Can We Get More Profit Using Pending Order?

In forex trading, it is often the case that novice traders have to sit for days in front of a monitor, waiting for favorable conditions to enter a trade. There are many ways to make it easier for a person to trade and shorten a trader's waiting time without losing the profit from the transaction. One of these methods is pending orders.

A pending order is an instruction to open or close a trade if the price reaches, or passes a level that the trader has set before. Therefore, a pending order becomes an open order, once it is triggered. Basically, when placing this order, the trader informs the broker that he does not want the current market price, but only wants the order to be executed if the market price reaches a certain level. Pending orders are divided into two categories, namely limit orders and stop orders.

Limit orders can only be executed at the limit price set by the trader. There are two types of limit orders i.e. buy limit instructs that the instrument is bought at a certain price or lower while sell limit order instructs that the instrument is sold at a certain limit price or higher. Because limit orders guarantee that orders will be filled within the specified limit or not at all, so it is useful to prevent slippage. However, although they can prevent slippage, pending orders run the risk of being unfilled at high volatility.

Stop orders instruct that a position be opened or closed when a specified price is reached and are widely used to lock in profits and minimize losses. A buy stop order is entered above the current market price and a sell stop order is entered below the current market price. Although stop orders are often confused with limit orders, pending orders differ in a key aspect, when the market price reaches the level specified by the trader, the market order is then automatically placed. Thus, in times of high volatility pending orders may be affected by slippage and poor filling under certain market conditions.

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