Trading order types
Here are some of the basic trading order types in forex market:
1. Market Order
This is the simplest order type. There are market orders to buy and market orders to sell. A market order gives you whatever price is available in the marketplace.
2. Buy Limit Order
This is an order to buy that is placed below the current price. The order is only filled* at or below the limit price.
3. Sell Limit Order
A Sell Limit is an order to sell (or short) that is placed above the current price. The order is only filled at or above the limit price.
4. Buy Stop Order
A Buy Stop is an order to buy that is placed above the current price. The order is only filled at or above the stop price.
5.Sell Stop Order
A Sell Stop order is an order to sell that is placed below the current price. The order will only be filled at or below the stop price.
6. Buy Stop Limit
A Buy Stop Limit order is very similar to a Buy Stop order, except that it doesn’t act like a market order. The buy stop limit will only fill at the buy stop limit price or lower.
7. Sell Stop Limit
A Sell Stop Limit Order is very similar to a Sell Stop order. The sell stop limit will only fill at the price equivalent to the limit price attached to the order, or higher.