How to Place a Pending Gold Order on MetaTrader 4 Software
There are different types of xauusd orders which a trader can use to trade in XAUUSD.
At the foundation of successful xauusd is making use of the correct xauusd order for its correct purpose. The most important things to remember about is this: Always understand xauusd orders you place. Never place a xauusd order which you as a trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of gold trade orders:
Types of XAUUSD Market Orders and Gold Pending Orders
Market XAUUSD Trading Order
This is the most basic type of xauusd order, market order is used to buy or sell at current request or bid xauusd quote gold trading price. This refers to the quoted gold price that pops up & is shown on your gold trading platform.
This type of xauusd order is used for buying or selling according to the current exchange rate quotation in XAUUSD, the execution is instant. The minute you want to enter a position you can buy & sell the gold at a click of a button key using a gold market order.
Entry XAUUSD Orders
These are xauusd orders used to open a new trade after the xauusd market reaches a gold trading price specified by the trader.
Entry orders are used to buy or sell a xauusd when it attains a certain gold trading price target.
When a specific gold price level is reached or broken then a xauusd entry order is executed.
These Entry XAUUSD Orders are used to enter a xauusd trade at a specified price level. It's almost impossible to monitor the xauusd market every second and this is why an entry order can be handy. If you feel the xauusd market might take a certain action, such as break through a particular gold trading price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Gold Order. Once the xauusd market crosses your specified level, your entry limit gold trading order is executed.
There are 2 types of entry orders - limit xauusd order & stop entry order.
These entry orders are also referred to as pending gold trade orders.
Entry Limit XAUUSD Order
An order to buy or sell at a particular limit.
An entry limit xauusd order can be used to buy below the current gold price or sell above the current gold trading price.
When buying, entry limit is executed when price drops to your limit zone which you've set.
When selling, entry limit is executed when price rises to your limit zone which you've set.
These Entry Limit XAUUSD Orders are placed by traders when they expect the xauusd market to bounce back after reaching the gold price level at which the entry limit was placed.
- Buy Limit XAUUSD OrderSpecifies to buy at a level below the current market gold trading price
- Sell Limit Gold OrderSpecifies to sell at a level above the current market gold trading price
How to Set Buy & Sell Stop XAUUSD Order Trades on MT4 - How to Place a Pending XAUUSD Order in MT4
Entry Stop XAUUSD Order
An entry stop order to buy above current gold price or to sell below the current gold trading price.
When buying, entry stop order is executed as the xauusd market goes upward and hits buy stop level.
When selling, entry stop order is executed as the xauusd market goes down and hits the sell stop level.
- Buy Stop XAUUSD OrderSpecifies to buy at a level above current market gold trading price.
- Sell Stop Gold OrderSpecifies to sell at a level below the current market gold trading price.
How to Set Buy & Sell Stop XAUUSD Order Trades on MT4 - How to Place a Pending XAUUSD Order in MT4
