Forex Order Types

• Market Order is an order to buy or sell at the best price right at the moment when you are looking at the chart. This command will be executed immediately. This means that once you enter the command, you are negative because of the Spread.

• Sell ​​Limit: Is an order to sell at a price higher than the current market price. This higher price will be in the future.

• Buy Limit: A buy order with a price lower than the current market price. This lower price will be in the future.

• Buy Stop: A buy order with a price higher than the current market price. This higher price will be in the future.

• Sell ​​Stop: An order to sell at a price lower than the current market price. This lower price will be in the future.

• STOP LOSS ORDER

A stop loss is a type of order that aims to protect you from further losses when prices go in the opposite direction of your trade. NEED TO REMEMBER TO THIS TYPE. This order will always work until your transaction is liquidated or you canceled it.

This is an extremely important command that any trader must use during the trading process, to protect the account from losses when the price goes in the opposite direction of your trade.

• TRAILING STOP Stop loss order followed

It is also a kind of stop loss order similar to stop loss but will fluctuate with price when price fluctuates. That is, if the price changes in a positive direction, the stop loss order will automatically move certain points in that direction. At the same time, when the price increases, it will drag the cut-loss point to follow, so it will preserve the profit when the market moves in a negative direction again.

• Take Profit orders

Already a Forex trader, you must know how to cut loss and take profit. Profit taking is an order to realize the profit you earn, turning the interest on the “paper” into interest that actually flows into your account.

• EXTREMELY ORDERS TO THE DESTINATION – GOOD ‘TILL CANCEL – GTC

This type of order will be placed on the market until you cancel it, otherwise, the broker will not cancel it. You need to note this command because sometimes you forget that you have placed this type of order

• GOOD FOR THE DAY – GOOD FOR THE DAY – GFD

This order will last until the end of the day and will be canceled after the start of the new trading day.

• ONE CANCELS THE ORDER – OCO

A pair of pending orders placed parallel to each other. When this order matches, the other order will be canceled and vice versa

• ORDER OF ACTION – ONE TRIGGER THE OTHER

This command will match the other command. You can see this type of order in the case of a pending buy order, wait for a sell order and a stop loss order for these pending orders. If the order to buy and wait for a match, the order to take profit and stop loss will be activated.

Remember to check the overnight fees before trading

Absolutely remember not to trade with real money until you feel mature when using trading software with the above orders.