How to Place a Pending Gold Order on MetaTrader 4 XAUUSD Trading Software
There are different types of xauusd orders which a xauusd trader can use to trade in XAUUSD.
At the foundation of successful xauusd is making use of the correct xauusd order for its correct purpose. The most important things to remember about is this: Always understand xauusd orders you place. Never place a xauusd order which you as a 11111 trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of gold trade orders:
Types of XAUUSD Market Orders and Gold Pending Orders
Market XAUUSD Trading Order
This is the most basic type of xauusd order, market order is used to buy or sell at current request or bid xauusd quote gold trading price. This refers to the quoted gold @@tradingprice that --appears & is ++showndisplayed on your gold trading platform.
This type of xauusd order is used for buying or selling according to the current exchange rate quotation in XAUUSD, the execution is instant. The minute you want to enter a position you can buy & sell the gold at a click of a button using a gold market order.
Entry XAUUSD Orders
These are xauusd orders used to open a new trade position after the xauusd market reaches a gold trading price specified by the xauusd trader.
Entry orders are used to buy or sell a xauusd when it attains a certain gold trading price target.
When a specific gold trading price level is reached or broken then a xauusd entry order is executed.
These Entry XAUUSD Orders are used to enter a xauusd trade at a specified price level. It is almost impossible to monitor the xauusd market every second and this is why an entry order can be handy. If you feel the xauusd market might take a certain action, such as break through a particular gold trading price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Gold Order. Once the xauusd market crosses your specified level, your entry limit gold trading order is executed.
There are two types of entry orders – limit xauusd order and stop entry order.
These entry orders are also known as pending gold trade orders.
Entry Limit XAUUSD Order
An order to buy or sell at a particular limit.
An entry limit xauusd order can be used to buy below the current gold trading price or sell above the current gold trading price.
When buying, entry limit is executed when price drops to your limit zone which you've set.
When selling, entry limit is executed when price rises to your limit zone which you've set.
These Entry Limit XAUUSD Orders are placed by traders when they expect the xauusd market to bounce back after reaching the gold trading price level at which the entry limit was placed.
- Buy Limit XAUUSD OrderSpecifies to buy at a level below the current market gold trading price
- Sell Limit Gold OrderSpecifies to sell at a level above the current market gold trading price
Entry Stop XAUUSD Order
An entry stop order to buy above current gold trading price or to sell below the current gold trading price.
When buying, entry stop order is executed as the xauusd market goes upward and hits buy stop level.
When selling, entry stop order is executed as the xauusd market goes down and hits the sell stop level.
- Buy Stop XAUUSD OrderSpecifies to buy at a level above the current market gold trading price.
- Sell Stop Gold OrderSpecifies to sell at a level below the current market gold trading price.
