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MetaTrader types of orders

Trading FOREX, commodities, stock exchange indices and shares CFD with trading platform MetaTrader does not need to be concluded personally. Transactions can be made with the use of pending orders. The idea behind pending orders is to order MetaTrader to make a transaction automatically at the specified rate if it occurs on the market. Thus an investor does not need to constantly follow the market in order to make a transaction at a chosen price level - the responsibility is passed to the transactional system.
  
Basic types of orders: 
  • Buy limit - opening long position, when the exchange rate reaches a specified level more favorable (lower) then the current market price.
  • Sell limit - opening short position, when the exchange rate reaches a specified level more favorable (higher) then the current market price.
  • Sell stop - opening short position, when the exchange rate reaches a specified level less favorable (lower) then the current market price. Used when a trader wants to sell a set amount of lots at a lower rate than the current one, believing that when the level is breached the market would continue to fall.
  • Buy stop - opening long position, when the exchange rate reaches a specified level less favorable (higher) then the current market price. This transaction assumes that the trader wants to buy a particular amount of lots at the higher rate then the current one believing that when the level is reached the rate would still increase. 

Minimum order distance level from the current price  which Stop and Limitorders are accepted.