The Forex market is open 24 hours a day, so this means no trader can keep an eye on it all the time. So we need a way to execute our trading plan that fits with our personal schedule.This is where setting up entry orders comes into play.
Entry orders: It allow us to set the price that we would like to buy or sell ahead of time and will only get us into the trade if that price is hit. The 3 benefits to trading using Entry orders every trader must be aware of are-
#1 Time Savvy
The first benefit should be pretty obvious. Entry orders save our time. We do not need to be at our computer when a trend line is hit or when price breaks out of its price channel.
We can very easily add an entry order to get us in the trade if price behaves in the way we think it will.
The order does the waiting for us and allows us to get back to spending time with our family or spending time at work.
We can also take things one step further by setting contingent stop and limit orders to manage our trade if our entry order is triggered while we are away.
This gives us peace of mind that we aren’t floating a naked trade without managing orders attached to it.
Stops and limits set in this manner are not active until the entry order is triggered and opens a trade on our account. So we do not need to worry about a stop or limit being triggered before our entry order is hit.
#2 Money Savvy
The next benefit that Entry orders can save your money. Most of us probably fall near the lower end of the spectrum between 10 minutes to an hour (if we were looking at the average amount of time per day). This is because most of us have a day job, a family, or prior obligations we must attend to. We should try to receive the most ideal price possible even though it might not be available while we are physically sitting in our computer chair.
Every strategy we use should have hard set rules before we begin trading it. This means we know exactly what we are going to do in any type of situation before that situation arises. But at times, our emotions (greed, fear, over-confidence, etc.) can lead us away from our trading plan and result in us taking stabs at the market hoping to “get lucky” rather than taking a calculated risk where we believe to have an edge. Entry orders (with stops and limits attached) mostly eliminates this as a possibility and lets our strategy stand on its own without emotional interference.
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