1. Market Order This is the simplest type of order in forex trading. Market Order is a type of Buy / Sell order at the best price available on the market. 2. Limit Entry Order A Limit Entry Order is a type of order in forex trading that is placed to Buy below the current market price, or Sell above the current market price. 3. Stop Entry Order Stop Entry Orders are also one of the types of Pending Orders, but their functions are different from the Limit Entry Order. A Stop Entry Order can be used if we want to open a Buy position above the current market price, or sell below the current market price. This is used if we estimate the price will continue to move in the same direction. 4. Stop Loss Order A Stop Loss Order is not used to open a trading position, but is used to prevent a more severe loss if the price moves in an unexpected direction. This type of order is installed after or together with when we open Buy or Sell with any type of order, and will continue to apply until the Stop Loss Order is revoked or our trading position is closed. 5. Trailing Stop Trailing Stop is a variation of Stop Loss Order placed in a trading position, but can move along with price fluctuations. Once a Trailing Stop moves, the new level changes to a Stop Loss for that trading position
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