Various Types of Orders

Types of Market Orders XAUUSD and Pending Order Types

Various types of orders which one can use to trade gold - The Different Types of Orders are:

Types of Market Orders

Gold Market Order

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

Market Order type of order is used for buying or selling according to the present exchange rate quote - the execution of market order is instant. The min you want to enter a trade transaction you can buy and sell at a click of a button using a market order.

Types of Pending Orders

Limit Orders and Stop Orders

Pending Orders are orders which are used to open a new trade transaction after the market reaches a price given by a trader.

Pending Orders are used to buy or sell when price quote attains a certain price target.

When a particular price level is reached then a pending order is executed.

Pending Orders are used to enter in to a trade position at a pre-determined price level. It's almost impossible to monitor the market every second and this is why a pending order can be used. If you feel the market may take a certain action, such as break-out through a specific price level that it has been touching but it has not been able to breakout this level, then as a gold trader you'd want to use a Pending Order. Once the prices quote crosses your given level, your pending order is executed.

There are two different pending order types - limit pending order & stop order.

These pending orders are also referred to as entry orders.

Limit Order

An order to buy/sell at a certain limit.

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

When buying, entry limit order is executed when price falls to your limit price quote level.

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

The Entry Limit Orders are placed by traders when they expect the price to bounce back after reaching to the price quote level at which the entry limit xauusd trade order was set.

Buy Limit Specifies to open buy at a level that's below the ruling price

Sell Limit Specifies to open sell at a level that's above the ruling price

How to Set Buy Limit Orders and Sell Limit Orders on MT4 - Pending Orders in MT4

Entry Stop Order

An entry stop is an order to open buy above prevailing price or to open sell below the prevailing price.

When buying, entry stop order is executed as the market goes up and hits buy stop price quote level.

When selling, entry stop is executed as the market goes down and hits the sell stop price quote level.

Buy Stop Specifies to open buy at a level that's above the ruling market price.

Sell Stop Specifies to open sell at a level that's below the ruling market price.

How Do I Set Buy Stop Orders and Sell Stop Orders on MT4 - Pending Orders in MT4

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