Types of Forex Orders

• Instructor: David Lee
• Lectures: 2
• Duration: 10 weeks

Market Order

A market order is an order that you give to your online forex broker to enter or exit a trade at the best price available at a given time. In such a rapidly changing market, there may sometimes be a difference between the price when the market order is given and the actual price; hence, this type of order can result in a loss or gain of several pips. Make sure you ‘re using the right strategy, and when you place this order with your broker the market conditions are ideal.

Limit Order

The limit order is a command you give your broker to execute a transaction (buy or sell) at or better than a specified price. They can be used to buy currencies below the market price or to sell currencies above the market price. The purpose of this type of order is to enable you to enter the market at a better price, or at an attractive price.