How to Place a Pending XAUUSD Order on MT4 Platform

There are different types of orders which a trader can use to trade in Gold.

At the foundation of successful gold trading is making use of the correct order for its correct purpose. The most important things to remember about is this: Always understand the orders you place. Never place a order which you as a trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of xauusd trade orders:

Types of Trading Market Orders & Pending XAUUSD Orders

Market Trading Order

This is the most basic type of order, market order is used to buy or sell at the current ask or bid gold trading quote xauusd trading price. This refers to the quoted trading price that pops up & is shown on your gold software.

This type of xauusd order is used for buying or selling according to the current exchange rate quotation in Gold Trading, the execution is instant. The min you want to enter a position you can buy and sell gold at a click of a button using a market order.

Entry XAUUSD Orders

These are orders used to open a new trade after the xauusd market reaches a price specified by the trader.

Entry orders are used to buy or sell gold when it attains a certain price target.

When a specific price level is reached or broken then a xauusd entry trade order is executed.

These Entry Orders are used to enter a 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 price level that it has been touching but it hasn't been able to break, you'd want to use an Entry Limit Order. Once the xauusd market crosses your specified level, your entry limit trading order is executed.

There are two different types of entry orders - limit order and stop entry order.

The entry orders are also referred to as pending trade orders.

Entry Limit Order

An order to buy or sell at a certain limit.

An entry limit order can be used to buy below the current price or sell above the current price.

When buying, entry limit is executed when price drops to your limit zone that you've set.

When selling, entry limit is executed when price rises to your limit zone that you've set.

The Entry Limit Orders are placed by traders when they expect the xauusd market to bounce back after reaching the xauusd trading price level at which the entry limit was placed.