There are various forex trading orders traders must know before start Forex trading
Market Order
Market orders can be bought and sold at the best price. For example, when the EUR / USD selling price is 1.2140, the purchase price is 1.2142. If you buy EUR / USD, it will be concluded at 1.2142.
Trading will be immediately completed through the trading platform by the click of a purchase.
Limit Entry Order
Limit entry order is a way to set the price below the market price at the time of purchase and the price higher than the market price at the time of sales.
For example, if EUR / USD is 1.2050, you can set it to be sold automatically when it reaches 1.2070.
Stop Entry order
The stop entry order is set at a price higher than the market price at the time of purchase and lower than the market price at the time of sale.
For example, if GBP / USD is 1.5050 and if this goes up, you can pre-set the number at 1.5060
Stop loss order
Stop loss order is an ordering method that can reduce risk by preventing additional loss. For example, if you were buying EUR / USD at 1.2230, you could set the maximum loss value to 1.220. This means that if EUR / USD continues to decline, you can set up automatic sell at 1.2200.
Stop-loss is a great ordering method to avoid the risks, as well as save your time sitting in front of computer every minute.
The trailing stop is a stop loss ordering method, and the price moves in a floating manner. For example, if you want to sell USD / JPY at 90.80 and 20 pips for a trailing stop, then this means that the stop loss will be set at 91.00, and if the price goes down to 90.60, the trailing stop will be 90.80.