Trading Bitcoin Place a Pending Order on MetaTrader 5 Android App
How Do You Trade CryptoCurrency and Place a Pending Order on MetaTrader 5 Android App?
There are various 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 crypto 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 cryptocurrency 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 Crypto Market Orders & Types of Pending Bitcoin Orders
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 crypto price. This refers to the quoted btcusd crypto price which appears on your btcusd crypto platform.
This type of btcusd crypto order is used for buying or selling in accordance to the ruling exchange rate quote in Market, the execution is instant. The minute you want to enter a position you as a trader can buy & sell the at a click of 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.
Pending orders are used to buy/sell a instrument when it achieves a certain btcusd crypto price target.
When a particular btcusd crypto 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 level, your entry limit bitcoin crypto trade order is executed.
There are 2 various different types of entry orders - limit btcusd crypto order & stop entry order.
The entry orders are also referred to as pending btcusd crypto trade orders.
BTCUSD Pending Limit BTC/USD CryptoCurrency Order
An order to buy or sell at a specific limit.
An entry limit btcusd order can be used to open a buy position below the ruling bitcoin price or sell above the ruling bitcoin cryptocurrency price.
When buying, bitcoin entry limit is executed when the bitcoin crypto price drops to your limit level.
When selling, bitcoin entry limit is executed when the bitcoin cryptocurrency price rises to your limit level.
These Bitcoin Pending Limit Crypto Orders are set by btcusd crypto traders when they expect the bitcoin crypto market to bounce back after reaching the btcusd crypto price level at which the btcusd crypto 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
Pending BTCUSD CryptoCurrency Orders - Stop BTC USD Crypto Order
A bitcoin entry stop order to open buy above the current bitcoin crypto price or to open a sell trade below the ruling bitcoin price.
When buying, bitcoin entry stop order is executed as the btcusd cryptocurrency market goes up & hits the buy stop level.
When selling, btcusd crypto entry stop is executed as the bitcoin crypto 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 current 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?
Learn More Tutorials & Lessons:
- BTC/USD Analysis Trading Indicators Described
- BTC USD Trade MT5 Upwards Bitcoin TrendLine in MT5 Platform
- How to Use MT4 BTCUSD Trade Platform Software Tutorial Guide Described
- How Do I Use Fibo Extension on MT4 BTCUSD Charts?
- How to Sign Up MT4 Real BTC/USD Account
