All language subtitles for [English (auto-generated)] How To Place Your FIRST Forex Trade - (A BEGINNERS guide to Market _ Limit _ Stop orders) [DownSub.com]

what's up traders welcome to another

video Steven here your honest trading

coach and in today's video we're gonna

go over a complete beginner's guide to

how to open your first Forex trade now

if you are a complete beginner you do

not need to be opening a Forex trade

right now learning how to trade is a

very long process that is going to take

you time and I need you to take your

time doing that do not use this

information and go out there and place a

trade instead use this video as a

tutorial and once you're ready and you

have a full trading plan developed then

and you'll know exactly how to place a

trade after watching this video so what

we're gonna learn in this video to start

off with I'll teach you everything you

need to know to actually place a trade

then we're gonna go over the types of

orders the types of trades you can

actually you can actually place in the

forex market in the main three are

market orders limit orders and stop

orders and after that I'm going to teach

you how to place an order and have an

automatic stop in an automatic target

placed that way you can leave your

computer and be confident about that

trade even if you're not sitting there

watching it the entire time so if that

sounds interesting to you if it's

something you need help with then go

ahead and click that like button for me

to help out with the YouTube algorithm

click the subscribe button down below

the video to the right hand side and

I'll see you after the intro and

disclaimer talked more about how to

place your first Forex trade

[Music]

