Types of orders on Forex.

Thanks to the trader's trading terminal, you can place several types of trading orders, some of which are separate orders. others serve as additions to existing ones.

To conduct effective trading, you should know all the available options, this will significantly expand your trading capabilities.

First of all, orders are divided into urgent (immediate execution) and deferred, and we will begin our study of this issue with them.

Orders with immediate execution.

A regular order to open a transaction, which is executed as soon as the signal from your terminal reaches the server of the Forex brokerage company . By giving it away, you simply open an order at the current price on the market.

Pending orders.

Unlike the first option, there is a choice; pending orders can be Stop and Limit:

• Buy Stop - buy an asset at a price higher than the current one.
Triggers as soon as the price rises to the set level. • Sell Stop - opening a sell order after the price drops to the required level.
• Buy Limit - purchase if the price drops below the current one.
• Sell Limit - sell if the price rises to a certain level.

If everything is clear with Stop orders, the price is rising, there is an uptrend in the market, we set a Buy Stop, which opens after the price reaches the specified indicator, in this case, normal trend trading is used. But with Limit, everything is a little more complicated, for example, you know that after today’s rise in price of the euro, there will most likely be a rollback and the price will drop to a certain level, and then go up again. It turns out that you need to buy at the lowest point, and in this case Buy Limit is used, the rate seems to be growing, and you place a purchase below the existing one.

Stop orders.

At their core, they are not separate orders, but simply serve as an addition to existing ones.

This type of forex orders allows you to automatically close a trade when certain conditions are met. There are three stop orders in total. Take profit - closes a position if a certain profit is achieved on an order.

Stop loss - triggered when the specified loss indicator is reached.

Stop trading is a unique type of stop loss; it can automatically move following the price, thereby fixing profits or minimizing losses.

Stop orders are placed during the opening of a new position, but, if desired, they can be placed later, although this option is highly undesirable.