How Do I Place a Pending Order in MetaTrader 5 Android App?

There are various types of orders which a trader can use to trade in XAUUSD.

Traders should learn and understand about all the different orders so as make use of the correct gold order for the correct purpose. Most important things to remember about is this: Always understand orders you as a trader set when trading gold. Never place a order which as a trader you are not entirely knowledgeable about. Given below are the basic definitions of the often used types of trade orders:

Types of Market Orders & Types of Pending Orders

Market Order

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

This type of order is used for buying/selling according to the ruling exchange rate quote in XAUUSD Market, the execution is instant. Min you want to enter a position you can buy & sell the xauusd at a click of a button using a market order.

Pending Orders

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

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

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

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

There are two various different types of entry orders - limit pending order & stop entry order.

These entry orders are also known as pending trade orders.

Gold Pending 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 price or sell above the ruling price.

When buying, gold entry limit is executed when the price falls to your limit region.

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

These Pending Limit Orders are placed by traders when they expect the market to bounce-back after getting to the price level that the trade entry limit was placed.