Placing Your First Trade with Exness: Market Orders vs. Pending Orders
Congratulations! You’ve grasped the forex basics and are ready to place your first trade on Exness. Here’s a breakdown of two main order types: Market Orders and Pending Orders.
1. Market Orders:
- Execution: Market orders are executed instantly at the current best available market price.
- Simplicity: Market orders are the easiest way to enter a trade. You simply choose the currency pair, specify the desired trade volume (amount), and click “Buy” or “Sell”.
- Drawbacks: The execution price might be slightly different from the price you see quoted due to market fluctuations, especially for volatile pairs or during news events.
- Suitable for: Market orders are ideal for situations where you want to enter a trade quickly and capture immediate price movements.
2. Pending Orders:
- Conditional Execution: Pending orders are placed in advance with specific conditions that need to be met before execution. This allows you more control over your entry price.
- Types of Pending Orders: Exness offers various pending orders, including:
- Buy Limit: Executes a buy order only if the price falls to a specific level (your buy limit price).
- Sell Limit: Executes a sell order only if the price rises to a specific level (your sell limit price).
- Stop-Loss: An order to automatically close your trade at a specific price to limit potential losses (can be placed with market or pending orders).
- Take-Profit: An order to automatically close your trade at a specific price to lock in profits (can be placed with market or pending orders).
- Benefits: Pending orders allow you to:
- Enter trades at specific price levels.
- Set stop-loss orders to limit potential losses.
- Take profits automatically when the price reaches your target level.
- Drawbacks: There’s no guarantee your pending order will be triggered, especially if the price moves sharply in the opposite direction.
Choosing the Right Order Type:
- For Beginners: Market orders are a good starting point due to their simplicity. However, always consider using stop-loss orders to manage risk.
- For More Control: As you gain experience, explore pending orders to enter and exit trades at specific price levels and manage risk more effectively.
Here are some additional resources on Exness:
- Exness Order Execution: [invalid URL removed]
- Understanding Stop-Loss Orders: [invalid URL removed]
Remember: Before placing your first real trade, practice using both order types with a demo account to get comfortable with the execution process and potential outcomes. Always manage your risk effectively with stop-loss orders and start with small trade sizes.