Types of Orders

Trade terminal helps brokers to prepare and make orders to fulfill trade operations. It also allows to control and manage open positions state. Several types of trade orders are used for these purposes. Order is a command or direction to carry out a trade operation, which a client gives to his/her broker company. Orders are distinguished for two main types: market and pending ones. Besides, there are "Stop-loss" and "Take-profit" orders.

Hence, several types of orders are distinguished.
Market Order
Market order is an order made by a client who wants to buy or sell financial instrument for current price. This order's fulfillment causes closing or opening of a trade position. Purchase is carried out for ASK price (demand price), selling is carried out for BID price (supply price). There are also Stop-Loss and Take-Loss orders that can be adjusted to Market order. Market orders fulfillment regime depends on financial instrument.
Take Profit
Take-Profit is meant for getting profit, if financial instrument price reaches a forecast level. Such order's fulfillment causes position's closure. It's always connected with open or postponed position. Order can be granted only together with market or postponed order. price is used for checking long positions, BID price is used for checking short positions.
Stop Loss
this order is meant to diminish losses in case financial instrument price starts moving to unprofitable direction. If instrument price reaches this level, position closes automatically. This order is always connected with open position or postponed order. It’s granted only together with market or postponed orders. ASK price is used for checking long positions, BID price is used for checking short positions.
  • Take profit and Stop loss levels are set for positions according to the last order (market or closed postponed). In other words, stop levels for every next order on one position will replace previous one.
  • It is possible to use Trailing-stop for automatic replacing of Stop-loss order.
Trailing Stop
Trailing-Stop is a very useful instrument when there is no chance to keep an eye on market changes because it automatically reacts to them. Trailing-Stop is always connected with open position and is carried out on client terminal, rather than on server.

Executing of Take profit and Stop loss leads to the closing of position
Pending Orders
Pending order is an order to buy or sell a financial instrument in future on a fixed price. This order is used to open a position, if future quotations are equal to a fixed level. There are six types of pending orders:
Buy Stop An order to buy a trading tool which is entered at a price above the current offering price. It is triggered when the market price touches or goes through the buy stop price.
Buy Limit An order to a broker to buy a specified quantity of a trading tool at or below a specified price.
Sell Stop A customer order to a broker to sell a trading tool if it sells at or below a stipulated stop price. This type of stop order can be used to protect an existing profit or to limit the potential loss on an owned trading tool.
Sell Limit An order to a broker to sell a specified quantity of a trading tool at or above a specified price.
Buy Stop Limit An order which combines first two types. It is a stop order for setting limit order on buy (Buy Limit). Buy Limit indicated in order will be placed when future Ask price will reach the indicated price. In this case, the current price level is below the price when postponed order will be placed.
Sell Stop Limit A stop order for setting sell order (Sell-limit). Sell Limit indicated in order will be placed when future Bid price will reach the indicated price. In this case, the current price level is above the price when postponed order will be set. The price of postponed order is above the level of its placing.