Orders - How to Place Pending Order in MT4 Platform - How to Place a Pending Order in MT4 Platform

Before a beginner trader can start trading the online market they should first learn about the various types of orders that are used in forex trading. A trader should also seek to learn how each of these orders are set when trading the market.

There are various order types used in forex trading. There are Market Execution Orders used by traders to open new trades and there are Pending Orders that are used to open pending market orders that are executed when the price reaches a predetermined price level either above the current market price or below the current market price.

There are different types of orders which a trader can use to trade in Forex and at the foundation of successful forex trading is making use of the correct order for its correct purpose. Most important things to remember about is this: Always understand the orders you place. Never place a order which you are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of orders:

Types of Market Orders and Trading Pending Orders

Market Trade Order

This is the most basic type of order, market order is used to buy or sell at the current ask or bid quote trading price. This refers to the quoted price that appears on your platform.

This type of order is used for buying or selling according to the present exchange rate quotation in Forex, the execution is instant. The min you want to enter a position you can buy & sell the currency at a click of a button using a market order.

Entry Orders

These are orders used to open a new trade transaction after the market reaches a price specified by the trader.

Entry orders are used to buy or sell a forex currency pair when it attains a certain price target.

When a specific price level is reached or broken then a entry order is executed.

These Entry Orders are used to enter a trade at a specified price level. It's almost impossible to monitor the market every second and this is why an entry order can be handy. If you feel the market may take a certain action, such as break through a specific price level that it has been touching but it hasn't been able to break, you'd want to use an Entry Limit Order. Once the market crosses your specified level, your entry limit trade order is executed.

There are 2 types of entry orders - limit order and stop entry order.

These entry orders are also known as pending orders.

Entry Limit Order

An order to buy or sell at a specific limit.

An entry limit order can be used to buy below the current price or sell above the current price.

When buying, entry limit is executed when price falls to your limit area.

When selling, entry limit is executed when price rises to your limit area.

These Entry Limit Orders are placed by traders when they expect the market to bounce back after reaching the price level at which the entry limit was placed.

• Buy Limit OrderSpecifies to buy at a level below the current market price

• Sell Limit Forex Trading OrderSpecifies to sell at a level above the current market price

How to Set Buy & Sell Stop Trades in MT4 - How to Place a Pending Order on MT4

Entry Stop Order

An entry stop order to buy above the current price or to sell below the current price.

When buying, entry stop order is executed as the market goes up & hits buy stop level.

When selling, entry stop order is executed as the market moves down & hits the sell stop level.

• Buy Stop Trading OrderSpecifies to buy at a specified level above the current market price.

• Sell Stop Trading OrderSpecifies to sell at a specified level below the current market price.

How to Set Buy & Sell Stop Trades on MetaTrader 4 - How to Place a Pending Order on MT4