How Do You Place a Pending Order in MT5 Android App?
How Do You Place a Pending Order in MetaTrader 5 Android Mobile Phone App?
There are various types of orders which a trader can use to trade in Forex.
Forex traders should learn and understand about all the various orders so as make use of correct trade order for its correct purpose. Most important things to remember about is this: Always understand orders you as a trader place when trading forex. Never place a order which as a trader you are not entirely knowledgeable about. Given below are the basic definitions of the oftenly used types of orders:
Types of Market Orders and Types of Pending Orders
Forex Trade Market Order
This is the most basic type of order, market trading order is used to buy or sell at current request quote or bid quote price. This refers to the quoted price which appears on your trading platform.
This type of order is used for buying or selling according to present exchange rate quotation in Market, the execution is instant. Min you want to enter a position you can buy & sell the instrument at a click of the button using a market order.
Forex Pending Orders
These are orders used to open a new trade position after the market reaches a price specified by trader.
Pending orders are used to buy/sell a instrument when it achieves 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 at a particular price level. It's almost impossible to monitor the market every second and this is why a entry order can be handy. If you feel the market may take a certain action, such as break out through a specific price level that 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 given level, your entry limit trade order is executed.
There are 2 types of entry orders - limit order and stop entry order.
The entry orders also are referred to as pending orders.
Forex Trade Pending Limit Order
An order to buy/sell at a specific limit.
An entry limit order can be used to open buy below the ruling price or sell above the ruling price.
When buying, fx entry limit is executed when the price falls to your limit zone.
When selling, forex entry limit is executed when price rises to your limit level.
These Pending Limit Orders are set by traders when they expect market to bounce back after reaching the price level that the entry limit was placed.
- Buy Limit OrderSpecifies to open buy at a level which is below the ruling market price
- Forex Sell Limit OrderSpecifies to open sell at a level which is above the ruling market price
FX Pending Stop Order
A forex entry stop pending order to buy above current price or to open sell below the ruling price.
When buying, forex entry stop order is executed as the market goes up and hits the buy stop level.
When selling, fx entry stop order is executed as the market moves down and hits the sell stop level.
- FX Buy Stop OrderSpecifies to open buy at a level above the ruling market price.
- Forex Sell Stop OrderSpecifies to open sell at a level which is below the ruling market price.
How Do You Set a Pending Order in MetaTrader 5 Android Phone App?
