Closing Limit Order - best forex trading app for android

Closing Limit Order ~ best forex trading app for android

Closing Limit Order

There is another type of limit order that closes a transaction, and, often, it is listed simply as a limit order by the trading platform, but this is an order to close a transaction that has already been initiated. If the initial transaction was a buy, then the closing limit order will be a sell, and vice versa. It is not necessary to specify whether to buy or sell, since this will be determined by the initial transaction. It is only necessary to specify the price.

Closing limit orders are set to take profits, so if the quote currency was purchased, then the limit order will be higher than the purchase price; if the quote currency was sold, then the limit order will be less than the sale price. If the broker’s relevant bid or ask price never reaches your limit order, then the limit will not be triggered.

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Order Types - forex paper trading app

Order Types ~ forex paper trading app

Order Types

Buy Market

Attempt to buy at the best available Ask price.

Buy Limit

Attempt to buy at the price you specify or better. This type of order should be placed below the current Ask price.

Buy Stop

Attempt to buy at the price you specify. Once the Ask price touches or goes through this buy stop order, it becomes a market order and filled at the best available price. This type of order should be placed above the current Ask price.

Sell Market

Attempt to sell at the best available Bid price.

Sell Limit

Attempt to sell at the price you specify or better. This type of order should be placed above the current Bid price.

Sell Stop

Attempt to sell at the price you specify. Once the Bid price touches or goes through this sell stop order, it becomes a market order and filled at the best available Bid price. This type of order should be placed below the current Bid price

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