Order forex (Forex order).

All currency purchase and sale transactions via a trader's trading terminal are performed using Forex orders, so it's crucial for a trader to understand the different types of these orders and how they are executed.

A forex order is an order to open a new position on the foreign exchange market or to perform actions on an existing one. Its classification depends on the objectives of the order.

Currently, the following system of dividing market orders is used:

1. By execution time - instant and deferred, instant orders are executed immediately, deferred orders in accordance with the set parameters (by time or exchange rate value).

Placing pending orders has many additional points, they are described in detail in the article at the link above.

2. By direction - buy or sell, in the first case, the base currency in the currency pair is bought, and in the second, accordingly, it is sold.

3. Market or stop orders - this point should be discussed in a little more detail:

• Forex market order - used when opening a new position, without using it, no transaction on Forex is carried out. The menu for placing a new order is called by pressing the F9 key when the trader's terminal is running.

• Forex stop order - this group includes orders to close transactions, three of which are placed directly by the trader, and two can be given by the broker.

Stop loss allows you to reduce potential losses by specifying the exchange rate at which a forex order will be closed.

Take profit performs similar actions, but for profitable trades, closing them when a specified profit level is reached.

Trailing stop moves the stop loss toward profit, thereby locking in the profit margin.

Margin call is the level at which a trader can decide to close a losing position, typically at least 50% of the trader's deposit.

Stop out is the level at which a trader will necessarily close your position if the loss reaches 80-90 percent of the trader's total funds.

Forex orders can perform both basic and additional functions to reduce potential risks in forex trading. While standard orders only require technical skills, placing stop orders requires taking into account a variety of details.