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Day Trading Grain Futures: A practical guide to trading for a living by David Bennett

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12: Implementing the Plan

How do I put the strategies described in the last two chapters into practice?

The answer is that, having logged onto my broker’s trading platform, monitored the charts, and planned my trade, I must enter the appropriate orders into the system.

Traders employ several different types of orders to implement various strategies, but I only use three of them:

  • Market Order
  • Which executes immediately at the best price available. As long as the market is open, execution is guaranteed but the price is not.
  • Limit Order
  • Which executes at a specific price (or better). A buy limit order specifies the highest price (below current market price) at which I am prepared to buy; a sell limit order specifies the minimum price ...

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