How to Place a Pending Silver Order in MetaTrader 4
There are different types of silver orders which a trader can use to trade in Silver.
At the foundation of successful silver trading is making use of the correct silver order for its correct purpose. Most important things to remember about is this: Always understand silver orders you place. Never place a silver order which you as a trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of xagusd trade orders:
Types of Silver Trading Market Orders and Pending XAGUSD Trading Orders
Market Silver Trading Order
This is the most basic type of silver order, market order is used to buy or sell at current ask or bid silver trading quote xagusd trading price. This refers to the quoted xagusd trading price which appears and is shown & displayed on your silver trading platform.
This type of xagusd order is used for buying or selling according to the present exchange rate quotation in Silver Trading, the execution is instant. The minute you want to enter a position you can buy & sell silver at a click of a button using a silver market order.
Entry XAGUSD Trading Orders
These are silver orders used to open a new trade after the xagusd trading market reaches a xagusd trading price specified by the trader.
Entry orders are used to buy or sell silver when it attains a certain xagusd trading price target.
When a specific xagusd trading price level is reached or broken then a xagusd entry trading order is executed.
These Entry Silver Orders are used to enter a silver trade at a specified xagusd trading price level. It's almost impossible to monitor the xagusd trading market every second and this is why an entry order can be handy. If you feel the xagusd market may take a certain action, such as break through a specific xagusd trading price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Silver Trading Order. Once the xagusd trading market crosses your specified level, your entry limit silver trade order is executed.
There are two different types of entry orders - limit silver trading order & stop entry order.
These entry orders are also referred to as pending silver orders.
Entry Limit Silver Trading Order
An order to buy or sell at a certain limit.
An entry limit silver trading order can be used to buy below the current xagusd price or sell above the current xagusd trading price.
When buying, entry limit is executed when the xagusd trading price drops to your limit zone that you have set.
When selling, entry limit is executed when the xagusd price rises to your limit zone that you've set.
These Entry Limit Silver Trading Orders are placed by silver traders when they expect the xagusd trading market to bounce back after reaching the xagusd trading price level at which the entry limit was placed.
- Buy Limit Silver Trading OrderSpecifies to buy at a level below the current market xagusd trading price
- Sell Limit Silver Trading OrderSpecifies to sell at a level above the current market xagusd trading price
Entry Stop XAGUSD Trading Order
An entry stop order to buy above current xagusd price or to sell below the current xagusd trading price.
When buying, entry stop order is executed as the xagusd trading market goes up & hits the buy stop level.
When selling, entry stop order is executed as the xagusd trading market goes down & hits the sell stop level.
- Buy Stop Silver Trading OrderSpecifies to buy at a level above current market xagusd trading price.
- Sell Stop Silver Trading OrderSpecifies to sell at a level below the current market xagusd trading price.
