Trading Bitcoin Place a Pending Bitcoin Order in MetaTrader 5 iPhone App
How Do I Trade Cryptocurrency and Place a Pending Bitcoin Order in MetaTrader 5 iPhone App?
There are different types of bitcoin orders which a trader can use to trade in Bitcoin.
Traders should learn & understand about all the various cryptocurrency orders so as make use of the correct btcusd order for its correct purpose. Most important things to remember about is this: Always understand the bitcoin orders you place when bitcoin trading. Never place a btcusd order which you are not entirely knowledgeable about. Given below are basic definitions of the commonly used types of cryptocurrency orders:
Types of Cryptocurrency Market Orders and Types of Pending BTCUSD Orders
Cryptocurrency Market Order
This is the most basic type of bitcoin order, market trade order is used to buy or to sell at the current ask quote or bid quote bitcoin price. This refers to the quoted bitcoin price that appears on your bitcoin trading platform.
This type of bitcoin order is used for buying or selling according to the current exchange rate quotation in Cryptocurrency Market, the execution is instant. The minute you want to enter a position you can buy & sell the cryptocurrency at a click of a button using a bitcoin trading market order.
Limit BTCUSD Orders
These are cryptocurrency orders used to open a new trade after the btcusd trading market reaches a bitcoin price specified by the trader.
Pending cryptocurrency orders are used to buy or sell a crypto instrument when it attains a certain bitcoin price target.
When a specific bitcoin price level is reached or broken then a bitcoin trading entry order is executed.
These Pending Bitcoin Orders are used to enter a bitcoin trade at a specified bitcoin price level. It is almost impossible to monitor the bitcoin market every second and this is why a bitcoin entry order can be handy. If you feel the btcusd trading market might take a certain action, such as break through a particular bitcoin price level which it has been touching but it has not been able to break, you would want to use a Bitcoin Trading Pending Limit Bitcoin Order. Once the btcusd trading market crosses your specified level, your entry limit bitcoin trading order is executed.
There are two different types of entry orders - limit bitcoin order & stop entry order.
These entry orders are also referred to as pending bitcoin trade orders.
Bitcoin Trading Pending Limit BTCUSD Order
An order to buy or sell at a specific limit.
An entry limit bitcoin order can be used to buy below the current bitcoin price or sell above the current bitcoin price.
When buying, bitcoin entry limit is executed when the bitcoin price drops to your limit level.
When selling, bitcoin entry limit is executed when the bitcoin price rises to your limit level.
These Bitcoin Trading Pending Limit Bitcoin Orders are placed by bitcoin traders when they expect the btcusd trading market to bounce back after reaching the bitcoin price level at which the bitcoin entry limit order was placed.
- Buy Limit Bitcoin OrderSpecifies to buy at a level below the current bitcoin trading market price
- Sell Limit BTCUSD OrderSpecifies to sell at a level above the current bitcoin trading market price
Pending Bitcoin Orders
A bitcoin entry stop pending order to buy above the current bitcoin price or to sell below the current bitcoin price.
When buying, bitcoin entry stop order is executed as the btcusd trading market goes up & hits the buy stop level.
When selling, bitcoin entry stop order is executed as the btcusd trading market goes down & hits the sell stop level.
- Buy Stop BTCUSD OrderSpecifies to buy at a level above the current cryptocurrency market price.
- Sell Stop Bitcoin OrderSpecifies to sell at a level below the current cryptocurrency market price.
Analyze and Place a Pending Bitcoin Order in MT5 iPhone App?