all right traders welcome back and let's

go ahead and jump right into how to

place your first Forex trade well let's

get the obvious stuff out of the way

first in order to place your first Forex

trade you will need to have an account

which means you'll need to have a

brokerage so your first step is to go

find a brokerage that fits your needs

and open an account with them every

brokerage that you go to will have

instructions on how to open an account

specifically with them so that is going

to be your first step for me personally

I do not recommend brokers for legal

reasons but I personally use a Wanda and

the reason I use Rwanda is because that

is exactly who I started with in terms

of when I started forex trading they've

given me no reason to stop so that's the

reason that I use Oh Wanda as my

brokerage you can find them through a

quick Google search Oh a nd8

not a recommendation again it's just the

broker that I personally choose to use

for my forex trading now the next step

after you actually open an account and

again I'm not going to go through a

tutorial on how to open an account every

broker is gonna have instructions on how

to do that for you after you do that you

will have a couple of options you will

either be able to trade from a specific

platform that that broker has the broker

itself will probably have a trading

platform you can use these are normally

just letting you know they normally

suck really bad so for that reason

you'll probably want to hook your

brokerage up or connect your brokerage

account to a third-party trading

platform such as mt4 and trading view

the most popular 3 or mt4 trading view

and ninjatrader those are different

third-party platforms you can connect

your brokers your account to for me

personally I do this through trading

view I have a connected account their

trade if you I'm on a demo account right

now because I'm gonna be placing orders

and I don't want to be wasting money by

showing you how to place orders but I

have mine connected through trading view

the process of doing this is going to be

very similar across the board so I'll

show you how to connect a brokerage the

trading view but it'll be very similar

no matter what third-party platform

you're trying to connect your brokerage

to so for trading view I'll go ahead and

log out here let me go here and log out

they have a list of brokerages that you

can use so you'll need to connect

or you'll need to make an account excuse

me with one of these brokerages if you

decide you want to try using trading

view as your third party platform once

you do all you do is hit connect on

whatever brokerage you choose hit

continue it takes you to this little

page you type in your username and

password hit sign in hit allow and just

like that you are connected so that is

how simple it is to connect a brokerage

to a third party platform and it's like

that for pretty much any third party

platform you use and also the way that

we're going to be placing orders is

going to be Universal practically it

will differ slightly between the three

most popular third party platforms but

it's going to be universally the same

and we're gonna start that process right

now with me showing you after you've

created your account connected to a

third party platform how do you place

your first trade let's talk about that

right now so the first type of order I'm

going to teach you for your first Forex

trade is going to be the market order

and we're going to be talking about a

buy market order to keep things simple

we'll go over a sell market order in

just a second but a market order is an

order that will put you into a market a

specific currency pair it'll put you in

at the exact price when you click the

button plus or minus the spread of that

specific currency pair so as a very

simple example if for instance the New

Zealand yen right now was at 70 point

five oh and this right here you see on

our screen is the spread right now we

have about a two pip spread on the New

Zealand yen and the spread let's call it

s what's two pips two pip spread then

when we click the Buy button immediately

we would get in at the actual price of

the New Zealand yen plus the two pip

spread so it would put us in at seventy

point five two that is a market order to

buy at market what we're gonna do is go

ahead and do that right now we have a

two pip spread price is currently near

70 point four eight so we should be

filled somewhere around 70 point five

Oh let's click buy 10,000 units click

the Buy button and there we are filled

at 70 point four nine we got a little

better fill but it's going to be the

exact price when you press the button

plus or minus the spread depending on if

you're buying or selling if you're

buying it's the price the markets at

plus the spread in the amount of pips

the spread is if you're selling let's go

over that right now so a buy order is

the exact price you press a button plus

the amount of pips the spread is alright

my job is done I've taught you how to

place your first trade it's over right

now I'm just kidding all right let's go

ahead and dive into a sell order now

let's close out this trade and in terms

of a sell order what you'll do in this

case is the exact opposite a sell order

let's say using our example again that

the current price of New Zealand yen

let's say was 70 point five oh and we

had a two pip spread what you would do

with a sell market order is be telling

your brokerage I want in at exactly 70

point five oh if that's what the New

Zealand yen is that right now and you

won't in at the best price your broker

can give you normally the best price

they can give you is whatever the actual

price of your currency price of your

currency pair is minus your two pip

spread in terms of a sell trade so in

this case you would not get it in at

7.50 you would get in at your market

order at 70 point four eight so that's

the way a market order works it gets you

in at the best possible price which is

the exact price that the market is at

when you press the buy or sell button

