Various Types of Orders

Types of Market Orders XAUUSD and Pending Order Types

Various types of trading 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 market price which appears on your platform.

Market Order type of order is used for buying/selling according to the present exchange rate quote - the execution of market order is instant. The min you want to enter a trade you can buy & 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 after the market reaches a price specified by a trader.

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 in to a trade 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 that the market may & might take a certain action, such as break-out through a specific price level that it has been touching(testing) but it has not been able to breakout this level, then as a gold trader you'd want to use a Pending Order. Once prices quote crosses your specified level, your pending order is entered.

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/opened when price drops to your limit price quote level.

When selling, entry limit order is executed/opened when price rises to your limit price 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 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 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 is an order to open buy above prevailing price or to open sell below the current price.

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

When selling, entry stop is executed as the market goes down and hits the 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.

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

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