What types of orders can I use to trade Forex

There are several different order types you should understand in order to trade Forex.

Market Order: This order type is used to enter or exit the market immediately at the current quoted price. If you want to buy you will be filled at the ask price; if you want to sell, you will be filled at the bid price.

Limit Order: This order type is used to buy or sell a pair at a predetermined price. A buy limit order will only be filled if the market trades at or below the limit price you determine. A sell limit order will only be filled if the market trades at or above the limit price.

Stop Order: This order type is used to buy or sell a pair at a predetermined price. A buy stop order will only be filled if the market trades at or above the stop price. A sell stop order will only be filled if the market trades at or below the stop price.

by Eugene Ng -

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