How to Place a Pending Order in MetaTrader 4 Platform

There are different types of xauusd orders which a 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 trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of trade orders:

Types of XAUUSD Market Orders & Pending Orders

Market Trade 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 price. This refers to the quoted price that pops up & is shown on your 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 at a click of a button key using a market order.

Entry Orders

These are xauusd orders used to open a new trade after the xauusd market reaches a price specified by the trader.

Entry orders are used to buy or sell a xauusd when it attains 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 specified price level. It's 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 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 specified 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 buy below the current price or sell above the current 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 the price level at which the entry limit was placed.