Order management

Order management

What is order management in trading?

In trading, order management refers to everything a trader does with regard to orders. This can entail everything from executing market orders to placing pending orders, stop losses and take profit orders.

Another aspect of order management is actively managing trades. Once you have entered the market there can be several outcomes. For example, the price could go in favour of the trade and so it may be necessary to adjust the stop loss in the same direction as well, to lock in profit.

Order management is a critical part to money management, which is deemed as a very important skill in trading. Read more about money management:

Lesson
Very important, often neglected: never risk more than 1% to 2% of your trading capital on a single trade.
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In our forex beginner strategy, order management is step 4:

Lesson
Before your order turns into a trade, you need to monitor it. Adjust the entry point and the stop loss. If the market direction changes, cancel.
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Order management in MetaTrader 4

MetaTrader 4 (MT4) is the most popular trading software. Most of the partner broker of tradimo offer it for free to their traders. Read our tutorial on how to manage trades in MT4:

Article
How to open and close trades, enter a stop loss/take profit and enter/cancel an order in MT4.
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