Trading Orders

You can place the following types of orders in MetaTrader 4 and 5 platforms.

Market orders

A market order is a buy or sell order, executed immediately at the current market price. A market order is the most simple of the order types. The order is filled at the best price available at the time. In MetaTrader 4 and 5 market orders can be placed only in the working hours of the trading instrument.

Pending orders (Limit/Stop orders)

Pending orders are orders to buy or sell an instrument at a specific price. They are processed when the market reaches or surpasses the predefined Stop or Limit price. You can use the following types of pending orders:

  •  Buy Limit - an order to open a Long position at a price lower than the current market price;
  •  Sell Limit - an order to open a Short position at a price higher than the current market price;
  •  Buy Stop - an order to open a Long position at a price higher than the current market price;
  •  Sell Stop - an order to open a Short position at a price lower than the current market price.

Take Profit and Stop Loss orders.

Take Profit and Stop Loss orders are a specific type of pending orders. They are attached to a currently open position and are used for taking the profit or limiting the losses of the position.

  •  Take Profit - an order to close a previously opened position at a profitable price;
  •  Stop Loss - an order to close a previously opened position by cutting its loss.
     


 

Trailing Stop Loss

A trailing stop is a type of stop loss order that combines elements of both risk management and trade management. Trailing stops are also known as profit protecting stops, because they are used to keep a particular amount of profit in addition to preventing a loss.

Note: Trailing stops are executed in the client's terminal, and not on the trading server. This differs from Stop (Stop Loss) and Limit (Take Profit) orders, which are executed on the server. When MetaTrader is turned off, the trailing stop will remain at the last place when the platform was on.

Expiry of pending orders

When placing a pending order you can specify its validity:

  •  G.T.C. – the order is valid until cancelled by the client or until executed. This option is selected by default;
  •  By date and time – the order is valid until the specified date and time. If the order is not executed by the specified deadline, the order is automatically cancelled.