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How Do I Place & Set a Pending Order on MT4 Android App

There are different types of trading orders which one can use to trade in XAUUSD.

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

Types of Market Orders and Pending Order Types

Trading Market Order

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

This type of trade order is used for buying/selling according to the ruling exchange rate quote in 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 trading market order.

Pending Orders

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

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

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

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

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

These entry orders are also known as pending xauusd trade orders.

Gold Entry Limit Order

An order to buy or sell at a certain limit.

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

When buying, gold entry limit order is executed/opened when price drops to your limit level.

When selling, gold entry limit order is executed/opened when price rises to your limit level.

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

  • Buy Limit Specifies to execute buy at a level below the ruling price

  • Sell LimitSpecifies to open sell at a level above ruling price

How to Put Buy Stop Order and Sell Stop Order on MT4 Phone App - How Do I Set a Pending Order on MT4 Android Phone App - Pending Order MT4 Android App

Pending Orders

A entry stop order to open buy above current price or to open sell below the current price.

When buying, gold entry stop pending order is executed/opened as the market goes up & hits buy stop level.

When selling, gold entry stop pending order is executed/opened as the market goes downward & hits the sell stop level.

  • Buy Stop Specifies to open buy at a level above current price.

  • Sell Stop Specifies to execute sell at a level below the prevailing market price.

How to Put Buy Stop Order and Sell Stop Order in MT4 Android App - How Do I Set a Pending Order on MT4 Android Phone App - Pending Order MT4 Android App

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