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  Types of Foreign Exchange OrdersEntry OrdersAn entry order is an order used to enter a trade once a currency pair hits a pre-determined price level. Entry Limit Orders An entry limit order is an order initiating an open position to sell as the market rises, or to buy as the market falls. The client placing an entry limit order generally believes the market will reverse direction at the level of the order.
An entry stop order is an order initiating an open position to sell as the market falls, or buy as the market rises. The client placing an entry stop order generally believes that prices will continue to move in the same direction as the previous momentum after reaching the order level.
A limit order is an order linked to a specific position for the purpose of locking in the gains from that position, while a limit order placed on a buy position is an order to sell. A limit order placed on a sell position is an order to buy. All limit orders remain in effect until the position is liquidated or cancelled by the client. Market Order A market order is an order to buy or sell which is to be filled immediately at the prevailing currency price. OCO (One Cancels the Other) An OCO order is a stop-loss order and a limit order linked to a specific position. One order, the stop, is to prevent additional loss on the position, and one order, the limit, is to take profit on the position. When either order is executed, closing the position, the other is automatically cancelled. Stop-Loss Orders A stop-loss order is an order linked to a specific position to close that position and prevent additional losses. A stop-loss order will be executed when the displayed price on the platform touches the order price. The executed price will be the order price or in the case of a fast market the order will be executed at the next displayed price. When a stop-loss order is placed on a buy position it is an order to sell that position. While a stop-loss order on a sell position is an order to buy that position. All stop-loss orders remain in effect until the position is liquidated or cancelled by the client. |
