Types of order
“Order” in Forex trading refers to the mode a Forex trader enters and exits a Forex trade. Different brokers of Forex market accept different orders. The following would be the different orders available in the Forex market.
- Market order: A Market order is where a Forex trader can buy and sell at the best available price. In this order, a trader can buy the currency for it’s ask price and a buy order is executed as and when the trades clicks to buy the currency at the ask price shown.
- Limit entry order: In this order the Forex trader can either buy below the market or sell above the market at a convinced price. This is a type of order where the Forex Trader believes that after the target he expects to attain is reached, the money value would reverse causing loss for the trader. In this order, the Forex trader can set a limit, which when reached; the sell order will be automatically executed. Therefore, the Forex trader need not wait for the money value to reach so to manually sell.
- Stop entry order: This order is a type in which the Forex trader would either buy above the market or sell below the market at a decided price. This order is done when the Forex trader believes that the direction of the currency dealt with rises in one direction. In other words, when the Forex traders believes that the currency value can increase once it reaches a level, they can place a stop entry order where the Forex trader can buy them when it reaches the level set.
- Stop loss order: This order, as the name suggests, controls the loss happening to the Forex trader. In this order, when the currency value reaches a loss limit set by the Forex trader, executes automatically to avoid the Forex trader from further losses. This is a very useful order to note.
- Trailing stop: This order is a type of stop loss order but with a trade attached with it that moves with the price fluctuation. In this order when the trade remains open till the price doesn’t move against the Forex trader by the trailing stop set by the trader. Once the trailing stop is reached the stop loss order is made automatically.
- Good till cancelled: It is an order which will not be closed by the broker until and unless the Forex trader decides to cancel it. It is a sole responsibility of the Forex trader.
- Good for the day: This order is where the trade is active for a day. But as the Forex market is a 24 hours market, this implies the closing time of the market of the country dealt with.
- One cancels the other order: It is a mixture of two entries and/or stop loss order. In this order two orders are place above and below the current price and when one is executed, the other is cancelled by itself.
- One triggers the other: This order is the opposite of the ‘one cancel the other order’.
Gaps 9) Trends 10) Chart formations. 
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