How to Place a Pending Gold Order in MetaTrader 4

There are different types of gold orders which a gold trader can use to trade in Gold.

At the foundation of successful gold trading is making use of the correct gold order for its correct purpose. The most important things to remember about is this: Always understand the gold orders you place. Never place a gold order which you are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of gold orders:

Types of Gold Trading Market Orders and Pending Gold Orders

Market Order

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

This type of xauusd order is used for buying or selling according to the present exchange rate quotation in Gold Trading, the execution is instant. The minute you want to enter a position you can buy and sell gold at a click of a button using a gold market order.

Entry XAUUSD Orders

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

Entry orders are used to buy or sell gold when it attains a certain xauusd price target.

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

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

There are two different types of entry orders - limit gold order and stop entry order.

These entry orders are also known as pending gold orders.

Entry Limit Gold Order

An order to buy or sell at a certain limit.

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

When buying, entry limit is executed when the xauusd price falls to your limit level.

When selling, entry limit is executed when the xauusd price rises to your limit level.

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

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

• Sell Limit Gold OrderSpecifies to sell at a level above the current market gold price

How to Set Buy and Sell Stop Gold Order on MT4 - How to Place a Pending Gold Order in MetaTrader 4

Entry Stop Gold Order

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

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

When selling, entry stop order is executed as the xauusd market goes down and hits the sell stop level.

• Buy Stop Gold OrderSpecifies to buy at a level above the current market gold price.

• Sell Stop Gold OrderSpecifies to sell at a level below the current market gold price.

How to Set Buy and Sell Stop Gold Order on MT4 - How to Place a Pending Gold Order in MetaTrader 4