How Do I Set & Place a Pending Order in MT4 Software Platform

A gold trader has access to several distinct types of trading orders available for executing XAUUSD transactions.

Success in gold trading starts with using the right order for the right job. Key point to keep in mind: Always know the orders you use. Never enter an order you don't fully understand as a gold trader. Here are basic meanings for common order types:

Types of Market Orders & Pending Orders

Market Order

This represents the simplest form of trade instruction: a market order is utilized to execute a purchase or sale at the currently quoted bid or ask price for XAU/USD gold trading, which essentially corresponds to the trading price visible and presented within your precious metal software.

A market order buys or sells gold at the current rate right away. In gold trading, it executes instantly. Click to enter a position and trade XAUUSD on the spot.

Entry XAUUSD Gold Orders

These are specific pending orders designed to initiate a new trade once the xauusd market reaches a price predefined by the trader.

Entry orders are used to buy or sell xau/usd when it attains a given price target.

When a specific price level is reached and attained or broken then a entry pending order is entered into

Entry Orders serve the function of initiating a trade position precisely at a predetermined price level. Given the impossibility of continuously monitoring the xau/usd market second by second, the utility of an entry order becomes evident. Should you anticipate a specific market action, such as a breakthrough of a price level the xauusd market has been repeatedly testing but failing to breach, an Entry Limit Order is the appropriate instrument. Your limit order will execute automatically once the xauusd market crosses the specified price threshold you set.

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

The entry orders are also known as pending orders.

Entry Limit Order

A pending order to buy or sell at a certain limit.

An entry limit order permits buying at a price point beneath the prevailing market rate or selling at a price point above the current market rate.

When executing a buy (long) order, an entry limit order is only triggered (opened) if the price descends to the specific limit level you pre-established.

When selling, entry limit order is executed/opened when price rises to your limit zone that you have set.

Traders set entry limit orders expecting a bounce. They place them at key XAUUSD price levels.

Buy Limit Specifies to open/execute a buy at a price point below the ruling price

Sell LimitSpecifies to sell at a point above present price

Instructions on Setting Buy Stop and Sell Stop Orders in MT4 - How to Implement a Contingent Order in the MT4 System

Entry Stop Order

An entry stop order to buy above the present price or to open a sell trade below the present price.

When executing a buy order, the entry stop pending order is triggered as the xauusd market advances and reaches the specified buy stop level.

When executing a sell order, a stop pending order is triggered as the gold market descends and reaches the designated sell stop level.

Buy Stop Specifies to buy at a point above the presen market price.

Sell Stop Specifies to open a sell at a point below the present market price.

Instructions for Setting Buy and Sell Stop Orders in MT4 - A Guide to Adding a Pending Order in MT4

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