Types of Orders

What is a Market order?

A Market order is an instruction to buy or sell at the current market price. For example, EURUSD is currently trading at 1.25709 / 1.25729, if you want to buy EURUSD at the current price of 1.25729 you can simply click the Buy/Ask Price button and your order will be executed instantly at this price.

What are Limit and Stop orders?

A Limit or Stop order is an instruction to buy or sell if the market price reaches a pre-defined level. The order essentially contains two variables, the price and the duration. The duration is the time period that the customer wishes the order to remain active, after which it will expire.

Limit order: This order is an instruction to either BUY BELOW or SELL ABOVE the current market price, if the pre-defined price is reached during the order duration.

Limit order: This order is an instruction to either BUY BELOW or SELL ABOVE the current market price, if the pre-defined price is reached during the order duration.

Pre-defined order levels must be placed a certain minimum distance away from the current market price. These minimum levels will vary by instrument.

What are Limit Settle orders?

There are two types of Limit Settle orders: Linked Limit and Stop Loss. Limit orders (take profit) or stop loss orders (limit loss) are pending orders that are linked to open positions whose primary purpose is to close an existing open position at a profit or for a loss. These orders can be attached to a market order at the point of placing the market order or after the position has been opened. From the MetaTrader 4 platform, it is possible to set both a limit and a stop loss order at the same time. These orders can be viewed, amended or cancelled at any time. If the open position is closed then any Limit Settle orders that are linked to the position will automatically be cancelled.

What are Limit Open orders?

There are two types of Limit Open orders: Limit Open and Stop Open. These are limit or stop orders that are designed to open a new position when the price reaches a pre-defined level. If you want to SELL below or BUY above the current price you would place a Stop order and if you wanted to BUY below or SELL above the current price you would place a limit order. These orders can be viewed, amended or cancelled at any time.

Hedging facility

Clients have access to a hedging facility within the MetaTrader 4 platform. A hedge trade is a way of insuring an investment against future risk. So if you have an open Forex position which you feel has encouraging future prospects but you anticipate the currency pair may reverse against you in the short term, you may want to neutralize this short term risk by hedging your position by making an opposite trade to the existing open position. This hedging function enables AUSFOREX traders hold a long and short position in the same instrument at the same time.

Order Duration

It is possible to choose different lengths of time that an order remains active in the market.

Daily:A Daily order remains active in the market until the end of the trading day.

GTC (Good ‘til Cancelled): A GTC order remains active in the market indefinitely until either the price is reached and the trade executed or the client manually cancels the order.
 

Limit order

At the same time limit order lets you preset limit new single for the price of new single set profit and stop loss price. When you expect the new site will reach a target price set up, this is a simple method to establish the new parts of the preset price and set stop loss price and price. If the system has been carried out to establish a new single the instructions, preset limit orders will be automatically added to the open positions.

Limit Price
EURUSD is currently trading at 1.25709 / 1.25729, and you want to buy if the price reaches 1.25500. You can place a limit order at 1.25500 and if the price reaches that level the trading system will automatically execute the buy order at the best available limit price.

Stop Price
EURUSD is currently trading at 1.25709 / 1.25729, and you want to sell if the price reaches 1.25450. You can place a stop order at 1.25450 and if the price reaches that level the trading system will automatically execute the sell order at the best available limit price.