Forex Trading
Order Types
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.
Market OrdersOrder to immediately open a buy or sell position at the current market rate.
Limit and Stop OrdersOrder to close an open position at a predefined price.
Entry OrdersOrder to open a position at a future price. The order will go to market and the position will open if the predefined price is reached.
One Cancels the Other OrdersOrders that are a combination of two orders. When one order is triggered the other order will be cancelled automatically.
This section will help you become familiar with the various order types available on the ECNOptions MetaTrader platforms. Understanding their meaning and how to properly use them is a critical component of trading.
