How Do I Set a Pending Order in MT4 Android App

There are different 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 order for its correct purpose. Most important things to remember about is this: Always understand orders you place when gold trading. Never place a trading order which you're not entirely knowledgeable about. Given below are the basic definitions 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 current ask or bid gold trading quote price. This refers to the quoted price that appears on your trading platform.

This type of trade order is used for buying or selling according to the current exchange rate quotation in Market, the execution is instant. The min you want to enter a position you can buy and 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 given 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 or broken then a trade position entry order is executed.

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 take a certain action, such as break through a particular price level that it has been touching but it has not been able to break, you'd want to use a Gold Entry Limit Order. Once the market crosses your given level, your entry limit trade order is executed.

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

These entry orders are also referred to 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 price.

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

When selling, gold entry limit is executed 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 reaching the price level at which the entry limit order was placed.