In order to make conscious and profitable transactions in the Forex market, we need to know in detail the order types.
There are two types of stop orders in Forex. The first is the stop loss order, the other is the take profit order.
Stop Loss Order: A stop-loss order is an order placed with a broker to buy or sell a specific stock once the stock reaches a certain price.
Take Profit Order: Take profit is a trading command which allows profit to be fixed to a certain amount when the price reaches a certain level. This command helps to reduce risks.
Pending order is to give orders of opening transaction at price level, which will be occured in the future or is determined manually, in advance, instead of appraising transaction from an instant price.Here is the most preferred pending order types in Forex:
Buy Limit: A buy limit order is an order to purchase an asset at or below a specified price.
Sell Limit: It refers to the sales order in which foreign currency or other investment instruments are made at prices above the market price.
Buy Stop: A Buy Stop is the price level set by the trader when they wish to buy an asset in the future.
Sell Stop: Sell Stop is the price level set by the trader when they wish to sell an asset in the future.