XAUUSD Place a Pending Order on MT5 iPhone Gold App
XAUUSD Place a Pending Order on MT5 iPhone Gold App
There are various types of orders which one can use to trade in XAUUSD.
Traders should learn & understand about all the various orders so as make use of correct xauusd order for the correct purpose. The most important things to remember about is this: Always understand orders you as a trader set when xauusd. Never place a order which you're not entirely knowledgeable about. Given below are the basic definitions of the oftenly used types of trading orders:
Types of Market Orders and Types of Gold Pending Orders
Trade Market Order
This is the most basic type of order, market order is used to buy or sell at current request quote or bid quote price. This refers to the quoted price which pops up in your software.
This type of order is used for buying/selling according to the ruling exchange rate quote in Market, the execution is instant. The minute you want to enter a position you can buy and sell xauusd at a click of the button using a trading market order.
Pending Orders
These are orders used to execute a new trade after the market reaches a price specified by trader.
Pending orders are used to buy/sell xauusd when it reaches a certain price target.
When a particular price level is reached or broken then a entry order is executed.
These Pending Orders are used to open a trade transaction at a particular price level. It's almost impossible to monitor the market every second & this is why a entry order can be handy. If you feel the market might take a certain action, such as break through a particular price level which it has been touching but it has't been able to break, you would want to use a Pending Limit Order. Once the market crosses your specified level, your entry limit trading order is executed.
There are two types of entry orders - limit order and stop entry order.
The entry orders are also referred to as pending trade orders.
Trade Pending Limit Order
An order to buy/sell at a particular limit.
An entry limit order can be used to open buy below the ruling price or sell above the ruling price.
When buying, gold entry limit is executed when price drops to your limit level.
When selling, xauusd entry limit is executed when price rises to your limit level.
These Trade Pending Limit Orders are set by online traders when they expect market to bounce back after getting to the price level at which the gold trading entry limit order was set.
- Buy Limit OrderSpecifies to open buy at a level below the ruling market price
- Sell Limit OrderSpecifies to open sell at a level above the ruling market price
Pending Orders
A entry stop order to open buy above ruling price or to open sell below the ruling price.
When buying, xauusd entry stop order is executed as the market goes upward & hits buy stop level.
When selling, xauusd entry stop order is executed as the market goes down & hits the sell stop level.
- Buy Stop OrderSpecifies to open buy at a level above the ruling price.
- Sell Stop OrderSpecifies to open sell at a level below the ruling price.
Place a Pending Order on MetaTrader 5 iPhone App
