Types of Forex Orders

Types of Forex Orders The infographics was designed by PaxForex to help forex newbies to understand all features of order types in MT4 Position open orders Instant execution Pending order An order that your forex broker executes immediately at the current price that you have requested. Is an instruction to open a position in the future when the market reaches the requested order level. Instant Execution Types Sell order - selling Buy order - buying at market price at market price Sell Buy Pending Order Types Buy Stop - is an order you place above the current market price to open a “buy position" when you believe that when you believe that the price the price will touch the order level and go up after that. Buy Limit - is an order you place below the current market price to open a "buy position" will touch the order level and go up after that. Sell Stop - is an order you place below the current market price to open a "sell position" when you believe that position" when you believe that price will touch the order level and go down after that. Sell Limit - is an order you place above the current market price to open a "sell the price will touch the order level and go down after that. OCO (One cancel other) - you set two orders, for example buy and sell stop. When one order is executed the other is automatically canceled. Buy Stop Sell Stop Position Closing Orders Stop Loss - order that closes trading position with the intent of cutting your losses when the market moves against you. Trailing Stop Loss - order that enables a trade to remain open and continue to profit as long as the price is moving in the right direction, but closes the trade if the price changes direction by a specified number of points. It automatically follows the market and moves stop loss orders in the profitable direction. Take Profit - order specifying the exact rate where to close current position with a profit. Close Buy position Close Sell position Take Profit Stop Loss Stop Loss Take Profit Order Types Classified By Stop: Limit: Buy Stop Sell Stop Buy Limit Sell Limit Pending order Pending order Stop Loss - Trailing stop Loss Take Profit Position closing orders Position closing orders Order Execution Prices The section below shows which types of prices you should keep in mind when you are going to open/close positions or place a pending opening/closing orders Instant execution Take Profit/Stop Loss Buy Position Bid Ask Bid Ask Sell Position Bid Bid Bid Ask Pending order Take Profit/Stop Loss Buy Stop Bid Ask Bid Ask Sell Stop Bid Bid Bid Ask Buy Limit Bid Ask Bid Ask Sell Limit Bid Bid Bid Ask Designed by Pa xforex