How to Create Modified Limit and Stop Orders [some parts missing in transcript]
Hello traders, welcome to the cTrader tutorial, and the third module, Trading.
In this lesson, we are going to learn how to create and modify limit and stop orders on the cTrader platform. Right here we are looking at the U.S. Dollar/Japanese Yen, one minute chart, okay? Well, the first way to create a limit order, is to click on the New Order button, which will prompt out the order creation window. And right here you can choose to create a limit order at a certain price, or a stop order at a certain price, okay? This is not the fastest way to create a stop or a limit order, so we are going to go and try to create a buy limit order right here.
The second way to create it is to, first of all, know the price level, then you have to right click on the chart, okay? And remember that, if you are below price, you are going to be creating either a buy limit, to buy when price dips or a sell stop to sell when price breaks to the downside. If you are looking at a higher level than the current market price, limit order creation window, and you can go from there.
Sometimes, you are not going to be able to put on your mouse at the desired level or at the exact desired level, so you can modify it right here. For example, we wanted to sell at 123.46 even. Now, right here you can modify the volume, and we will show you how this works. And I’m going to put a stop loss about this high at around, I don’t know, 10 pips about. So it’s 123.60, let’s say 60, so I would be risking 1.35% of my account with one lot and a stop loss at this level, and I would be risking 664 pounds. And the same goes for take profit. For instance, I wanna take profit at 123.40 even. I would be making 1.35 of my account and making 663 pounds on this trade, which means that I have a 1:1 risk-to-reward ratio, okay?
Now, I’m not going to choose a take profit or a stop loss for this order because I already can see that if we put the stop loss just about this high, we are risking only 2.8 pips, and if we put on the take profit at this level, we are actually looking to make 7.7 pips. Now, this is how you going to be…