Trading Bitcoin Place a Pending Bitcoin Order in MetaTrader 5 iPhone App
How Do You Trade Crypto and Place a Pending Bitcoin Order in MetaTrader 5 iPhone App?
There are different types of bitcoin orders which a btcusd trader can use to trade in Bitcoin.
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 crypto 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 trade order is used to buy or to sell at the current ask quote or bid quote btcusd crypto price. This refers to the quoted bitcoin crypto price which appears on your bitcoin platform.
This type of bitcoin order is used for buying or selling in accordance to the prevailing exchange rate quotation in Market, the execution is instant. The minute you want to enter a position you as a trader can buy and sell the at a click of a button using a btcusd crypto market order.
Limit BTC/USD CryptoCurrency Orders
These are orders used to execute a new trade after the btcusd market reaches a bitcoin price given by the trader.
Pending orders are used to buy/sell a instrument when it achieves a certain btcusd crypto price target.
When a specific btcusd crypto price level is reached or broken then a bitcoin market entry order is executed.
These Pending BTCUSD CryptoCurrency Orders are used to enter a btcusd crypto trade at a specified btcusd crypto price level. It is almost impossible to monitor the btcusd crypto market every second and this is why a bitcoin cryptocurrency entry order can be handy. If you feel the btcusd crypto market may 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 crypto market crosses your given level, your entry limit bitcoin crypto trade order is executed.
There are 2 various types of entry orders - limit bitcoin order and stop entry order.
The entry orders are also referred to as pending bitcoin cryptocurrency trade orders.
Bitcoin Pending Limit CryptoCurrency Order
An order to buy or sell at a specific limit.
An entry limit bitcoin order can be used to open a buy position below the prevailing bitcoin price or sell above the prevailing bitcoin price.
When buying, bitcoin entry limit is executed when the btcusd crypto price drops to your limit level.
When selling, btcusd crypto entry limit is executed when the bitcoin crypto price rises to your limit level.
These Bitcoin Pending Limit Bitcoin Orders are set by bitcoin traders when they expect the btcusd market to bounce back after reaching to the bitcoin price level that the bitcoin entry limit order was set.
- 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
Pending BTC/USD Crypto Orders
A bitcoin entry stop order to open buy above the current bitcoin price or to open a sell trade below the prevailing bitcoin price.
When buying, bitcoin entry stop order is executed as the btcusd market goes up and hits the buy stop level.
When selling, bitcoin entry stop is executed as the btcusd market goes down and hits the sell stop level.
- Buy Stop Bitcoin Crypto Currency OrderSpecifies to open a buy position at a level that is above the current price.
- Sell Stop BTC/USD CryptoCurrency OrderSpecifies to open a sell trade at a level that is below the prevailing price.
Interpret and Place a Pending Bitcoin Order in MetaTrader 5 iPhone App?
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