Forex order types

The client terminal allows you to make, and send orders in order to execute trading transactions. It also controls and manages open positions. An order is when the client chooses to make a trading transaction. There are different types of trading orders. Please see below for a detailed information of available order types:

“Market Order”: is an order where you can buy or sell a financial instrument at the current price. This will lead to the immediate opening of a trading position.

“Pending Order”: is an order to where you can open or close future positions at a set price. A trading position is opened when quotes reach a certain level. Types of pending orders available are: Buy Limit, Buy Stop, Sell Limit, and Sell Stop. Once a pending order is activated the Stop Loss and Take Profit orders are automatically attached to the open position.

“Stop Loss”: When a price of a financial instrument is leading to nonprofits then this order will minimize the losses. A Stop Loss order is always connected to an open position or a pending order. Check if the conditions of this order are met for long positions by using the Bid Price, for short positions the Ask Price.

“Take Profit”: is an order making a profit when the financial instrument reaches the preferred level.  Executing this order leads to a closed position. A Take Profit order is connected to an open position and a pending order. To check the conditions of this order, for the long position then the Bid price is used, while for the short position, the Ask price is used.

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