The Kind of Orders in Metatrader

The Metatrader trading system allows for different ways to enter the market. Because of different types of market, pending and stop orders and even using trailing stops, you can perform trades in any kind of market situation. You can even enter or exit trades when you're not in front of your screen.

Types of Orders in Metatrader

As explained in the video, traders have the option of placing different types of orders in Metatrader.

Basic Terminology Used in Metatrader

Buy
Buying means that the base currency will go up or increase in value.

Sell
Selling means that the base currency will go down or decrease in value.

Types of Orders in Metatrader

Market order
A market order is used to buy or sell at the current price. If you want to enter or exit the market immediately, a market order is the most reliable method of accomplishing this.

Pending orders
A pending order allows you to buy and sell or set stops or take profit at a predefined price. This is for future trades and these will execute when the price reaches the level set by you. The order will not be filled if the price doesn't reach the level set by you. All of the below are pending orders in Metatrader.

Buy Limit
This is an order to buy at a price that is below the current market price. Once the market price reaches your predefined level, your order will get filled and you entered the trade.

Sell Limit
This is an order to sell at a price that is above the current market price. Once the market price reaches your predefined level, your order will get filled and you entered the trade.

Buy Stop
This is an order to buy at a price that is above the current market price. Once the market price reaches your predefined level, your order will get filled and you entered the trade.

Sell Stop
This is an order to sell at a price that is below the current market price. Once the market price reaches your predefined level, your order will get filled and you entered the trade.

Stop Loss
Stop loss is used to minimise losses or manage risk, in case the price moves against you. If the price reaches the level you have set as stop loss, the trade will be automatically closed. A stop loss order will always be connected to a running trade or a pending order (that has not yet been filled). You can also use a trailing stop to have to stop loss follow the market price at a maximum pip distance that you choose.

Take Profit
Take profit is what you can use to exit the trade once it reaches your target level. When the price reaches the level predefined by you, it will automatically close the trade. A take profit order will always be connected to a running trade or pending order (that has not yet been filled). 

Final Words

Try to familiarise yourself as much as you can with Metatrader. Once you're about to enter a trade, your mind will be distracted by the excitement of entering a trade. Many a trader has made mistakes, because they were new to the software and not focused on whether they were entering the trade correctly.

#UrbanForex - Be conscious of your trading!