1. Market order (Market Order): It is to trade at the current exchange rate. For example, the price of GBP/USD is 1.6522/27, then the price of the buy order is 1.6527, and the price of the sell order is 1.6522. Sometimes the market fluctuates very rapidly, and the quotation is constantly changing, the order placed may be rejected, because the price changes at the moment the order is placed, and the price is already a certain distance from the original plan at the time of the final transaction. If it is too large, you can choose to abandon the transaction and wait until it is advantageous.
  2. Limit order (Limit Order): This type of order is not executed immediately, but only when the quotation reaches the preset price. The purpose of limit orders is mostly to lock in profits and obtain Profit liquidation, so it is also called “take profit order” or “profit order.” But there is also a purpose to open a position after the set price.

For example, the pound quotation is 1.6522/27. We judge that the price will fall at least 50 points, and then it may rise. At this time, we can open a position with a sell order at 1.6522, and set a limit order price of 1.6472, when the price reaches this price. At that time, the system will automatically close the position and end the transaction. Limit orders are also used to open positions.

  1. Stop loss order: This is also a kind of limit order, so the execution method is the same as that of limit order, but the purpose is just the opposite. The purpose of stop loss order is mostly to prevent the opened position from becoming too large The risk is controlled within the tolerable range, so when the market quotation reaches the agreed price level, the position is closed and the transaction ends.

For example, the price of GBP is 1.6522/27. We want to make a sell order, but if the judgment is wrong and we do not want to lose more than 30 points, we can open a position at 1.6522 and set a stop loss price of 1.6552 at the same time, so that the maximum loss is fixed At 30 o’clock, excessive risks can be avoided. A stop loss order is a very useful tool to control risks. The foreign exchange market is volatile, so there should be a stop loss order for every transaction.

  1. Trailing stop order: This is a type of stop loss order, but the difference is that the stop loss price of this order is not fixed but variable. When placing a trailing stop loss order, in addition to the stop loss price, the trailing points must be set. When the market price changes in a favorable direction and reaches the set point, the system will automatically reset the stop loss price. The new price is equal to the old price plus The trailing points are added or subtracted to reduce the actual possible loss. Therefore, when the price trend is ideal, the stop loss level is constantly reset. Although it is finally executed, it may be a profit instead of a loss.

For example, the pound quotation is 1.6522/27, a sell order is made at 1.6522, the trailing stop loss price is 1.6552, and the trailing point is 10 points. When the price drops 10 points to 1.6512/17, the stop loss level is reset to 1.6542, and then every Decrease 10 points and reset it again. When the price fell 40 points to 1.6482/87, the stop loss was 1.6512, and even if it was stopped, there was already a profit of 10 points.

  1. One Cancels the Other (One Cancels the Other) (One Cancels the Other) This is two orders, and a limit order and a stop loss order are set at the same time. When one of them is executed, the other is cancelled , So that you can fix the profit and loss of the transaction within a certain range.

For example, the pound quotation is 1.6522/27, the position is opened with a 1.6522 sell order, and at the same time a two-choice order is set, the limit price is 1.6472 and the stop loss is 1.6552. The final result of this transaction is either a loss of 30 points or a profit of 50 points. So at the same time lock in profits or stop losses.

  1. Once an IF-Done order (IF-Done order) is also two orders, the second one will only be activated after the first one is executed. The first one must be a limit order or a stop loss order, and the second one It can be any of a limit order, a stop loss order, or an alternative order. Once a deal order can be used in multiple ways, for example, sometimes we don’t want to use a market order to open a position, we want to wait for a more ideal price to open, and at the same time we want to set a stop-loss, stop-loss and other price levels, then we can use once Deal order.