Add Pending Orders on MT4 - How to Place Pending Orders in MetaTrader 4

Before a beginner trader can start trading the online forex market they should first learn about the various types of 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 simplest order type. A market order buys or sells at the current ask or bid price. That is the price shown on your platform.

This kind of order is for buying or selling at the current FX exchange rate, and it happens right away. If you want to get into a position quickly, you as a forex trader can buy and sell the currency with one click using a market order.

Entry Orders

These forex orders are utilized to initiate a new position once the market reaches a price predetermined by the trader.

Entry orders serve the purpose of undertaking a buy or sell action on a forex currency pair once it attains a predetermined price level.

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

These Entry Orders facilitate the initiation of a trade transaction at a specified price level. Monitoring the market continuously is nearly impossible, which is why entry orders prove to be useful. If you anticipate that the market may take a specific action, such as breaking through a price level it has repeatedly approached but not surpassed, you would opt for an Entry Limit Order. Once the market surpasses your designated level, your entry trading order is executed.

Two types of entry orders exist - limit orders and stop entry orders.

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 making a purchase, the entry limit is triggered when the price falls to your limit level.

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

Online traders set entry limit orders when they think the market will recover after reaching the price level where the entry limit was originally set.

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

To place a new buy or sell order for the btcusd cryptocurrency instrument, utilize the tools menu located within the MT4 Software interface, as shown below.

For buys, the stop order triggers when price rises to the buy level.

During a short sale, the entry stop is triggered when the market declines sufficiently to reach the specified 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.

Instructions on Setting Buy & Sell Stop Trades on MT4 - How to Establish a Pending Order on the MT4 Platform

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