Types of Forex Orders and their Characteristics

Types of Forex Orders and their Characteristics

Forex4Live Forex Signal

Forex4Live Forex Signal

There are six types of trading orders as a whole which consists of: two types of market price orders and four types of pending orders. Here are two types of market price orders:

Buy is a market order that defines the asset purchase for a (symbol) pair.
Sell ​​is a market order that defines asset sales for a (symbol) pair.
Here are the types of pending orders or trading terms Pending Order:

Buy Limit is a pending order or a delay order to buy an asset for a pair at a price lower than the current price. The order will be executed (modified into Buy market order) if the Ask price reaches or falls below the price specified in the pending order. Or Ask price touches the price set in the pending order.
Sell ​​Limit is a pending order or a delay order to sell an asset to a pair at a price higher than the current price. The order will be executed (modified to Sell market order) if the Bid price reaches or rises above the price specified in the pending order. Or Bid price touches the price set in the pending order.
Buy Stop is a pending order to buy an asset for security at a price higher than the current price. The order will be executed (modified to market order Buy) if the Ask price reaches or rises above the price specified in the pending order.
Sell ​​Stop is a pending order to sell assets for security at a price lower than the current price. The order will be executed (modified to Sell market order) if the Bid price reaches or falls below the price specified in the pending order.
After getting a trading order, both market order (instantaneous) and pending order (pending) it will be known Lot. That is the volume of orders expressed in the number of lots (unit or decimal 0.1).

To anticipate losing traded orders, known as Stop Loss. This is the price set by the trader, where the market order will be closed if the price of the symbol moves in the direction that generates a loss for the existing order.

While Take Profit is the price set by the trader, where the market order will be closed if the price of the symbol moves in the direction that generate profit for the existing order.

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