ELITE PIPS

Basic introduction to trading with meta trader 5(MT5)

These are the basic knowledge you need to start trading with elite pips

EXPLANATIONS

TP/SL

The abbreviations TP and SL stand for Take Profit and Stop Loss, respectively. When
you enter a market order, you can specify at which price-level to close your trade if it
is in profit – this is the TP level. Similarly, you can set a Stop Loss level at which your
order will be closed in loss to prevent larger losses. TP and SL levels are simple
market orders – those levels sell your buy position and cover your short position
when triggered.

SL

SL refers to a stop-loss order. An order to a forex broker to buy or sell when a

specified price, known as the stop price, is reached, either below or above the
prevailing price when the order was communicated.

FX

FX is an abbreviation of forex, both of which refer to foreign exchange.

Foreign exchange refers to the foreign exchange market, the over the counter (OTC)
market in which the foreign currencies of the world are traded.
It can also refer to the conversion of one currency into another.

TF

Time frame in forex refers to a period that a forex trader chooses to trade in. Time
frames are usually classified as long-term, medium-term, and short term. They can
encompass seconds, minutes, hours, days, or months.

PIP

A pip, short for percentage in point or price interest point, represents a tiny unit of
change in the exchange rate of a currency pair.

It is a standardised unit, being the smallest increment that an exchange rate can
move up or down.

FA

Fundamental analysis (FA) is a way of analysing the economic, political, and social
conditions of a country that may affect its currency prices.
MetaTrader 5 – Order Types
As mentioned above, you can trade your favourite assets using 2 order types: Market
order and Pending order.
• Order Type
You can choose between Market Execution and Pending Execution order types.

• A market order is an order to buy or sell an asset at the current price. The order
will be executed in real-time.

• On the other hand, a pending order is an order to buy or sell an asset at a certain
price in the future.

• Buy Stop
An order to buy an asset at a higher price than the current price, in anticipation that
when that price is achieved, the trend will continue higher.

• Sell Stop
An order to sell an asset at a lower price than the current price, in anticipation that
when that price is achieved, the trend will continue lower.
 • Buy Limit
An order to buy an asset at a lower price than the current price, in anticipation that
the asset price will turn higher after having achieved a certain price.

• Sell Limit
An order to sell an asset at a higher price than the current price, in anticipation that
the asset price will turn lower after having achieved a certain price.

• Buy Stop Limit

A combination of buy stop and buy limit orders designed to eliminate slippages. You
set a buy stop limit at a price above the current asset price, and when achieved, a
buy limit order will be placed.

• Sell Stop Limit

A combination of sell stop and sell limit orders designed to eliminate slippages. You
set a sell stop limit at a price below the current price, and when achieved, a sell limit
order will be placed.

If you apply Stop Loss and Take Profit orders, your trade positions will be
automatically closed when they are triggered. You can also manually close the
positions at any time before these orders are triggered.
DIAGRAMs
 THE END!!

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