plus or minus the spread depending on if

it's a buy or sell trade so after you do

that is your job done you're in the

market you're good to go

right well that's not true most of the

time you want to have a specific

designated place when at when you're no

you're wrong where you get out of the

market for what's called a stop loss in

a designated place where you want to

take targets which we call targets so

with that being the case what you would

need to do let's just use this

hypothetical situation we have on our

screen let's say you see the New Zealand

yen is in an uptrend and we've been

testing this level of resistance but you

say

we're going to see a breakout okay so

you might want to place a market order

right here where price is now so let's

go ahead and do that let's buy the New

Zealand yen market order done so now

what were we just talking about you

don't want to just leave this running

right how do you get out of this trade

when you think you're wrong how do you

get out for a minimal loss and when you

know you're you're right the trade has

worked out in your favor how do you get

out well if you've bought the market

both of these orders are going to be

sell orders but what you need to

understand is that if you have bought

the market you have to put a sell stop

at the price you want to get out at if

you are wrong so if you use a buy order

and you're in the market long you have

vault

the any specific currency pair you need

to put a sell stop order in order to get

out of that market if you are wrong a

sell stop order will get you out of a

buy trade if this trade starts to drop

and goes against you it will get you out

at wherever your sell stop is most of

the time unless you get slipped and a

lot of things that we're not going to

discuss in this video but for the most

part that's what this order means so in

order to do that you have to right-click

on your chart or at least this is how I

would do it and put a sell stop right

here

says sell doozie lenience top 10 K units

at 70 point 101 so again let's say

you're making this straight and you want

your stop-loss below these lows and

that's about 70 point 100 then you would

do this and put your sell stop order at

that 70 point one oh so now we have a

stop loss order placed and this is the

hard way guys there's a very simple way

to do this I'm going to save that till

the end this is the hard way of doing it

but it is necessary to have stops and

targets in place let's say after you

enter this trade looking for a breakout

you see a notice we have a level of

resistance over here and you would like

to get your targets off right before

that level of resistance because at that

point you're worried the market might

turn around but you see that we have

room to the upside so what you would do

in that case let's say you wanted your

target to be at seventy one point four

one would you

place a sell stop trade at 70 1.41 no

remember if we're in a Buy trade we

don't want to sell stop trade up here it

wouldn't even most brokerages won't even

let you do that

but if you're in a buy trade then your

exit and a target higher than where

price is is going to be a sell limit

your target if it up.i trade will always

be a sell limit your stop when in a buy

trade will always be a sell stop order

so in this case we would go here we

would go to trade and we would have a

sell limit order for the New Zealand yen

at our target so at this point we

actually have it set up to where the

market even if we go to sleep at night

these orders if our broker does the

correct job which isn't always

guaranteed but if it does then these

orders will be hit if the market goes

against us we'll get out and we won't

have to worry about our losses exceeding

what we're comfortable losing on this

trade and if we had higher we know that

the market are the broker these orders

should take us out at around seventy one

point four one for our take profit so

this is how you would set up a market

order with stops and targets and instead

of waiting till the end of the video

I've decided I'm gonna go ahead and show

you the easy way the super easy way to

do this right now

and don't worry we're about to go over

the sell orders as well so I can teach

you that but let's go ahead and close

this order and talk about the easiest

way to do this and one of the main

reasons I absolutely love the trading

view platform and I'm not associated

with trading view whatsoever I don't

have an affiliate account with them I

make nothing if you use trading view

it's just my favorite trading platform

overall so what's the easy way let's say

we have this same trade setup we have

this breakout pattern on the New Zealand

yen we have our same stops and targets

all we'd have to do is click create the

trade create a new order we have our

market order we have our 10,000 units

now on trading view all I have to do is

click my take profit and stop-loss and I

can put in my take profit price of

remember the take crop I mean excuse me

the stop-loss price the stop-loss price

is 70.1 o so I can go to stop-loss

70.1 oh I can go to take profit at 70

1.41 which would be right here and all I

have to do at this point

it's click buy and watch these orders

are set automatically for me this is the

easy way to set up your market order

with a stop and target already in place

so you have to do nothing else now

except for wait on this trade to either

work out or hit your stop-loss that's

how to place a market order further

those of you who are beginners I hope

that really helped out in terms of how

to place your first Forex trade remember

you always want to have a stoploss in

place to minimize risk and you always

want to have a place that you at least

have an idea of where you want your

targets off at and this is how you would

set up orders for that now let's flip

the script and go to a short example of

the market order it won't take nearly as

long because you already know all of

these little nuances so an example of a

short trade let's say you have the

opposite opinion here on the New Zealand

