Market Order: The instruction you give to the broker on the purchase or sale of any financial instrument. In the Forex market and other financial markets, there are two types of orders.

Market Orders: What are these orders? These are orders when you let the broker buy or sell at the current market price at the time. 

Pending Orders: It is when you instruct your broker to grant your request at a predetermined price and with the specified volume. This type of order is used to set the transaction to a certain level.

I.e. Let's say you, the analysis concluded that the price will reach the projected level and somehow himself go near that level. It is at this level, you command your broker to establish a certain type of pending order.

In general, the deferred order is very convenient as it allows you to not sit at the computer all day, and you can build different strategies for entering and exiting from the market.

There are four types of pending orders:

Buy Limit

Buy Stop

Sell Limit

Sell Stop

• Buy Limit is that, the broker opens a position to buy if the ask is less than or equal to the limit price. In this case, when you expose such an order, the current level of prices should be higher than the price at which you expose your Buy Limit. Typically, such order is placed when the forecast that the price falls to a certain level and once again begin to grow.

• Buy Stop is that, the broker opens a position to buy, ask if being higher or equal to the limit price. In this case, the order is set, when the current price is lower than the one on which place orders. 

• Sell ​​limit is that, the broker opens a short position if the Bid will be higher or equal to the limit price. Such an order is placed when the price level is below the Sell limit.

• Sell ​​Stop is that, the broker opens a short position if the Bid is less than or equal to the limit price. Order is placed when the current market price is higher than the price at which we are going to put a Sell Stop.

In the market, there are two other orders, called Take Profit and Stop Loss.

Take Profit order is an order to close the open position of the broker to achieve the predicted level. Such orders are used to lock in profits on the position.

Stop Loss order is an order to the broker to close an open position and reach the level at which you plan to stop losses on open positions. Stop Loss is placed as a protective stop if the price is not in a favorable direction for the trader.