More about Orders used in Forex Trading

This post continues from the last post, more about certain other orders used in forex.
Stop Limit Order
Stop limit order, as the name suggests, is a mix of the stop and the limit order. Stop limit order identifies a stop price to a forex trader while the limit price is where the position is closed. When the stop is selected, the order price becomes the limit order. Stop Limit order is beneficial while the trader will want to sell or buy a breakout, however wants to manage the price received or given.

Market on Open (MOO)
This type of order gets executed at the open price of the market. Usually because the forex market is volatile at the open it gets hard for the forex trader/broker to get the correct price therefore the deal may differ from the price at which it opened.

Market on Close (MOC)
This type of order gets executed, obviously, at the closing of the forex market. In some of the markets, especially in the dynamic ones, the real close price may differ from the deal price.


Market If Touched (MIT)
This type of order is not accepted by all types of forex exchanges. Similar to the stop order, this order gets executed when the market rate touches the MIT price we have selected. There it becomes the market order.


Day Order
Day order automatically ends at the close of the day. If an order to sell or buy has been placed for a particular security at a price and it did not fill the order, the order gets terminated at the close of the forex trading day.