whats the difference between a limit order and a stop limit order? They look the same and I can’timagine any scenarios where they would behave differently.
I have some hazy memory… I may very well be wrong, but here’s what I think:
The stop limit order says something like: I want to buy/sell at THIS exact price, if you can’t fill my whole order at that price, then don’t bother.
The limit order says: when price reaches THIS level, I want to buy/sell my order at whatever price the market will let me have.
Like I said, I may be completely off and if I’m right I may have switched the two around…
I’m not sure I helped 
You’re right, but I don’t think that’s what Penhau meant to ask. (Forgive me if I’m wrong about that)
I’m guessing he wants to know what “stop” and “limit” mean on pending orders. MT4 (and most other platforms) have 4 types of pending orders…
Buy Limit
Sell Limit
Buy Stop
Sell Stop
Here is the best way I’ve ever heard it explained. It’s from a guy named Synapse, who used to be a blogger at Forex4noobs.
With a �Stop� order, this can be a Buy Stop or a Sell Stop, you are looking for price to travel in one direction, activate your order, and keep going in the same direction; Continuing the trend. Think of it this way, you are driving your car down a road, you come to a �Stop� sign, and then you keep driving in the same direction.
With a �Limit� order, (Buy or Sell), you are looking for price to travel in one direction, activate your order, and then reverse in the opposite direction; Reversing the trend. Again, you are driving your car down a road and you suddenly come to a dead end, the road�s �Limit,� you are forced to turn around and go back the way you came.
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Yes, of course that’s probably what he asked. Doh!
Hurts when the obvious slaps you in the face 
Yeah Phil is on the nose.
Definitely read this article if your unaware of the basics of Order Types.
Now there are plenty more types you can use, there are up to about 15 different Order Types in Forex. And each Order Type can be used a certain way to give you an advantage on entry, exit, capturing a market move, and so forth.
Hi.
I would like to ask about an order type, in which 1 entry cancels all other pending orders. This is useful to control risk. If a day trader has identified, for example, 4 trades, for that day, but does not want all the trades to trigger, yet is happy with any of the 4 trades to trigger. So that type of entry would wait to see which entry gets triggered first, and then simply cancels all the other entries. Please help.
It is the language used that can be confusing. There are 4 types of pending orders:
Buy Stop
Sell Stop
Buy Limit
Sell Limit
Stop orders are triggered when price moves through an order and would be used if you think price will continue in that same direction.
Limit orders are triggered when price reaches a level and then reverses.
This is the section in the school of pipsology that explains it well
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