Forex operates as a part of the global market with players from all around the world. Hence, the transactions depend on the live market conditions. Every order is carried out as incremental amounts and is flexibly transmitted through trade brokers.
Since the market and trading scenarios differ from time to time, Forex market provides the traders with different types of orders, the choice of which obviously depends on your trading requirements. The different types of orders in Forex are: Currency pair: This is the most popular type of market order in which you can buy or sell a currency pair at the price best for your trade direction. This order offers you the highest liquidity as transactions are instantaneous.
Limit entry order: A certain cut-off limit on the price will be kept and orders can be filled either above or below the limit. Stop loss order: If you want to stop the transaction before the market closure, you can close the position at a predetermined price. Good till canceled order: Keeping the order as pending until it is canceled by the trader or opened at the strike price.
FIFO: First In First Out order
One cancels the other order: This simply means the pending order is canceled by one of the positions. This is one market which can change your life forever in the smallest time and be a part of it if you know your direction to approach.