The term “Order” refers to how you will enter or exit a trade. There are many different types of orders that can be placed in the market. You can choose to execute a trade at the current market price. Alternatively, you can create a conditional order to execute a trade at a future market price, above or below the current market rate. Read about the order types available on Metatrader 5
Market Orders
This is practically the most common order type used by traders. A market order is an order to buy or sell a financial asset at the current price. When executed, it results into an open position in the market. USP Capitals executes market orders in real-time.
Pending Orders
Unlike market orders, pending orders are an instruction to buy or sell a financial asset at a specified price in the future. A broker executes the said order when the set price objectives are achieved. Examples of pending orders are:
Limit orders
Limit orders are used when traders expect a better price than the current one. A buy limit is a pending order to buy an asset at a lower price than the current one, whereas a sell limit is a pending order to sell an asset at a higher price than the current one.
Stop Orders
Stop orders are used to buy or sell an asset when the price reaches a specific level. When the price stop level is reached, it becomes a market order and is executed. A buy stop is a pending order to buy an asset at a price higher than the current one, whereas a sell stop is a pending order to sell an asset at a price lower than the current one.
Take Profit and Stop Loss Orders
These orders are for exiting a trade position at a predetermined price point. Take Profit orders are designed for booking profits on a trade position when a certain price is achieved, while Stop Loss orders are intended for minimising losses at a defined price point when the asset price moves in an unprofitable direction. Take Profit and Stop Loss orders are attached on both market orders and pending orders.
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