Types of Forex Orders
Have we noticed that when we do a good transaction it buy or sell, actually the full language is we are doing buy order or sell order at broker. Why called order? because the broker itself is only a broker with the market trader, this broker who delivered buy orders or our sell orders on the broad forex market.
It's just that in practice not all orders have a long grace period in order fulfillment itu.Sehingga in forex trading Order is divided by 2 types of Instant Execution and Pending Order. In rough language when we buy goods we can buy the goods directly at that time or order the goods first. Because in forex is not a matter of whether or not there is a thing, but the change in value then, then our order refers to the value / at the price .
Instant execution means we buy / sell / open a buy position / open a sell position with current price is the current market price. While pending order means we order to buy / sell / open a position buy / open position sell at a certain price according to our wishes.
Furthermore, Pending orders are divided into 2, namely Limit Order and Stop Order.
Limit orders are ordered to buy at a lower price than now, or order to sell at a price higher than the current price in the hope of being able to buy at the lowest possible price and sell at the highest price.
A stop order is ordered to buy at a higher price than now assuming after the market touched a certain price limit then the market will continue to rise, or sell at a price lower than the current price in the hope that when the market touches the price limit we determine the market will continue down.
Limit order and pending order concept:
limit order stop order
For example if the current EUR / USD price is 1.3500.
By default metatrader using Instant Execution order type so if we do Buy or Sell without changing the order type then the price we get is 1.3500. That is, we buy or sell at current prices.
If if we had a prediction that although EUR / USD is going to rise to 1.3700 but going down to 1.3450 then we can order to buy / open buy limit at 1.3450 price so if EUR / USD turns right up to 1.3700 then profit more than if we buy directly at 1.3500 price
Or if we think the new EUR / USD will rise higher to 1.3700 if it can touch the price 1.3550 then we can order buy / buy stop order at 1.3550 price.
Vice versa if we predict the EUR / USD is going down.
But in essence we use the limit order if we consider the price will bounce first to a certain point before moving long. As well as the Stop Order we use if we consider the price will move further if hit a certain price level.
That's a glimpse of the type of forex trading orders, hopefully add insight colleagues, especially traders who are still studying. By knowing the existence of this pending order we can trade not only merely using current prices. Because it could be someday we have an urgent need that requires us to leave the computer, while that day we have not opened a position. In such conditions we can use this pending order.
How to use pending order is in order window, change order type to pending order, like this:
pending order
buy stop
pending stop
Good luck using other forex trading order
It's just that in practice not all orders have a long grace period in order fulfillment itu.Sehingga in forex trading Order is divided by 2 types of Instant Execution and Pending Order. In rough language when we buy goods we can buy the goods directly at that time or order the goods first. Because in forex is not a matter of whether or not there is a thing, but the change in value then, then our order refers to the value / at the price .
Instant execution means we buy / sell / open a buy position / open a sell position with current price is the current market price. While pending order means we order to buy / sell / open a position buy / open position sell at a certain price according to our wishes.
Furthermore, Pending orders are divided into 2, namely Limit Order and Stop Order.
Limit orders are ordered to buy at a lower price than now, or order to sell at a price higher than the current price in the hope of being able to buy at the lowest possible price and sell at the highest price.
A stop order is ordered to buy at a higher price than now assuming after the market touched a certain price limit then the market will continue to rise, or sell at a price lower than the current price in the hope that when the market touches the price limit we determine the market will continue down.
Limit order and pending order concept:
limit order stop order
For example if the current EUR / USD price is 1.3500.
By default metatrader using Instant Execution order type so if we do Buy or Sell without changing the order type then the price we get is 1.3500. That is, we buy or sell at current prices.
If if we had a prediction that although EUR / USD is going to rise to 1.3700 but going down to 1.3450 then we can order to buy / open buy limit at 1.3450 price so if EUR / USD turns right up to 1.3700 then profit more than if we buy directly at 1.3500 price
Or if we think the new EUR / USD will rise higher to 1.3700 if it can touch the price 1.3550 then we can order buy / buy stop order at 1.3550 price.
Vice versa if we predict the EUR / USD is going down.
But in essence we use the limit order if we consider the price will bounce first to a certain point before moving long. As well as the Stop Order we use if we consider the price will move further if hit a certain price level.
That's a glimpse of the type of forex trading orders, hopefully add insight colleagues, especially traders who are still studying. By knowing the existence of this pending order we can trade not only merely using current prices. Because it could be someday we have an urgent need that requires us to leave the computer, while that day we have not opened a position. In such conditions we can use this pending order.
How to use pending order is in order window, change order type to pending order, like this:
pending order
buy stop
pending stop
Good luck using other forex trading order
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