Entry Stop Orders
These are stock orders to buy above the stock market or to sell below the stock trading market.
- Buy Stop Stock Order An order to buy at a level that is above the stock market price.
- Sell Stop Order An order to sell at a level that is below the stock market price.
Buy Entry & Sell Entry Orders
These stock orders are also known as pending stock orders. These pending stock orders are used by traders wanting to trade a setup like the consolidation pattern but they do not want to wait & watch the stock prices all day long til there a price breakout. Therefore, traders will set these pending stock orders above & below stock price & a price break out in any of these direction will execute one of these pending stock orders & a buy trade or a sell trade will automatically be opened.
Buy Stop Stock Order
In the trading examples below a buy stop order was placed to buy at a level above the current market price.
The stock price then went up to hit the buy stop pending order, and afterward price continued to move upwards.
How Do I Set a Pending Order Buy Stop Order in MT4
How Do I Set a Pending Order Buy Stop Order in MT4
A Buy trade was generated from the above order when the stock price broke a resistance line in the first example & when there was an upward price break out after a market consolidation pattern.
Sell Stop Order
In the stock trading example explained and illustrated below a sell stop order was set to sell at a level below the current market price.
The stock price then went down to hit the sell stop order, and afterward the downwards stock price move continued
How Do I Set a Pending Order Sell Stop Order in MT4
Pending Sell Order Set in a Price Breakout - How to Place a Pending Order Sell Stop Order in MT4
A Sell indices trade was generated from the above sell stop order after support line is broken after a consolidation pattern.
How to tell the difference between stop orders & limit orders
It's easier to first of all remember one concept. The easier concept to learn is that of Stop Orders are set above and below the price.
In the mean time Download MT4 platform & practice setting these orders on a Practice Practice Account.
How to Place a Pending Stock Order in MT4 Software
Open a Trading Chart, Right-Click on Chart, Choose New Order, then follow the steps below
Step1: Select Pending market order as illustrated & shown below
Step2: Select Pending order Menu as Show below
Step3: Select Buy Stop Order or Sell Stop Order
Step 4: Click on "Place" Order
Steps to Setting These Pending Orders on MT4 - How to Place a Pending Order in MT4
