Trading Bitcoin Place a Pending Order on MetaTrader 5 Android App
How Do I Trade Cryptocurrency and Place a Pending Order on MetaTrader 5 Android App?
There are various types of bitcoin crypto currency orders which a btcusd trader can use to trade in Bitcoin Crypto Currency.
Traders should learn & understand about all the various orders so as make use of the correct bitcoin crypto order for its correct purpose. The Most crucial thing to remember about this is: Always understand the btcusd crypto orders you place when bitcoin crypto currency trading. Never place a btcusd cryptocurrency order which you're not entirely knowledgeable about. Given below are basic definitions of the commonly used types of orders:
Types of Crypto Market Orders & Types of Pending Bitcoin Crypto Currency Orders
Crypto Market Order
This is the most basic type of bitcoin crypto currency order, market trade order is used to buy or to sell at the current ask quote or bid quote bitcoin crypto price. This refers to the quoted btcusd crypto price which appears on your btcusd crypto platform.
This type of btcusd crypto order is used for buying or selling according to the ruling exchange rate quote in Market, the execution is instant. The minute you want to enter a position you can buy and sell the at a click of a button using a bitcoin crypto currency market order.
Pending Bitcoin Crypto Orders
These are orders used to execute a new trade after the btcusd market reaches a bitcoin price specified by the trader.
Pending orders are used to buy/sell a instrument when it achieves a certain btcusd crypto price target.
When a particular btcusd crypto price level is reached or broken then a btcusd crypto trade entry order is executed.
These Pending BTCUSD Crypto Orders are used to enter a bitcoin crypto currency trade at a specified bitcoin crypto currency price level. It is almost impossible to monitor the bitcoin crypto currency market every second and this is why a btcusd crypto entry order can be handy. If you feel the bitcoin crypto market might take a certain action, such as break through a particular btcusd crypto price level which it has been touching but it hasn't been able to break, you would want to use a Bitcoin Crypto Currency Pending Limit Bitcoin Crypto Currency Order. Once the btcusd cryptocurrency market crosses your given level, your entry limit bitcoin crypto trade order is executed.
There are two various different types of entry orders - limit btcusd crypto order & stop entry order.
The entry orders are also referred to as pending btcusd crypto trade orders.
BTCUSD Pending Limit BTCUSD Crypto Order
An order to buy or sell at a specific limit.
An entry limit btcusd crypto currency order can be used to open buy below the ruling bitcoin crypto currency price or sell above the ruling bitcoin crypto currency price.
When buying, bitcoin crypto currency entry limit is executed when the bitcoin crypto currency price drops to your limit level.
When selling, bitcoin crypto currency entry limit is executed when the bitcoin crypto currency price rises to your limit level.
These Bitcoin Crypto Currency Pending Limit Bitcoin Crypto Orders are set by btcusd crypto traders when they expect the bitcoin crypto market to bounce back after reaching the btcusd crypto price level at which the btcusd crypto entry limit was placed.
- Buy Limit BTCUSD Crypto OrderSpecifies to open buy at a level below the ruling btcusd crypto market price
- Sell Limit BTCUSD Crypto OrderSpecifies to open sell at a level above the ruling btcusd crypto market price
Pending BTCUSD Crypto Orders - Stop BTC USD Crypto Order
A bitcoin crypto currency entry stop order to buy above the current bitcoin crypto currency price or to open sell below the ruling bitcoin crypto currency price.
When buying, bitcoin crypto currency entry stop order is executed as the btcusd cryptocurrency market goes up & hits the buy stop level.
When selling, btcusd crypto entry stop is executed as the bitcoin crypto market goes down and hits the sell stop level.
- Buy Stop BTCUSD Crypto OrderSpecifies to open buy at a level above the current price.
- Sell Stop BTC USD Crypto OrderSpecifies to open sell at a level below current price.
Analyze and Place a Pending Order on MetaTrader 5 Android Trading App?
Learn More Tutorials and Lessons:
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