Forex order type

Forex order type

One type of order is a pending order. These orders are unique because they differ from the current market price. When the price meets your criteria, a new position will be created. Pending orders are very convenient and are often used for breakouts or strategies that need to execute a trade when the price exceeds a certain level. There are many benefits to using entry trades. Pending orders are also convenient because you can execute them without being in front of your computer.

Another type of forex trading is a stop loss order. This is a limit order to get out of the trade if you lose more money than you can afford to lose. The purpose of such orders is to prevent margin closeouts. It is automatically triggered once the unrealized pending loss reaches a certain amount. If there is no movement in the opposite direction, the trade will be automatically closed. However, you must be aware that the price may reverse unexpectedly, so you should only place such orders if you are sure that the price will go in the opposite direction.

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