Jan 03 2021 0
Before you start trading with any forex brokers, you should know how many order types that broker has. So, if you want to trade with Exness, one of the best forex brokers in the world, you must know all types of trading orders in Exness. The below are the 5 order types of Exness.
What is a foex order?
An order in Forex reflects information related to trading volume, buying price, selling price, order type, time frame... The broker will record according to the information you have installed.
Understanding Exness entry types is important for traders. This can help you control your trades, monitor and find ways to change according to market trends. In trading there are different types of orders, such as market orders, pending orders, buy stop orders, stop loss orders, take profit orders... Now, let's go into more detail about the main order types.
Exness market orders
In the types of orders in Forex, a market order (market order) is an order that any trader needs to know in order to minimize risks and capture profits when the market has strong fluctuations in a short time.
This type of order is most commonly used by investors in the Forex market. So what is a market order? It is like a Forex trader ordering a currency pair when the currency pair reaches the cheapest price and matches the price determined by the trader in the previous order. This type of order will follow the principle of searching and comparing all the prices in the market, then choose a cheap and most suitable price to place your order at this price. However, the prices on the forex market can be said to change very quickly and constantly due to the volatile spread, so there are cases of price slippage when your order is not placed at the best price on the market. You may have trouble getting slippages. So when you use the Pending order, you need to take the time to observe how it works and the price this order is chosen for you in the market is appropriate or not.
Exness pending orders
Pending order is the type of order where you specify the desired price and is expected to occur in the future. When the market reaches this price, your order will automatically be triggered and executed. You can imagine it as a market order but with the initial condition set by the trader. The greatest benefit of this type of order is that you can eliminate the risk of slippage because you have set a request price in advance, you do not need to spend time observing or monitoring the market. Your job is to wait for the market prices to change and match the price you set. When the price matches, this order will automatically perform the remaining processing operations for you. However, it only helps you find the price that matches your requirements, which may not be the best price. However, you can always use your Exness leverage to maximize your profits.
Take Profit with Exness
This is the type of order that a Forex trader places with the conditions of profit before deciding to sell. For example, if you place a Profit Booking Order on the condition that the profit reaches 15%, this means that your trading activity in the market is constantly changing prices, until these prices allow you to reach 15% profit, your order will be active and your order will automatically be sold.
Stop Loss with Exness
A stop loss order is a type of order in a Forex command used to manage your level of exposure to risk. A stop loss order is a type of order in a Forex command used to manage your level of exposure to risk. A stop loss order will close your buy or sell order when your loss reaches a predetermined stop loss price. Before you enter any trade, you have to ask yourself how much you can afford to lose on that trade alone and place the position of suitable stop loss order. This order helps you reduce the risk of heavy losses when you are inexperienced.
Exness trailing stop orders
Trailing Stop is a type of stop loss order. However, different from the fixed stop limit, you set a stop loss at which point when you get to that point the order will be closed automatically. Trailing stop is a dynamic Stop loss that always moves in the same direction as the trend. This means that when your trade is profitable you can place a Trailing Stop and the price will always move higher by a certain number of pips when your BUY order has been profitable, this means it will make you more profit as well as less loss. You will keep a large portion of your profit in the trade, even if the price starts to move against the forecasted trend.
How to enter an order on Exness
Now that you know what Exness entry types are, it's time to practice entering and closing orders. The most used trading platform on Exness is the MetaTrader 4 platform. It is also the most used trading platform in the world. Once you have logged into your Exness account on the MT4 platform, you can open a new position in 4 ways:
- The fastest way is to use the keyboard shortcut F9. When you press F9, a Buy or Sell order window will appear.
- On the MT4 toolbar, click the New Order button. Now the Buy or Sell order window will appear on your trading chart.
- At MT4 main page, right click on the chart of the instrument you are trading. Select Trading and the Buy or Sell order window will appear.
- Enable One Click Trading of the MetaTrader platform by selecting Tools on the Menu bar. select Options then Trade and click One Click Trading. With this feature, you just need to click on the chart and the Buy or Sell order window will appear.
How to close an order on Exness
Once you have opened an order, it will appear in a list at the bottom of the MT4 window. To close an order, you can simply click on the X at the far right of the order in the list. If not, right-click on the order and select Close Order.