the Graph, which means that your trade will be close automatically in profit as it will reach on this point. Now we will modify it again and keep the S/L (stop loss) as I selected it 1.35274.
As we did it , see above, there is another red line appears, which means, when the market will reach this point of loss, it will be closed here automatically. So I am ordering here that, as trade must be close on these Profit and Loss points. I am doing this early because, some time I am not on a system due to any emergency like electricity power failure , to avoid to face much loss in my absence. And you will do it as per your balance, which you have to play the trade.
So today you learnt about all points in New Order but here I want to tell you one important thing about type or you can say what is the aim of type? Suppose by any source you got an information about the market, that Maker will go up on any next day, so you can give a pending order here also. For this you will select the
option Pending Order, select the type Buy Stop or Sell Stop, as I say Market should buy when it will touch this price 1.34160, and place it, the Market will buy automatically according to my order. One important thing which I want to tell you here that as your order touch the profit and you want to close it. You need to double click on Order and than click on Close option. This is all for today, and in our next video we will learn about Bid and Ask and many more.