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