A "Limit Order" is a type of order that is placed in the opposite direction of the profit in order to maximize profit.
There are three types of Pending Orders:
Buy Limit: Placing a buy order at a price lower than the current ASK (buy) price.
Sell Limit: Placing a sell order at a price higher than the current BID (sell) price.
Take Profit (T/P): Closing a profitable position at a specific price.
Here's how to set a Pending Order:
[On PC]
1. Log in to MT5.
2. Click on "Tools" at the top of the screen and then click "New Order."
3. Choose the trading instrument from the dropdown menu.
4. Change the "Type" to "Pending Order."
5. Select "Buy Limit" or "Sell Limit" from the "Type" dropdown menu.
6. Enter the quantity, price, stop loss, take profit, and click "Place" at the bottom of the screen.
7. The Limit Order is now placed.
[On Mobile]
1. Log in to MT5.
2. Tap "Trade" at the bottom of the screen.
3. Tap the "+" icon in the top right corner.
4. Tap on the currency pair displayed at the top of the screen and select the instrument you want to trade.
5. By default, "Market Execution" is displayed. Tap on it and choose "Buy Limit" or "Sell Limit."
6. Enter the price, quantity, stop loss, take profit, or leave them blank, and tap "Place" at the bottom of the screen.
7. The Limit Order is now placed.
If you have further inquiries, please don't hesitate to contact our Support Team via "Contact Us" function.