The MetaTrader 5 trading platform offers six different types of pending orders. What’s really good about it is that it can work for both desktop and mobile devices. Therefore, you will have the freedom to trade anywhere you want in different markets including Forex.
- Buy Stop
- Buy Limit
- Buy Stop Limit
- Sell Stop
- Sell Limit
- Sell Stop Limit
The first pending order on the list is the Buy Stop order. You can use this order if you think that the price will go up and break throughout the buy stop level. This order is right for those traders who are seeking a break on a previous candle and also breakout from an important resistance level.
When the price hits a certain buy stop level, the pending order will automatically turn into a market order that gets executed in the market. For instance, the trader looks for a price to be able to break the range top at 1.29858. Therefore, the trader can now set the buy stop order at that particular price.
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By the time the price hits that certain level, the pending order that you created will automatically become a market order. This is a case wherein the price moved according to the direction you expected. Your trades have been successful and profitable.
If in the Buy Stop order, you expect the price to go up, in the Sell Stop order, you expect the price to go on the opposite. You think that the price will go lower and even drop to a certain level down below.
This time, we will tackle the Buy Limit order. This order is applicable for those traders who are adamant to pay much for their trades. Its name speaks for itself. It puts a limit on the amount of money that the trader wants to pay for every trade.
Upon using this buy limit order, you are also thinking that the price will go on the opposite side of the limit order price. Because with this order, a trade can only be executed once the price hits under the buy limit price. For entertainment katmoviehd for better entertainment.
With the same idea as the sell stop order, traders also utilize this order to avoid paying too much for their short trades. By the time the price level is hit, the short trade will only be performed when the price goes at this level or a level above.
Just like its name, the buy stop-limit order is a combination of characteristics that appears in both stop orders and limit orders. But then, this type of pending order is known to be the least used type even in Forex trading. To say, this order is for those traders who particularly want to gain all the advantages of the limit order, but still want to gain the full advantage of the price movement in the predicted direction.
This type of pending order allows traders to take advantage of the price as it moves down. However, it will not allow trades to get executed not unless the price reaches above or at the stop limit price in MetaTrader 5.