How to Place a Pending Metal Order on MetaTrader 4 Software
There are different types of metals orders which a trader can use to trade in Metals.
At the foundation of successful metals trading is making use of the correct metals order for its correct purpose. The most important things to remember about is this: Always understand the metals orders you place. Never place a metal trading order which you are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of metals trade orders:
Types of Metals Market Orders & Pending Metals Orders
Market Metals Trading Order
This is the most basic type of metals order, market order is used to buy or sell at current request or bid metals trading quote metals price. This refers to the quoted metals price which pops up on your metals trading platform.
This type of metal order is used for buying or selling according to the current exchange rate quotation in Metals Trading, the execution is instant. The minute you want to enter a position you can buy and sell metals at a click of a button key using a metals trading market order.
Entry Metal Orders
These are metals orders used to open a new trade after the metal market reaches a metals price specified by the trader.
Entry orders are used to buy or sell metals when it attains a certain metals price target.
When a specific metals price level is reached or broken then a metals trading entry order is executed.
These Entry Metals Orders are used to enter a metals trade at a specified metals price level. It's almost impossible to monitor the metal market every second and this is why an entry order can be handy. If you feel the metal market may take a certain action, such as break through a specific metals price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Metals Order. Once the metal market crosses your specified level, your entry limit metals trading order is executed.
There are 2 different types of entry orders - limit metals order & stop entry order.
These entry orders are also referred to as pending metals orders.
Entry Limit Metals Order
An order to buy or sell at a particular limit.
An entry limit metals order can be used to buy below the current metals price or sell above the current metals price.
When buying, entry limit is executed when the metals price drops to your limit level.
When selling, entry limit is executed when the metals price rises to your limit level.
These Entry Limit Metals Orders are placed by metals traders when they expect the metal market to bounce back after reaching the metals price level at which the entry limit was placed.
- Buy Limit Metals OrderSpecifies to buy at a level below the current market metals price
- Sell Limit Metals OrderSpecifies to sell at a level above the current market metals price
Entry Stop Metal Order
An entry stop order to buy above the current metals price or to sell below the current metals price.
When buying, entry stop order is executed as the metal market goes upward & hits the buy stop level.
When selling, entry stop order is executed as the metal market goes down and hits the sell stop level.
- Buy Stop Metals OrderSpecifies to buy at a level above current market metals price.
- Sell Stop Metals OrderSpecifies to sell at a level below the current market metals price.
