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

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

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

Types of Market Orders & Pending Orders

Market Order

This is the most basic type of trade order, market order is used to buy or sell at the current ask or bid gold trade quote gold trading price. This refers to the quoted trading price that shows up & is shown on your gold software.

This type of order is used for buying or selling in accordance to the current exchange rate quotation in Gold Trading, the execution is instant. The min you want to enter a position you as a trader can buy & sell xauusd at a click of a button using a market order.

Entry XAUUSD Gold Orders

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

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

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

These Entry Orders are used to enter a trade position at a given price level. It is almost impossible to monitor the gold market every second and this is why an entry order can be handy. If you feel the xauusd market might take a certain action, such as break through a particular price level that it has been testing(touching) but it hasn't been able to break, you'd want to use an Entry Limit Order. Once the xauusd market crosses your given level, your entry limit trading order is entered.

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 can be used to buy below the ruling market price or sell above the current price.

When buying, entry limit order is executed/opened when price drops to your limit zone that you've set.

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

The Entry Limit Orders are placed by online traders when they expect the xauusd market to bounce-back after getting to the xauusd trading price level at which the entry limit order was placed.