yen and you want to go short at this

triple top you say you want your

stop-loss

above these wicks and you want your

target to be somewhere around this level

of structure because it's been tested

multiple times by this market if that

was the case what you would do simply

put is you could do the the old way

right you could hit sell right here and

then put a what would you put right here

would it be a buy limit or a buy stop

anytime you're selling the market

remember both of these orders are going

to be buy orders because if we're

selling the market here and we want to

stop loss on a target we need to get out

of that sell by buying those units back

so if we sold right here and we expected

the market to push down and we got to

right here would this need to be a buy

limit or a buy stop well if we're

selling and the markets going towards

our profit this is going to be a buy

limit order if we're selling and the

market comes up to our stop pretty

self-explanatory it's going to be a buy

stop order so we could do it the

old-fashioned way the really difficult

way which is just press the button let's

sell it okay it's sold and then come

through here after

I click we want to do a buy stop right

here and we click buy and then we wanted

to a buy limit right here and we click

buy and that's the old-fashioned way or

instead of making it complicated and

having to close all these orders

manually which is a beyotch sometimes

you can just right-click on the trading

view chart hit tray create new order

make it a sell market order put it in

your take profit in your stop-loss and

your orders will automatically be set so

that my friends my family it's how to

place your first Forex trade if you're

looking to trade market orders now let's

dive into limit orders and then stop

orders and we're gonna go through the

same thing I'm going to show you exactly

how you would use a limit order and a

stop order in order to trade let's do

that right now

see you there alright limit orders so

first off we're gonna start in the same

way we did with market orders and we're

gonna talk about buy limit orders right

okay so for a buy limit order what you

are going to be telling your broker with

a buy limit orders that you want to

enter the market at a price below where

the current price is there are two types

of limit orders you can have a buy limit

order or a sell limit order a buy limit

order is when you tell your broker you

want to be put in at a price below where

current prices for example I will use a

blue line for a buy limit order if I

wanted to let's say enter the market

right here at these previous support

levels because for some reason I

believed that this market was going to

head higher if it hit this support level

then what I would need to do is put in a

buy limit at sixty nine point nine six

here on the new zealand yen so that's

exactly what a buy limit order does and

how do you set that up well it's the

same exact way that you would set up a

market order by right-clicking on the

chart in most trading platforms so the

way you would do that is just I mean get

rid of this real quick you would right

click on the chart where you want to

trade from and you can just put in buy

limit right this is the easy way the

old-fashioned way but let's remember we

want to do things the smart way and if

we

have a stop and a target we definitely

want to have those set before we're

triggered into the trade so we can

actually do that here on trading view

let's get our long position tool out say

you want to enter the market if it gets

back down to that area of support you

want to stop loss below that area of

support and you want a target set back

up at the previous resistance levels

okay if that was the case you would

right click on the chart click create

new order what you want to create is a

buy order but right here you can see

that we have different options to market

the limit and the stop option so what I

would do is click limit we want to buy

limit at this exact price of 69 point

nine and it has that right here we're

good to go

so what we do is let's say we're doing

the same 10,000 units we can set up our

stop and target price automatically here

through trading view which isn't allowed

on some other platforms some platforms

make sure that you're entered into the

trade or they require you to already be

in the trade before you can set your

stops and targets on limit orders and I

don't like ever having to wait to enter

a trade I'd rather just set this trade

up and be able to forget about it until

it either fills or I have to cancel the

order so what you would do here in this

case would just be the same exact thing

as a market order you would go with your

stop price at 69 point seven four seven

four you would go with your target price

at 70 point five four and you would have

your trade setup you'd click buy and

there you go your entire trade is set up

for you automatically

this would be the way I would place buy

limit orders we're gonna go through sell

limit and the stop orders a little more

click quickly because you already know

all the nuances about trading view and

about whatever platform you're using

this is normally universal they should

have something right this and just a

break off for a second if your platform

does not offer an automatic way like

this of doing limit order stop orders

and market orders with automatic stops

and targets

I would suggest finding a new platform

that does this makes trading so much

easier for me it's been something that's

really helped me knock out orders

extremely quickly to get on with my day

or to get on with trading a different

currency or whatever it may be

so that's the buy limit now let's talk

about a sell limit first off what is a

sell limit well if a buy limit is

telling your brokerage you want to buy

below price then what do you think a

seldom it is a sell limit is going to be

you telling your brokerage you want to

sell above price so what you're saying

essentially with a sell limit order is

if the market comes up to a certain

price above where price currently is

