Forex trade orders
are used to open and close positions automatically
when the market breaches the price you specify:
All orders are confirmed
when placed, executed or cancelled
Relate trade orders
to conditionally link orders and set up more
Use stop-loss orders
to limit losses if the market moves against
Use limit orders to automatically open Forex positions by buying the currency cross when the price falls to the price level you specify. Limit orders are also used for closing positions to take profit by selling the Forex cross when the price rises to a level you specify.
'Day Orders' are available for intra-day trading and 'Good until Cancelled' orders can be used for longer-term strategies.
Market orders are used to trade as soon as possible at the best price obtainable in the market. However, under extreme market conditions securing a price for Spot Forex may not be possible and market orders can be used instead.
Stop orders are available to limit losses and to protect your investments against adverse market moves. Stop losses should always be placed along with Forex positions for disciplined trading, to avoid excessive losses.
Related trade orders
Use related trade orders to link orders together to create more complex trading strategies. If Done orders (also known as slave orders) are typically used to open a position with one order; a secondary order is only activated to close the position if the first order is executed. One Cancels Other orders are often used to place both a stop loss and a profit taking (limit) order around a position — the first of the orders to execute automatically cancels the redundant order.