Types of Orders

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Welcome to currency trading with Profiforex!
This video explores the order types and their execution in the MetaTrader 4 trading terminal.
Working on the financial market consists of buying and selling financial instruments.To do this, you need to open, modify and close trading operations.

To open a trading position, you need to do one operation, and when you close the position you make the opposite operation.
Order is a client's commitment to a brokerage company to perform a trade operation.The following orders are used in the terminal:
 - "Market order" is a commitment to the brokerage company to buy or sell an instrument at the current price.

Stop Loss and Take Profit orders can be attached to a market order. These two types of orders can be modified later, after execution of the market order.

 - "Pending order" is the client's commitment to the brokerage company to buy or sell an instrument in the future, at a predefined price.

Stop Loss and Take Profit orders can also be attached to this order type.
 - A "Stop Loss" order is used to minimize losses if the instrument price has started to move in an unprofitable direction.

The terminal checks long positions with BID price for meeting of this order provisions, and it does with the Ask price for short positions.

To automate a Stop Loss order following the price, you can use "Trailing Stop."
To set the trailing stop, you must first execute the open position context menu command of the same name in the "Terminal" window. 
The trailing stop function can be disabled by setting "None" in the Management menu.
Moreover, trailing stops of all open positions and pending orders will be disabled when the "Delete All" command of the same menu is executed.

Trailing Stop works in the client terminal, not on the server (like Stop Loss or Take Profit). So, unlike the above orders, it won't work if the terminal is off or the computer is switched off.
The position can be closed upon the trader request, for example, by using the context menu of open position or when a Stop Loss or Take Profit order is executed.