What is a market order and an entry order?
Customers at OANDA can open/place trades in a variety of ways:
Market orders
Market orders are used to enter a trade at the current buy or sell price. An open trade only occurs when your order is accepted. Customers can close open trades at any time during market hours, as long as sufficient liquidity is available. Market orders can have take-profit or stop-loss orders attached to them, so that they close automatically when the desired target price is reached or surpassed. Find out how to place a market order .
Entry orders
An entry order is an order to buy or sell, but only when certain conditions are fulfilled. Until these conditions are met, an entry order will remain pending and this will not affect your account totals or margin calculation. When the order is triggered your account totals and margin calculation will be updated, and the order will be rejected if insufficient margin is available in your account at that time. Find out how to place an entry order .
Limit/stop orders
Entry orders are replaced with limit/stop orders on OANDA Web Trading, OANDA Desktop Trading Advanced Charting and on the MT4 platform.
When buying, choose ‘Limit’ order when you wish to buy below the current price and choose ‘Stop’ order when you wish to buy above the current price. When selling, choose ‘Limit’ order if you wish to sell above the current price and ‘Stop’ order if you wish to sell below the current price.
