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The term ‘order’ means a way to enter and exit a transaction. There are many different types of orders that can be set on the market. You can make a transaction at the current market price. In addition, you can create a conditional order for a transaction at a futures price, which may be higher or lower than the current market price. Learn about the types of orders that are available on the MetaTrader 4 platform. Market order
This order is most commonly used by traders. A market order is an order to buy or sell a financial asset at the current market price. It is executed when you open a position in the market. ICON INVESTING executes orders in real time.
Unlike a market order, a pending order is an order to buy or sell a financial asset at a futures price. The broker executes this order upon reaching the set price value.
A limit order is used when traders expect a better price. A buy limit is a pending order to buy an asset at a price lower than the current one. A sell limit is a pending order to sell an asset at a price higher than the current one.
A stop order is used to buy or sell an asset when the price reaches a certain value. A buy stop is a pending order to buy an asset at a price higher than the current one. A sell stop is a pending order to sell an asset at a price lower than the current one.
One cancels the other (OCO) order is an order that combines two previous types of order. An OCO order provides that when one order is activated, the second is automatically canceled. This type of order helps to manage risks and it is an effective trade strategy, because if you make a wrong trading decision, you will limit your losses.
These orders allow you to close a position at a predetermined price level. A take profit order allows you to save profits by closing a position when a certain price is reached. A stop-loss order allows you to minimize losses by closing a position when the price decreases. Take profit and stop-loss orders can be set to both market and pending orders.