Various Types of Orders

Types of Market Orders XAUUSD and Pending Order Types

Different types of trading orders available for trading gold include: The Varieties 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 market price which appears on your platform.

Use a market order to buy or sell at the current rate. It executes right away. Click to enter a trade instantly with a market order.

Types of Pending Orders

Limit Orders and Stop Orders

Orders that are designated to initiate a new position only after the market reaches a trader-defined price level are known as Pending Orders.

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

When a particular price level is reached and attained then a pending entry order is entered.

Pending orders are used to enter a trade at a pre-determined price level. Monitoring the market every second is almost impossible, which is why pending orders are useful. If you believe the market might take a certain action, such as breaking through a specific price level it has tested but not gone past, you would want to set a pending order. Once the price crosses your specified level, your pending order is executed.

Pending Orders Come in Two Forms - Limit and Stop Types.

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 strategically placed to initiate a buy below the current quoted price or a sell above the current quoted price.

An entry limit order is executed/opened when the price drops to your specified limit price.

When Executing a Sell Order, The Entry Limit Order is Activated When the Price Rises to the Designated Limit Price Level.

Entry Limit Orders are set by traders when they anticipate that the price will rebound subsequent to reaching a specific quote level where the entry limit xauusd order was initially positioned.

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 prevailing market price

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

Entry Stop Order

An entry stop order serves as a command to either open a buy position above the current prevailing price or to initiate a sell position below the current price.

When initiating a buy order using a stop order, the execution/opening of the order happens as the market advances and reaches the specified buy stop price level.

When executing a sell order, the stop execution is triggered as the market declines and reaches the designated sell stop price level.

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

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

Implementing Buy Stop and Sell Stop Orders on MT4 - Adding Contingent Orders within the MT4 Framework

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