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Market Orders

There are many different types of ‘orders’ you can place with your broker within the Forex industry, they are all there to help you as a trader gain the most out of the markets without having to stare at your screen 24 / 5! Below you will find all of the types of orders available and some graphics to help understand where they come in useful.

BUY LIMIT

This is when an trade order is placed at a price below what it is currently trading at, in most cases it is when the trader believes price will retrace only to then continue in the original direction.

BUY STOP

A buy stop order is placed in order to catch price moving in the upwards direction, this order is set above the current price of the market and means you do not necessarily have to be in front of the computer to catch the upwards movement.

SELL LIMIT

This type of order is the opposite to the buy limit as explained above. A sell limit is placed when you expect price to retrace upwards and then continue in the original direction. It enables you to enter the market at an exact price before it falls in the desired direction.

SELL STOP

Setting a sell stop order is great for when price is falling but you want it to pass a significant level before wanting to enter. This may be an important zone or support price you would like it to pass before activating your trading plan, the sell stop will then enter you into the trade automatically.

ONE CANCELS THE OTHER

This is a type of order that not many traders use as it can be a risky one! Breakout trading is the best style to suit this order as traders are looking to catch a force in price in either direction. Once one side of the order is triggered then the trader will delete the opposite order. Risky but great for catching those breakout trades!