How to Place a Pending Oil Trading Order in MT4 Platform
There are different types of oil orders which a 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 Trading Market Orders & Oil Pending Crude 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 trading price. This refers to the quoted crude oil price which appears & is shown on your crude trading software.
This type of oil order is used for buying or selling according to 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 after the oil market reaches a crude trading price specified by the trader.
Entry orders are used to buy or sell a oil when it attains a certain crude trading price target.
When a specific 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 trading price level. It's 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 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 Trading Order. Once the oil market crosses your specified level, your entry limit crude trading order is executed.
There are two types of entry orders - limit oil order & stop entry order.
These entry orders are also referred to 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 oil price or sell above the current crude trading price.
When buying, entry limit is executed when the crude oil price drops to your limit zone that you've set.
When selling, entry limit is executed when the 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 oil price level at which the entry limit was placed.
- Buy Limit Oil Trading OrderSpecifies to buy at a level below current market crude trading price
- Sell Limit Crude Trading OrderSpecifies to sell at a level above the current market crude trading price
Entry Stop Oil Trading Order
An entry stop order to buy above the current crude oil price or to sell below the current crude 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 Trading OrderSpecifies to buy at a level above current market crude trading price.
- Sell Stop Oil Trading OrderSpecifies to sell at a level below current market crude trading price.
