Orders - How to Add a Pending Order on MetaTrader 4 Platform Software - How to Add a Pending Order on the MT4

Before a beginner trader can start trading the online forex market they should first learn about the various types of trade orders that are used in forex trading. One should also seek to learn how each of these orders are set when trading the market.

The different order types used in forex trading. There are Market Execution Orders used by traders to open new trades and there are Pending Orders that are used to open pending market orders that are executed when the price gets to a predetermined price level either above the current market price or below the ruling market price.

There are various types of trade orders which one can use to trade in Forex and at the foundation of successful forex trading is making use of the correct trade order for its correct purpose. Most important things to remember about is this: Always understand forex orders you place. Never place a order which as a trader you're not entirely knowledgeable about. Shown below are some basic meanings of often used types of trade orders:

Types of Market Orders & Trade Pending Orders

Market Order

This is the most basic type of order, market order is used to buy/sell at the current ask quote or bid quote price. This refers to the quoted price that appears on your software.

This type of order is used for buying or selling according to present exchange rate quotation in FX, the execution is instant. The min you want to enter a position you as a forex trader can buy and sell the currency at a click of a button using a market order.

Entry Orders

These are forex orders used to open a new position after the market gets to a price specified by the trader.

Entry orders are used to buy/sell a forex currency pair when it reaches a given price target.

When a particular price level is attained or broken then a entry order is entered.

These Entry Orders are used to open a trade transaction at a predetermined price level. It's almost impossible to monitor the market every second and this is why an entry order can be handy. If you feel the market may take a certain action, like break out through a specific price level which it has been touching but it hasn't been able to break, you'd want to use an Entry Limit Order. Once the market crosses your given level, your entry trading trading order is entered into

There are two types of entry orders - limit order & stop entry order.

The entry orders also are referred to as pending orders.

Entry Limit Order

An order to buy or sell at a given limit.

An entry limit pending can be used to open a buy position below the current price or sell above the current market price.

When buying, entry limit is opened/executed when price falls and drops to your limit level.

When selling, entry limit is opened/executed when price rises to your limit level.

The Entry Limit Orders are set by online traders when they expect the market to bounce back after getting to the price level which the entry limit was placed.

Buy LimitSpecifies to open a buy position at a point which is below the ruling price

Sell Limit Specifies to open sell position at a point which is above the current market price

How to Set Buy & Sell Stop Trades on MT4 - How to Set a Pending Order on the MT4

Entry Stop Order

An entry stop order to open buy position above current market price or to open a sell position below the ruling price.

When buying, entry stop order is opened/executed as the market moves up & hits buy stop level.

When selling, entry stop is executed as the market moves down & hits the sell stop level.

Buy Stop Specifies to buy at a specified level above current market price.

Sell Stop Specifies to sell at a specified level below current market price.

How to Set Buy & Sell Stop Trades on MT4 - How to Set a Pending Order on MT4 Platform

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