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New pending order request
There is a possibility at Olymp Trade to open a position automatically. It can be used when you trade with the support/resistance levels. It is not uncommon for the former support level to become new resistance and vice versa. And when you expect such a reverse in the prices, you can set a pending order. Thanks to it you will not have to spend long hours at the computer desk. Now, let me tell you how to do it.
On the right side of the Olymp Trade interface, you will see the “Order” button. After you click on it, a new window will pop up. The first choice is to set an order depending on the asset price. You can use the default settings or change them according to your needs. So you can enter manually the price and the payout rate at which you would like a position to open. Then you set the duration and the amount you wish to invest. In the end, you decide about the direction of your automatic position and click the “Down” or “Up” button.
When the trade position is ordered, the dots will be visible on your platform. The color depends on the direction of the position. They indicate the price level at which the automatic order will be launched.
Key Takeaways🔑
| →Olymp Trade allows for automated trading with the support of pending order feature. |
| →Support/resistance levels can shift, with former support becoming new resistance and vice versa. |
| →It is crucial to conduct careful analysis and make thoughtful decisions when setting pending orders. |
Canceling the pending order at Olymp Trade
It is unfortunately not possible to change the parameters of the previously set pending order. However, if you think your decision about the future position was wrong, you can cancel your automatic order. To do that, you just need to click on the pending position on the chart. You will see then the possibility to sell the position and the price for it. Click whenever the price is acceptable for you.
It is also good to mention that there is also a guide for using pending orders for currency trading.
This is quite a good way to trade when you do not have so much time to sit still at the computer. And remember, you can order more than one position to open automatically and they do not necessarily have to be in the same direction. Check it out on your Olymp Trade demo account. Share your thoughts with us in the comments section below.
Good luck!
Pros and Cons of Using Pending Orders in Olymp Trade👍👎
Pros:
- 🕓 Time-saving: Enables traders to automate trading operations and save time.
- 🔄 Flexibility: Allows for the setting of multiple automatic positions, not necessarily in the same direction.
- 💡 Strategy Enhancement: Supports the use of support and resistance levels to inform trading strategy.
Cons:
- 🚫 Limited Adjustability: Once set, the parameters of a pending order cannot be changed.
- ⏳ Waiting Period: Traders need to wait for the market to reach the pre-specified price.
- 📊 Market Predictability: Requires an understanding of market dynamics and price movements to set effective orders.
| Aspect of Pending Order Trading | Impact on Trading |
|---|---|
| Setting Pending Order Parameters | Determines the level at which your trades will be executed automatically, contributing to trade strategy. |
| Cancellation of Pending Orders | Allows for quick adjustment of strategy if market conditions change unexpectedly. |
Q&A on Using Pending Orders in Olymp Trade🎯
- Q: What is a pending order in Olymp Trade?
- A: A pending order is a feature that allows you to automate the opening of a position at a pre-specified price level.
- Q: Can I change the parameters of a pending order once it’s set?
- A: No, the parameters of a pending order can’t be changed once it’s set, but you can cancel the order if needed.
- Q: Can I have multiple pending orders set at the same time?
- A: Yes, Olymp Trade allows you to set multiple pending orders, and they don’t have to be in the same direction.
- Q: How does a support level become a resistance level and vice versa?
- A: A previous support level can become a new resistance level when the price breaks below it. Conversely, a prior resistance level can turn into a new support level when the price breaks above it.
- Q: What happens if the market never reaches the price level of my pending order?
- A: If the market never reaches the price level of your pending order, the order will not be executed.