Types of orders

Trade terminal helps brokers to prepare and make orders to fulfill trade operations. It also allows to control and manage open positions state. Several types of trade orders are used for these purposes.

Order is a command or direction to carry out a trade operation, which a client gives to his/her broker company.

Market order is an order made by a client who wants to buy or sell financial instrument for current price. This order's fulfillment causes closing or opening of a trade position.

Purchase is carried out for ASK price (demand price), selling is carried out for BID price (supply price). There are also Stop-Loss and Take-Loss orders that can be adjusted to Market order. Market orders fulfillment regime depends on financial instrument.

Stop-Loss

This order is meant to diminish losses in case financial instrument price starts moving to unprofitable direction. If instrument price reaches this level, position closes automatically. This order is always connected with open position or postponed order. It’s granted only together with market or postponed orders. ASK price is used for checking long positions, BID price is used for checking short positions.

Take-Profit

Take-Profit is meant for getting profit, if financial instrument price reaches a forecasted level. Such order's fulfillment causes position's closure. It's always connected with open or postponed position. Order can be granted only together with market or postponed order. price is used for checking long positions, BID price is used for checking short positions.

Trailing-Stop is a very useful instrument when there is no chance to keep an eye on market changes because it automatically reacts to them. Trailing-Stop is always connected with open position and is carried out on client terminal, rather than on server.

Postponed order

Postponed order is an order to buy or sell a financial instrument in future on a fixed price. This order is used to open a position, if future quotations are equal to a fixed level. There are four types of postponed orders:

• Buy Stop. An order to buy a trading tool which is entered at a price above the current offering price. It is triggered when the market price touches or goes through the buy stop price.
• Buy Limit. An order to a broker to buy a specified quantity of a trading tool at or below a specified price.
• Sell Stop. A customer order to a broker to sell a trading tool if it sells at or below a stipulated stop price. This type of stop order can be used to protect an existing profit or to limit the potential loss on an owned trading tool.
• Sell limit. An order to a broker to sell a specified quantity of a trading tool at or above a specified price.