How to Place a Forex Pending Order on MT4 Android App - Pending Order MetaTrader 4 Android App
There are different types of forex orders which a trader can use to trade in Forex.
Forex traders should learn and understand about all the various forex orders so as make use of the correct forex order for its correct purpose. The most important things to remember about is this: Always understand the forex orders you place when forex trading. Never place a forex order which you're not entirely knowledgeable about. Given below are the basic definitions of the oftenly used types of forex trade orders:
Types of Forex Market Orders and Types of Forex Trading Pending Orders
Forex Trading Market Order
This is the most basic type of forex order, market order is used to buy or sell at current ask or bid quote trading price. This refers to the quoted forex price that pops up and is shown & displayed on your trading platform.
This type of forex order is used for buying or selling according to the present exchange rate quotation in Forex Market, the execution is instant. The minute you want to enter a position you can buy & sell the currency at a click of a button key using a forex market order.
Forex Entry Orders - Forex Pending Orders
These are forex orders used to open a new trade 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 forex entry trading order is executed.
These Forex Entry Orders are used to enter a forex trade at a specified price level. It is almost impossible to monitor the forex market every second & this is why a forex entry order can be handy. If you feel the market may take a certain action, such as break through a specific price level which it has been touching but it has not been able to break, you would want to use a Forex 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 referred to as pending orders.
Forex Entry Limit Order
An order to buy or sell at a particular limit.
An entry limit order can be used to buy below the current forex trading price or sell above the current forex trading price.
When buying, forex entry limit is executed when price drops to your limit zone that you have set.
When selling, forex entry limit is executed when price rises to your limit zone that you have set.
These Forex Entry Limit Orders are placed by traders when they expect the market to bounce back after reaching the price level at which the forex entry limit order was placed.
- Buy Limit OrderSpecifies to buy at a level below the current forex market price
- Forex Sell Limit OrderSpecifies to sell at a level above the current forex market price
Forex Entry Stop Order - Forex Pending Orders
A forex entry stop order to buy above the current forex trading price or to sell below the current forex trading price.
When buying, forex entry stop order is executed as the market goes upward & hits the buy stop level.
When selling, forex entry stop order is executed as the market goes down & hits the sell stop level.
- Forex Buy Stop OrderSpecifies to buy at a level above the current forex market price.
- Forex Sell Stop OrderSpecifies to sell at a level below the current forex market price.
