How to Place a Pending Gold Order in MetaTrader 4 Android App
There are different types of gold orders which a trader can use to trade in Gold.
Traders should learn & understand about all the various gold orders so as make use of the correct gold order for its correct purpose. Most important things to remember about is this: Always understand gold orders you place when gold trading. Never place a gold trading order which you are not entirely knowledgeable about. Given below are the basic definitions of the oftenly used types of xauusd trade orders:
Types of XAUUSD Trading Market Orders & Types of Pending Gold Orders
XAUUSD Trading 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 xauusd 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 current exchange rate quotation in Gold Trading Market, the execution is instant. The min you want to enter a position you can buy & sell gold at a click of a button using a xauusd trading market order.
Pending Gold Orders
These are gold orders used to open a new trade after the xauusd market reaches a xauusd price specified by the 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 xauusd trading entry order is executed.
These Gold Trading Entry Gold Orders are used to enter a gold trade at a specified price level. It is almost impossible to monitor the xauusd market every second & this is why a gold entry order can be handy. If you feel the xauusd market may take a certain action, such as break through a specific xauusd price level that it has been touching but it has not been able to break, you would want to use a Gold Trading Entry Limit Gold Order. Once the xauusd market crosses your specified level, your entry limit xauusd trading order is executed.
There are 2 different types of entry orders - limit gold order and stop entry order.
These entry orders are also referred to as pending xauusd trade orders.
XAUUSD Trading 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 xauusd price.
When buying, gold entry limit is executed when the price drops to your limit level.
When selling, gold entry limit is executed when the price rises to your limit level.
These Gold Trading Entry Limit Gold Orders are placed by traders when they expect the xauusd market to bounce back after reaching the xauusd price level at which the xauusd entry limit order was placed.
- Buy Limit Gold OrderSpecifies to buy at a level below the current gold market xauusd price
- Sell Limit Gold OrderSpecifies to sell at a level above the current gold market xauusd price
Pending XAUUSD Orders
A gold entry stop pending order to buy above current xauusd price or to sell below the current xauusd price.
When buying, gold entry stop order is executed as the xauusd market goes up and hits buy stop level.
When selling, gold entry stop order is executed as the xauusd market goes down & hits the sell stop level.
- Buy Stop Gold OrderSpecifies to buy at a level above the current gold market xauusd price.
- Sell Stop Gold OrderSpecifies to sell at a level below the current gold market xauusd price.
