How Do I Place and Set a Pending Order on MT4 Software Platform
There are different types of gold orders which one can use to trade in XAUUSD.
A key to doing well with xauusd is using the right xauusd order for the right reason. It is very important to remember this: Always be sure you know what the xauusd orders you place mean. Never put in a xauusd order that you, as a gold trader, don't fully understand. Below are some basic meanings of the common types of trading orders:
Types of XAUUSD Market Orders & Pending Orders
Market Trade Order
Market orders are the simplest for Gold. Buy or sell at the current ask or bid price shown in your platform.
This specific type of XAUUSD order is utilized for purchasing or selling based on the current exchange rate quotation in XAUUSD, with execution occurring instantly. The moment you wish to enter a position, you can buy or sell with a simple click of a button using a market order.
Entry Orders
These orders for XAUUSD are utilized to initiate new trades once the XAUUSD market reaches the price specified by the trader.
Entry orders are utilized to buy or sell XAU/USD when it reaches a specific price target.
When a specific price level is reached or breached, an entry order for XAU/USD is placed.
These Orders let you start a xauusd trade at a certain price. It is hard to watch the xauusd market all the time, so an entry order is helpful. If you think the xauusd market might do something, such as break past a price it keeps touching but not passing, you should use an Entry Limit Order. After the xauusd market passes the level you chose, the trade order begins.
There are two categories of entry orders: limit XAU/USD orders and stop entry orders.
These entry orders are also known as pending trade orders.
Entry Limit Order
An order to buy/sell at a given limit.
An entry limit xauusd order can be used to begin buying below the current price or to sell above it.
When executing a purchase, a limit entry order is fulfilled or initiated only if the price declines to the programmed limit zone you have set.
Concerning sales, a limit entry order is triggered or opened only if the price ascends to the limit zone you previously defined.
Traders use these Entry Limit Orders when they think the xauusd/gold market will recover after it gets to the price level where the entry limit was set.
- Buy Limit Specifies to open a buy at a level that is below the ruling price
- Sell Limit Specifies to open sell trade at a price that is above the current market price
How to Set Buy & Sell Stop Order Trades in MT4 - How to Add a Pending Order on the MT4 Platform
Entry Stop Order
An entry stop order is used to buy when the market price goes up, or to sell when the market price goes down.
For buys, the stop order triggers as xauusd rises. It hits the buy stop level.
For a sell, the entry stop order triggers when XAUUSD drops and hits the sell stop.
- Buy Stop Specifies to open a buy at a level that's above the current market price.
- Sell Stop Specifies to execute a sell position at a level that is below the ruling price.
Examine More Tutorials and Courses:
- USDTRY Opening Hours and USDTRY Closing Time
- S&PASX 200 in MT4 Indices S&PASX 200 Symbol in MT4 Platform
- Introduction to Trading Lesson Tutorial for Beginner Traders
- Chande Momentum Oscillator Expert Advisor(EA) Setup
- How to Add Alligator Indicator in Chart on the MT4 Platform
- Gann HiLo Activator Automated System
- How Do You Use MT5 Balance of Power BOP Indicator?
