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Market Order

A market order is an order to buy or sell an asset at the best available price.

Example:
If the current ask price for EURUSD is 1.10710 and you want to buy it at market price it would be sold to you at the price of 1.10710 when you execute a market order.

HOWEVER, keep in mind that as the market keeps moving, there may be a difference between the price you selected and the final price that is executed on your trading platform.

Limit Entry Order

This type of order will only be executed to either buy below the market or sell above the market at a certain price.

Buy Limit

Example:
If the current ask price for EURUSD is 1.10910 and you would like to go long on this pair at 1.10510, you would open a buy limit entry order at 1.10510. The long position will only be executed once the price for EURUSD is at or below the price you state at 1.10510.

Sell Limit

Example:
If the current bid price for EURUSD is 1.11200 and you would like to go short on this pair at 1.12300, you would open a sell limit entry order at 1.12300. The short position will only be executed once the price for EURUSD is at or above the price you have stated at 1.12300.

Stop Entry Order

This type of order can only be executed to buy above the market or sell below the market at a certain price.
NOTE: this type of order is often used when there is a turning point in the price, either bounce higher or drop lower.

Buy Stop

Example:
If the current ask price for EURUSD is 1.10720 and you would like to enter a long position only when the price starts to bounce up beyond 1.10920, you would open a buy stop entry order at 1.10920. The long position will only be executed once the price for EURUSD is goes above 1.10920.

Sell Stop

Example:
If the current bid price for EURUSD is 1.10710 and you would like to enter a short position only when the price starts to drop lower than 1.10210, you would open a sell stop entry order at 1.10210. The short position will only be executed once the price for EURUSD is at or above the price you have stated at 1.10210.