The basic order types

ifyforex

Junior member
24 0
THE BASIC ORDER TYPES ARE:
MARKET ORDER(INSTANT EXECUTION)
It is an order to buy or sell at the current market price. For example, if GBP/USD is current trading at 1.9000 and you want to buy at this price, you would click “ buy” and you trading platform would instantly execute a buy order at that exact price.

LIMIT ORDER(PENDING ORDER)
It is an order placed to buy or sell at a certain price. The order essentially contains two variable: price and duration. For example, GBP/USD is currently trading at 1.9000 and you want to go long(buy) if the price reaches 1.9020 You can set a buy limit order at q.9020 if you cannot wait for it to hit 1.9020 sitting in front of your monitor.


TARGET PROFIT ORDER
This is an order issued to close a trade on profit. It is a limit order linked to an open trade ordering the trading station/platform to close up a trade at a certain price due to profit. This order is used to safeguard profit especially when the trader is not ready to sit down and watch the charts.

STOP LOSS ORDER
A stop loss order is a market/limit order linked to an open trade, ordering the trading station/platform to close up at certain price due to loss. A trader is expected to predetermine at what point he could be wrong and preset his stop loss order there.
 

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