When you open an order in Metatrader you have several different options on how and when the trade will be executed, in this post I aim to go through each one. The 4 main options you get in Metatrader are a Market order, a Pending order, a Stop Loss and a Take Profit, so what are these
Market Order
A market order is an order to buy or sell a currency at the current price, and would open a trade for you immediately; it is usually used in conjunction with a Stop Loss and Take Profit order.
A market order is an order to buy or sell a currency at the current price, and would open a trade for you immediately; it is usually used in conjunction with a Stop Loss and Take Profit order.
Pending Order
A pending order will open a trade at a certain price in the future; you have 4 options when setting up a pending order. You would probably use this after your technical analysis shows you that when price reaches a certain level you want to perform a buy or sell trade. This means if you are away from Metatrader you can still have trades fire rather than missing them. Always remember to have a stop loss with type of trade, keep them up to date, and cancel old trades as you don’t one to fire based on old information
Buy Limit
This is what price the buy order would be executed by Metatrader to your Broker.
Buy Stop
What the stop loss would be for the Buy Limit Order
Sell Limit
This is what price the sell order would be executed by Metatrader to your Broker.
Sell Stop
What the stop loss would be for the Sell Limit Order
A pending order will open a trade at a certain price in the future; you have 4 options when setting up a pending order. You would probably use this after your technical analysis shows you that when price reaches a certain level you want to perform a buy or sell trade. This means if you are away from Metatrader you can still have trades fire rather than missing them. Always remember to have a stop loss with type of trade, keep them up to date, and cancel old trades as you don’t one to fire based on old information
Buy Limit
This is what price the buy order would be executed by Metatrader to your Broker.
Buy Stop
What the stop loss would be for the Buy Limit Order
Sell Limit
This is what price the sell order would be executed by Metatrader to your Broker.
Sell Stop
What the stop loss would be for the Sell Limit Order
It can take a while to get the hang of pending orders, and I always seemed to get the stop loss wrong in some way, but these are all things you have to learn.
Stop Loss
Is how many pips you can let a trade go against you, before you close it, always ensure you have a stop loss, especially when setting up a Pending order, as the order might open when you aren’t about, and if the trade goes against you there is nothing to stop your losses.
Is how many pips you can let a trade go against you, before you close it, always ensure you have a stop loss, especially when setting up a Pending order, as the order might open when you aren’t about, and if the trade goes against you there is nothing to stop your losses.
Take profit
When you open a trade your analysis may indicate that price may move a certain amount of pips before reversing, so you may add that you want your order automatically closed at that price.
You can use all these order options while using your MT4 VPS
When you open a trade your analysis may indicate that price may move a certain amount of pips before reversing, so you may add that you want your order automatically closed at that price.
You can use all these order options while using your MT4 VPS
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