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What are Magic Keys?
Magic Keys are a type of forex trading tool that is programmed to enter certain trade orders at pre-determined prices. These orders are usually pending orders, which are orders that have been set up to be placed when the market price reaches a certain level. Magic Keys are designed to take the guesswork out of when and how to execute these trades. They can be programmed with stop-loss and take-profit orders so that trades are placed in a way that optimizes a trader’s profits.
Why Magic Keys May Not Place Pending Orders
When Magic Keys are used to place pending orders, there are several factors that may lead to an order not being fulfilled. The most common reason why a pending order may not be placed is because there is not enough funds in the trading account to complete the order. When this happens, the pending order is automatically deleted. Another reason that a pending order may not be placed is because a Cancel/Gap or Stop-Loss Violated (SL Violated) condition has been reached. This is usually due to market volatility and happens when the price has moved too far in a particular direction.
Executing Market Orders with Magic Keys
Magic Keys also allow traders to quickly and easily enter market orders, which are orders placed at the current market price. This type of trade is useful when a market is particularly volatile and a trader needs to act quickly. With Magic Keys, traders can set both take-profit and stop-loss orders to ensure that their trades are properly managed. The expert can buy a Stop or can buy a Limit order as selected on the software platform that is being used and can be programmed to execute the trade at the precise moment.
In conclusion, Magic Keys are a powerful tool for forex traders who are looking to quickly and efficiently place certain trading orders. With the ability to set take-profit and stop-loss conditions, Magic Keys can be programmed to maximize a trader’s profits. However, when it comes to pending orders, there can be certain factors that may cause the order not to be placed. In these cases, it is important for traders to understand why the order did not activate and how to adjust their trading strategies accordingly.
Introduction to Magic Keys Pending Order
Magic keys pending orders are a great way to increase the certainty of entering into a forex trade. With these orders, you will obtain a guaranteed price when the predetermined terms of the order are filled. You don’t lose out on profits due to poor entry points, and you don’t take on unnecessary risks by entering trades too far away from the usual market price.
Pending orders are normally placed by Forex traders when they’re unable to watch the market price movement. As they can’t react fast enough, the pending order is a tool that will help them enter the market as per their predetermined criteria. This makes the magical keys pending order the perfect risk management tool if your trading hours are limited.
How Does The Magic Keys Pending Order Work?
The magic keys pending order is triggered when the predetermined parameters of the order are fulfilled. Once this happens, the trader will be triggered with a guaranteed price. So, rather than risking entering the market with the current market price, the trader can lock in a specific price for a specific time.
An example of how this would work is if a trader wanted to buy at the current market price of 1.10. Rather than risking buying just below the current market price and potentially missing out on any potential gains, the trader can set a buy pending order at 1.11 so will be triggered to enter the market when the price moves up to 1.11.
Reasons Why Your Magic Key Pending Order Did Not Activate?
Despite all the advantages that come from using Magic Keys Pending Orders, there are few reasons why your order may not have been triggered. One of the most common reasons is that the market achieved the predefined order level before your trade was placed. Other reasons may include incorrectly setting the order to ‘GTC’ or having the wrong parameters set for the order.
When setting the parameters, be sure to check that you have selected the correct one. For example, if you want to be placed into the market at the ask price, then ensure you select the ‘Ask’ option. Additionally, be sure to select the ‘GTC’ option if you do not want the order to close after a specific period.
It’s important to keep an eye on the market to ensure that you are placing your pending orders correctly. If you need help setting your orders, most brokers provide a help function or live trading room support. By staying vigilant and checking your order parameters, you can ensure that you have the highest probability of your order being activated.
Conclusion
The magic keys pending order is a great tool for efficient forex trading. This kind of order is especially useful if you have limited trading hours. However, you should ensure that your order is set up correctly to maximise your chances of it being activated. If you’re unsure, most brokers can provide guidance and answer any questions you may have.
