Executing a Pending Bitcoin Order via the MetaTrader 5 Application on an iPhone
How to trade crypto and place pending Bitcoin orders on MT5 iPhone app
Bitcoin traders pick from various order types for BTCUSD trades.
Traders should learn and understand about all the various different orders so as make use of correct btcusd order for the correct purpose. The Most important thing to remember about this is: Always understand the bitcoin crypto orders you set when btcusd trading. Never place a bitcoin crypto order which you are not entirely knowledgeable about. Shown below are the basic definitions and meaning of the commonly used types of trading orders:
Types of Market Orders and Types of Pending Crypto Orders
Crypto Market Order
This is the most basic type of btcusd crypto order, market order is used to buy or to sell at the current ask quote or bid quote btcusd price. This refers to the quoted bitcoin crypto crypto price which appears on your bitcoin platform.
This Bitcoin order buys or sells at the current market rate. Execution happens right away. Click to enter a position in the BTCUSD crypto market.
Limit BTC/USD CryptoCurrency Orders
These are specific types of orders programmed to initiate a new trade only when the price of BTCUSD reaches a predetermined level set by the trader.
When an instrument reaches a specific btcusd cryptocurrency price goal, pending orders are used to purchase or sell it.
When a specific price point for btcusd is reached or surpassed, a market entry order for bitcoin is activated.
These Pending BTCUSD CryptoCurrency Orders are used to enter a btcusd crypto trade at a specified btcusd price level. It is almost impossible to monitor the btcusd crypto market every second and this is why a bitcoin entry order can be handy. If you feel the btcusd crypto market may & might take a certain action, like break through a particular bitcoin price level that it has been touching but it has not been able to break, you would want to use a BTC/USD Crypto Pending Limit BTC/USD Crypto Order. Once the bitcoin market crosses your specified level, your entry limit bitcoin crypto order is executed.
There are two main types of entry orders: limit bitcoin orders and stop entry orders.
The entry orders are also referred to as pending bitcoin orders.
Bitcoin Pending Limit CryptoCurrency Order
An order either buying or selling at one price.
A bitcoin entry limit order can be set up to start a buy position when the bitcoin price is lower, or to sell when it is higher than the current price.
When buying, bitcoin entry limit is executed when the btcusd price drops to your limit level.
When selling, btcusd entry limit is executed when the bitcoin crypto price rises to your limit level.
Bitcoin traders set pending limit orders when they think the btcusd market will rebound from a set price level.
- Buy Limit Bitcoin OrderSpecifies to open a buy position at a level that is below the prevailing bitcoin market price
- Sell Limit BTC/USD Crypto OrderSpecifies to open a sell trade at a level that is above the prevailing bitcoin market price
If you want to set a Buy Stop or Sell Stop order for Bitcoin in MetaTrader 5's mobile app, you'll do it through the pending order menu on your iPhone.
Pending BTC/USD Crypto Orders
A bitcoin entry stop order allows opening a buy position above the current price or a sell position below the prevailing price.
When purchasing, a Bitcoin entry stop order is activated as the BTCUSD market ascends and reaches the buy stop point.
When selling, the bitcoin entry stop executes as the btcusd market declines and reaches the sell stop level.
- Buy Stop Bitcoin Crypto Currency OrderSpecifies to open a buy position at a level that is above the present price.
- Sell Stop BTC/USD CryptoCurrency OrderSpecifies to open a sell trade at a level that is below the current price.
Interpret and Place a Pending Bitcoin Order in MetaTrader 5 iPhone App?
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