Market Execution vs Pending Gold Order
There are different types of gold orders which a trader can use to trade in Gold.
The most important thing to remember about gold orders is this: Always understand the gold orders you place when gold trading. Never place a gold order which you as a trader are not entirely knowledgeable about. Below are the some basic definitions and explanations of the commonly used gold orders - types of gold orders explained:
Gold Trading Market Execution Orders and Pending Gold Orders
Market Execution XAUUSD Order
This is the most basic type of gold order, Market Execution Order is used to buy or sell at the current ask or bid gold trading quote xauusd trading price. This Market Execution Order refers to the quoted xauusd trading price that pops up & is shown on your gold trading platform.
This type of xauusd order - Market Execution Order - is used for buying or selling at the current price gold trading quote in Gold Trading, the execution of this xauusd order is instant. The min you want to enter a position you can buy and sell gold at a click of a button key using a gold trading Market Execution Order - also known as a Market Order or Market Instant Execution Order.
Pending Gold Orders
These are gold orders used to open a new gold trade position after the xauusd market reaches a xauusd trading price specified by the trader.
Pending Gold Orders are used to buy or sell gold when the price attains a certain xauusd trading price target.
When a specific xauusd trading price level is reached or broken then a gold trading Pending Gold Order is executed.
These Pending Gold Orders are used to enter a gold trade at a specified price level. It's almost impossible to monitor the xauusd market every second and this is why a Pending Gold Order can be useful when trading gold. If you feel the xauusd market might take a certain action, such as break through a particular xauusd trading price level that it has been touching but it has not been able to break, you would want to use an Entry Limit XAUUSD Order - Pending Gold Order. Once the xauusd market crosses your specified level, your entry limit xauusd trading order is executed.
There are two different types of Pending Gold Orders - Entry Limit Gold Order & Entry Stop XAUUSD Order.
These Pending Gold Orders are also referred to as Entry Limit Gold Orders or Entry Stop Gold Orders.
Pending Gold Order
An order to buy or sell at a certain limit.
An Entry Limit XAUUSD Order - Pending Gold Order can be used to buy below the current xauusd price or sell above the current xauusd trading price.
When buying, entry limit xauusd order is executed when the price falls to your limit level xauusd trading price.
When selling, entry limit xauusd order is executed when the price rises to your limit level xauusd trading price.
These Entry Limit XAUUSD Order - Pending Gold 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 xauusd trade order was opened.
- Buy Limit XAUUSD Order - Pending Gold OrderSpecifies to buy at a level below the current gold market xauusd trading price
- Sell Limit XAUUSD Order - Pending Gold OrderSpecifies to sell at a level above the current gold market xauusd trading price
Entry Stop XAUUSD Order
An entry stop order is an order to buy above current xauusd price or to sell below the current xauusd trading price.
When buying, entry stop order pending xauusd order is executed as the xauusd market goes upwards and hits buy stop level.
When selling, entry stop pending order pending xauusd order is executed as the xauusd market goes down & hits the sell stop level.
- Buy Stop XAUUSD Order - Pending Gold OrderSpecifies to buy at a level above current market xauusd trading price.
- Sell Stop XAUUSD Order - Pending Gold OrderSpecifies to sell at a level below the current market xauusd trading price.
