XAUUSD Trade Place a Pending Order on MT5 Android Gold App
XAUUSD Trade Place a Pending Order on MT5 Android Gold App
There are various types of orders which a trader can use to trade in XAUUSD.
Traders should learn & understand about all the various orders so as make use of correct 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 gold trade orders:
Types of Market Orders and Types of Pending Orders
XAUUSD 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 gold price which pops up on your gold platform.
This type of xauusd 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 gold market order.
Pending Orders
These are orders used to execute a new trade after the market reaches a gold price specified by trader.
Pending orders are used to buy/sell xauusd when it reaches a certain price target.
When a particular gold price level is reached or broken then a entry order is executed.
These Pending Orders are used to open a trade 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 may take a certain action, such as break through a particular gold price level which it has been touching but it has not 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.
XAUUSD 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, xauusd 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 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 - Trade Stop Order
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 and hits buy stop level.
When selling, xauusd entry stop order is executed as the market goes down and 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 MT5 Android App
