How Do I Set a Pending Order in MT4 Platform
There are different types of gold orders which one can use to trade in XAUUSD.
At the foundation of successful xauusd is making use of correct xauusd order for the 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 trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of trading orders:
Types of XAUUSD Market Orders & Pending Orders
Market Trade Order
This is the most basic type of gold order, market order is used to buy or sell at prevailing request or bid xauusd quote price. This refers to the quoted price which pops up and is shown in your software.
This type of xauusd order is used for buying or selling according to the prevailing exchange rate quotation in XAUUSD, the execution is instant. The minute you want to enter a position you can buy and sell the at a click of a button using a market order.
Entry Orders
These are xauusd orders used to open new trade after the xauusd market reaches a price given by the trader.
Entry orders are used to buy or sell a xauusd when it reaches a certain price target.
When a specific price level is reached or broken then a xauusd entry order is executed.
These Entry Orders are used to enter a xauusd trade at a given price level. It's almost impossible to monitor the gold market every second and this is why an entry order can be handy. If you feel the xauusd market may take a certain action, such as break through a particular price level that it has been touching but it hasn't been able to break, you'd want to use an Entry Limit Order. Once the xauusd market crosses your given level, your entry limit trade order is executed.
There are two types of entry orders - limit xauusd order & stop entry order.
These entry orders are also referred to as pending trade orders.
Entry Limit Order
An order to buy or sell at a particular limit.
An entry limit xauusd order can be used to open buy below the prevailing price or sell above the prevailing 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 Orders are placed by traders when they expect the xauusd market to bounce back after reaching to the price level that the entry limit was placed.
- Buy Limit OrderSpecifies to open buy at a level that is below the prevailing market price
- Sell Limit OrderSpecifies to open sell at a level that is above the prevailing market price
How to Set Buy & Sell Stop Order Trades in MetaTrader 4 - How to Add a Pending Order in MT4
Entry Stop Order
An entry stop order to open buy above prevailing price or to open sell below the prevailing price.
When buying, entry stop pending order is executed as the xauusd market goes upward and hits buy stop level.
When selling, entry stop pending order is executed as the xauusd market moves down & hits the sell stop level.
- Buy Stop OrderSpecifies to open buy at a level that is above the prevailing market price.
- Sell Stop OrderSpecifies to open sell at a level that is below the prevailing market price.
How to Set Buy & Sell Stop Order Trades in MetaTrader 4 - How to Add a Pending Order in MT4
