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Forex, the world's largest market, is one of the most preferred investment vehicles with many advantages. The leverage ratio, which allows the player to trade up to 100 times, has many advantages such as bidirectional trading which can be done by both buying and selling, and 5/24 open market. Trading in more than 100 currency pairs, commodities, stocks and indexes is not as difficult as it is thought to be. Knowing the key terms and screen usage required to open a transaction will quickly bring you success in this market.
Pending orders are one of the most important terms used to open transactions. Let's take a closer look at what the order is and how it is used.
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Pending order
Instead of evaluating the transaction at a current price in the market, it is used to give the order to open the transaction from the price level that we expect to occur in the future or the price levels that we set manually.
Fx transactions can be done 5 days 24 hours on weekdays.You can take advantage of opportunities at any time, you can see your instant profit / loss on your account, you can follow the finance market closely. How can I open the order when the price reaches the level I want while I am not at the screen?Is it possible to give automatic orders without accessing the platform? Can I send an upcoming order?
YES for all of these questions. Now let's take a look at how to do this step-by-step on the screen.
We talked about how to open a new order at the current price in our article titled "How to use Meta Trader 4?". Those who want to remember can access it by clicking the tittle.
- Click on the new order,
- Instead of the Market execution opened by clicking with the mouse on the field that appears as type, let us select the Pending Order tab written just below.
- Fill in the part indicated in the pending order statement.
- TYPE: Type of pending orders to be entered
- AT PRICE: The price we want to place the order.(pending order)
- EXPIRY: Pending order validity period. If the box is checked the order is valid up to specified the time in the box.
- PLACE: Once the “Place” button is pressed, the instruction is sent directly.
Pending order types;
- Buy Stop - an order to open a Buy position at a higher price than the price at the moment of placing the order;
- Sell Stop - an order to open a Sell position at a lower price than the price at the moment of placing the order;
- Buy Limit - an order to open a Buy position at a lower price than the price at the moment of placing the order;
- Sell Limit - an order to open a Sell position at a higher price than the price at the moment of placing the order.
By way of example,
Imagine you want to enter pending orders in EURUSD.
Get the current market price 1,08.
If you want to enter BUY order from 1,06 - BUY LIMIT (If price fall to 1,06, BUY it from 1,06)
If you want to BUY from 1,10 - BUY STOP (Buy, if it goes to 1,10)
If you want to enter SELL order from 1,11 - SELL LIMIT (SELL, if it goes to 1,11)
If you want to enter SELL orders from 1,07, you need to enter SELL STOP (SELL, if it goes to 1,07).
As can be understood from the examples mentioned above, some orders can be bought at a price above the current price, or sold at a price below the current price. Well, why do we enter pending orders when we have better current price?
The reason is, they think that the price will fall or will rising up even more to the technical analysis they maked. Investors who want to open trading by using the levels of support and resistance are often prefer for these reasons.
One of the biggest advantages of the pending order is that orders can be processed from the points we have determined without having to be at the top of the screen constantly and without following the market instantly. In this way, while our daily lives continue, we can gain profits by trading on the market.
There are a few things to be aware of when using pending orders and pending order forex strategy. One is control over whether more than one pending order maintains the adequacy of the existing margin level, and the other is difficult to follow if the order is realized. For this reason, after entering the order, it is necessary to monitor whether or not the process is performed at certain intervals. In this way, we do not encounter a negative surprise.
Get the current market price 1,08.
If you want to enter BUY order from 1,06 - BUY LIMIT (If price fall to 1,06, BUY it from 1,06)
If you want to BUY from 1,10 - BUY STOP (Buy, if it goes to 1,10)
If you want to enter SELL order from 1,11 - SELL LIMIT (SELL, if it goes to 1,11)
If you want to enter SELL orders from 1,07, you need to enter SELL STOP (SELL, if it goes to 1,07).
As can be understood from the examples mentioned above, some orders can be bought at a price above the current price, or sold at a price below the current price. Well, why do we enter pending orders when we have better current price?
The reason is, they think that the price will fall or will rising up even more to the technical analysis they maked. Investors who want to open trading by using the levels of support and resistance are often prefer for these reasons.
One of the biggest advantages of the pending order is that orders can be processed from the points we have determined without having to be at the top of the screen constantly and without following the market instantly. In this way, while our daily lives continue, we can gain profits by trading on the market.
There are a few things to be aware of when using pending orders and pending order forex strategy. One is control over whether more than one pending order maintains the adequacy of the existing margin level, and the other is difficult to follow if the order is realized. For this reason, after entering the order, it is necessary to monitor whether or not the process is performed at certain intervals. In this way, we do not encounter a negative surprise.
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