Those who trade with Limit orders. How has it worked out for you?
I mostly use stop orders, that help me a lot because it helps me get the best entry even though I don't open the trade on time. More importantly that I can dodge bad trades (it takes about 30% of all trades)
I don't often use Market orders. It really sounds like gambling to me. However, turning to limit order, I think it's even an EXTREME version of market order. to me it's like catching a falling knife, that you, in this way or another are adding to a losing position with the vision that your stop would be tightest.
However, whenever I search for pending orders options online, the most viable return would be about LIMIT ORDERS. Does that mean MARKET ORDERS aren't that popular?
Here I show you my trading plan, the red line is where I would exit and the blue line is my entry. As you can see, I had 1 lost, 2 dodges and 1 win.
I suppose those who use LIMIT ORDERS would enter the trade somewhere near the RED LINES. In that case, what is your criteria for entering and exiting?
Market orders are the most popular way of entering and exiting. I'm fairly convinced most people don't even know what a stop or limit order is, and few know the difference. Sidenote for everyone: A stop order is for when price moves through, a limit order is for a bounce. Think of it like a stop sign, you stop and continue on your way. But a limit order would be a, well, limit; slam into that and you'll bounce off.
If we look at the best use case scenarios, a stop order would be useful if someone is