You can place several types of orders to manage your trading strategies effectively on the MetaTrader 5 (MT5). Below you can find a list of the main order types:
Market Orders:
These are executed immediately at the current market price. They include:
• Buy: To purchase an asset at the current Ask price.
• Sell: To sell an asset at the current Bid price.
Pending Orders:
These are orders to buy or sell an asset at a specified price in the future. They include:
• Buy Limit: To buy at a price lower than the current market price.
• Sell Limit: To sell at a price higher than the current market price.
• Buy Stop: To buy at a price higher than the current market price.
• Sell Stop: To sell at a price lower than the current market price.
• Buy Stop Limit: A combination of a Buy Stop and a Buy Limit order.
• Sell Stop Limit: A combination of a Sell Stop and a Sell Limit order.
Stop Orders:
These help manage risk by closing positions at predetermined levels:
• Stop Loss: To limit losses by closing a position at a specified price.
• Take Profit: To lock in profits by closing a position at a specified price.
Trailing Stop:
This is a dynamic stop order that moves with the market price to lock in profits while limiting losses.