Some traders, especially new ones, may not know what “Pending Orders” are and their importance in trading. The term “pending orders” simply means how to enter and exit a deal remotely and properly without the need for continuous monitoring of the financial instrument, and pending orders are activated automatically when the condition previously specified by the trader is fulfilled without the need to stay in front of the screen to monitor the price in the chart.
If you want to trade correctly, this is not limited to choosing the currency pair you want to trade and the best price to enter, but you must have a specific entry and exit point and place orders in a clear manner. True, there are many different types of pending orders that traders use to manage their trades, so understand and know the difference between each of these orders well.
There are 7 orders on MT4 and 9 orders on MT5 for you to know:
🔸 Take Profit is an order in the markets that is used to close a profitable trade once it reaches a certain level previously defined by the trader, and is achieved when the Bid line of the order is touched.
The “buy stop limit” is a process that combines the buy stop and buy limit orders, and the two orders are activated when the Bid line touches the price previously specified by the trader, and this order is only available in the MT5 platform.
The “sell stop limit” is a process that combines the sell stop and sell limit orders, and the two orders are activated when the ASK line touches the price previously specified by the trader, and this order is only available in the MT5 platform.