current price above current price then I

want you to trigger me into that trade

because I believe that the market is

going to fall and if that's the case

let's go ahead and set up a trade like

we just did with a short tool let's say

you're a trader that believes this

resistance level will act as resistance

but you don't think you're gonna be

around your computer you have another

obligation so you don't want to miss the

trade but you can't be there for the

trade so you decide I want to set up a

way of getting triggered into this trade

automatically without having to sit at

my computer the way to do that is a sell

limit order and what we would do is have

that sell limit order let's set up the

whole trade say you want to sell there

you want your stop-loss to be above

these previous levels of resistance here

so let's come down a bit and you want

your target back off at this triple top

right here that would be the trade setup

right because you're using a cell limit

which means you want to get in above

where current prices using your sell

limit your stop is above previous

resistance your targets back down at

this level so if that was the case he

would just right-click on the chart

go to trade create a new order your sell

limit order would be at 71 0.38 so it

would change this to 3/8 and then you

could plug in your stop and target in

the same way we did on the buy limit

order and your trade would be set up

automatically for a sell limit trade and

that's how you would use sell limit and

buy limit orders remember a buy limit is

buying a market below its current price

a sell limit is selling a market above

its current price and this is how you

would set that up through trading view

these principles are universal it'll

normally be normally be extremely

similar in any other plan

form that you're using okay so that was

limit orders now we're going to do is go

through stop orders really quickly and

I'll be right back for that let's take a

look okay so what is a stop ordering

we're gonna do this in the same exact

way we've done both of those we're gonna

start with a buy stop order there is a

buy stop order and a sell stop order and

the easiest way to think about these is

a stop order is going to be the opposite

of a limit order so if I wanted to let's

say by the New Zealand yen above these

highs what I'm what I'm thinking let's

say this is my mindset as a trader I'm

thinking that if the market pushes above

these highs that we could really see

this big breakout up to this resistance

and that trade would look something like

this just to speed this up a bit we want

to buy above we want that stop-loss

right below those little levels of

support and we want our target at

resistance back here if that was the

case and that's the trade I wanted to

place the way I would place that if I

wasn't going to be around the computer

but I knew I wanted my broker to fill me

automatically if we got up above these

highs if that was my mindset then the

way I wouldn't need to place that order

is with something called a buy stop

order a buy stop order as you telling

your broker you won't end above current

price you want to buy the market above

current price with a buy stop the way we

would set that up come through here

create a new order go to a stop a buy

stop make sure it is the correct price

that you are trading it and you would

set it up the same exact way we just set

up limit orders you can put your

stop-loss price and your target price

and it will set the order up

automatically again if your platform

does not do this I highly recommend and

suggest finding a platform that does do

this for you because it makes things

much more simple and very quickly what

if you wanted to do a sell stop trade

and let's say your sell stop was

practically the opposite of what you

just took as a buy stop you were

thinking if this market breaks below

these little support levels I think

we're really gonna start heading lower

and if we do I'd like my stop-loss to be

above our previous level resisting

and my target to be down here at this

little leg of support just for an

example if that was the case the way you

would enter this trade is with a sell

stop a sell stop tells your broker that

you want to sell the market below

current price that is a sell stop order

you would enter that trade in the same

exact way with a sell stop order and you

can plug in your stops and your targets

and that's how you would use the stop

orders that your broker offers and

that's how you would use every order

that your broker offers I hope you now

understand how to place your first Forex

trade if you enjoyed this training and

you are ready for some more advanced

material we do have a few spaces

available in our more advanced VIP

training program called the EAP training

program if you interested in that the

link is in the top of the description

I'll post some testimonials of some

students that just graduated on your

screen right now in this you will get in

this program you're going to get a full

training course that will teach you

step-by-step how to go from wherever you

are to becoming consistent to becoming

disciplined and the way that I

personally became profitable as a trader

I'll take you step-by-step through that

you'll also receive two to five

depending on the weeks the market reacts

differently some weeks you'll receive

two to five email alerts per week these

alerts are not signals but rather a

chance for you to see the strategies and

techniques you're learning in the course

in action I'll be showing you exactly

how I'm using them in order to trade in

real markets also have a review video

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this will do is help you with your

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week here at the trading channel I want

to say thank you I'm grateful to have

you a part of this team in this family I

hope you have a great rest of your

trading week hope you have a great

weekend this one's coming up and I will

talk to you in the next video see you

guys soon