What Are The Types Of Orders In Forex | Forex Orders Detailed Explanation FX111

On today's videos I cover the different types of orders in forex like like market orders , pending orders and trade management orders.

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This video is for educational purposes only. Please do your own research before making any decisions with your money. I will not be held liable for any losses or gains you may experience. I am not your financial or investment advisor. This is completely educational content and should be taken as such - the views expressed in the content are opinions. Nothing on this channel should be taken as a recommendation to buy a particular crypto asset. The information shared on this channel is not indicative of future results. Analyses are not absolute and are prone to change in accordance with present and future market events. Please do all of your own research before you buy any stock or financial product.

⏰ Time Stamp ⏰
00:00 Intro
00:08 Table Of Content
01:44 Types Of Orders
08:12 Limit Orders
15:56 Stop Orders
22:49 Stop Loss Order
25:21 Trailing Stop Order
28:11 Order Types Digital Board Explanation
00:00 Outro
⏰ Time Stamp ⏰

Types of Orders in Forex

Market Order
Market orders are the most common type of orders used in the Forex market. Simply put, it is just an order to buy something at the current market price. Therefore, if you have ever purchased anything online, the “Buy Now” button kind of performs the functionality of what the market order does in the Forex market.

Therefore, it can be said that the market order is executed on a real time basis when placed. This order automatically searches the best possible price available in the market and books your order at that price.

A market order becomes an open position immediately. As such, profits and losses that accrue on this order have to be realised when the position is closed.

Profit Booking Order
Profit booking orders are usually orders to square off a long open position i.e. to sell. These orders specify the conditions that need to be met before the square off takes place. For instance, an order to execute a trade if the profit reaches 10% or there is a 12% price rise is a profit booking order. These orders enable traders to book profits in a market where prices change rapidly and manual placing of orders may take a lot of time.

Stop Loss Order
A stop loss order is the reverse of a profit booking order. However, it is used much more widely in the markets than the profit booking order. The order specifies a downward threshold that the investor is willing to bear. If the prices fall beyond this threshold, the investors sell their holdings with the intention of minimizing their losses.

An order to square off a long open position when prices plummet is called a stop loss order. Once again this order acts quickly and prevents losses by acting much faster than manual intervention could.