How to Place a Pending Trading Order in MT4 Platform
There are different types of orders which one can use to trade in Oil.
At the foundation of successful oil is making use of the correct order for its correct purpose. Most important things to remember about is this: Always understand orders you place. Never place a order which you are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of crude trade orders:
Types of Oil Trading Market Orders & Oil Pending Trade Orders
Market Oil Trade Order
This is the most basic type of order, market order is used to buy or sell at the current request or bid oil quote crude trading price. This refers to the quoted crude oil price which appears & is shown on your crude platform.
This type of order is used for opening a buy or selt trade according to present exchange rate quotation in Oil, the execution is instant. The min you want to enter a position you can buy & sell the crude oil at a click of a button using a market order.
Entry Oil Trade Orders
These are orders used to open a new trade after the market reaches a crude price specified by the trader.
Entry orders are used to buy or sell a oil when it attains a certain crude price target.
When a specific price level is reached or broken then a crude oil entry trade order is executed.
These Entry Oil Trading Orders are used to enter a trade at a specified crude trading price level. It's almost impossible to monitor the market every second and this is why an entry order can be handy. If you feel the market may take a certain action, such as break through a particular crude price level that it has been touching but it has not been able to break, you'd want to use an Entry Limit Oil Trading Order. Once the market crosses your specified level, your entry limit crude trade order is executed.
There are 2 types of entry orders - limit order & stop entry order.
These entry orders are also referred to as pending crude trade orders.
Entry Limit Oil Trading Order
An order to buy or sell at a certain limit.
An entry limit order can be used to buy below the current price or sell above the current crude price.
When buying, entry limit is executed when the price drops to your limit zone that you've set.
When selling, entry limit is executed when the price rises to your limit zone that you've set.
These Entry Limit Oil Trading Orders are placed by traders when they expect the market to bounce back after reaching the price level at which the entry limit was placed.
- Buy Limit Oil Trading OrderSpecifies to buy at a level below current market crude trading price
- Sell Limit Oil Trading OrderSpecifies to sell at a level above the current market crude trading price
Entry Stop Trading Order
An entry stop order to buy above the current price or to sell below the current crude price.
When buying, entry stop order is executed as the market goes up & hits buy stop level.
When selling, entry stop order is executed as the market goes down and hits the sell stop level.
- Buy Stop Trading OrderSpecifies to buy at a level above the presen market crude trading price.
- Sell Stop Trading OrderSpecifies to sell at a level below current market crude trading price.
What is a Trading Plan? - Writing a Trading Plan Example
Alternatives: EA Automated Robots or Copier Trading Signals
