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forexphile

Entry vs Stop Order

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Hello,

I'm confused what an entry order is and how to create it. Is an entry order simply an order with a TriggerPrice? Does an entry order act like a buy stop order?

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Hello Forexphile,

An entry order is an opening order that triggers if/when the market reaches a specified trigger price. It will enter into a trade and you will have an open position at that point. If the market never trades at the specified trigger price then no trade occurs.

This is in contrast to a "trade" or market order, which is to open a new position immediately at whatever the current market price is.

A closing order is used to close an open position and these are either a "stop loss" or a "take profit limit" order.

Hope that helps!

Kind Regards, PM 

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