Trading Bitcoin: How to Place a Pending Order on the MetaTrader 5 Android App
How to Trade Cryptocurrency and Place a Pending Order on the MetaTrader 5 Android Application?
There are different types of bitcoin cryptocurrency orders which a btcusd trader can use to trade in Bitcoin Cryptocurrency.
Traders should learn & understand about all the various orders so as make use of the correct bitcoin order for its correct purpose. The Most important thing to remember about this is: Always understand the btcusd crypto orders you set when bitcoin trading. Never place a btcusd order which you are not entirely knowledgeable about. Shown below are the basic definitions and meaning of the commonly used types of trading orders:
Crypto Order Types: Market and Pending Orders for Bitcoin
Crypto Market Order
This is the most basic type of bitcoin crypto order, market trade order is used to buy or to sell at the current ask quote or bid quote bitcoin price. This refers to the quoted btcusd crypto price which appears on your btcusd crypto platform.
This type of BTCUSD crypto order allows you to buy or sell according to live exchange rate quotes in the market with instant execution. You can quickly enter or exit a position by clicking a button using a Bitcoin market order.
Pending Bitcoin CryptoCurrency Orders
These are orders used to execute a new trade after the btcusd market reaches a bitcoin price specified by the trader.
When an instrument reaches a specific btcusd cryptocurrency price goal, pending orders are used to purchase or sell it.
When a particular btcusd price level is reached or broken then a btcusd crypto trade entry order is executed.
These Pending BTCUSD CryptoCurrency Orders are used to enter a bitcoin cryptocurrency trade at a specified bitcoin price level. It is almost impossible to monitor the bitcoin crypto market every second and this is why a btcusd crypto entry order can be handy. If you feel the bitcoin cryptocurrency market might take a certain action, like break through a particular btcusd crypto price level that it has been touching but it hasn't been able to break, you would want to use a Bitcoin CryptoCurrency Pending Limit Bitcoin Order. Once the btcusd cryptocurrency market crosses your given specified level, your entry limit bitcoin crypto trade order is executed.
There are two distinct categories of entry orders available: a limit order for BTCUSD and a stop entry order.
Entry orders are pending trades for BTCUSD crypto.
BTCUSD Pending Limit BTC/USD CryptoCurrency Order
An order either buying or selling at one price.
An entry limit btcusd order can be used to open a buy position below the ruling bitcoin price or sell above the ruling bitcoin price.
Bitcoin buy limit runs when price falls to your set level.
When selling, bitcoin entry limit is executed when the bitcoin price rises to your limit level.
These Bitcoin Pending Limit Crypto Orders are set by btcusd crypto traders when they expect the bitcoin market to bounce back after reaching the btcusd crypto price level at which the btcusd entry limit was placed.
- Buy Limit BTC/USD CryptoCurrency OrderSpecifies to open a buy position at a level below the ruling btcusd crypto market price
- Sell Limit BTC/USD Crypto OrderSpecifies to open a sell trade at a level above the ruling btcusd crypto market price
How to handle pending BTCUSD crypto orders - setting stop orders for BTCUSD.
A bitcoin entry stop order is used to automatically buy when the bitcoin price goes above a certain price, or sell when it goes below a certain price.
Buy Trading Signal: A purchase signal is generated or derived when the Ehlers RSI crosses above the central Mark and the 50 level.
When selling, btcusd crypto entry stop is executed as the bitcoin market goes down and hits the sell stop level.
- Buy Stop BTC/USD Crypto OrderSpecifies to open a buy position at a level above the ruling price.
- Sell Stop BTC USD Crypto OrderSpecifies to open a sell trade at a level below current price.
Analyze and Place a Pending Order on MetaTrader 5 Android App?
More lessons and tutorials can be found here:
- BTC/USD Analysis Trading Indicators Described
- BTC USD Uptrend on MetaTrader 5 Platform: TrendLine Analysis
- MT4 BTC/USD Platform: Tutorial and Usage Guide
- How Do I Use Fibo Extension on MT4 BTCUSD Charts?
- How to Sign Up MT4 Real BTC/USD Account
