The essentials
- Market — now, at the best price
- Limit — later, at a better price
- Stop — later, once price moves through a level
- Stop-loss / take-profit — exits
Entry orders
| Order | Placed | Typical use |
|---|---|---|
| Market | At current price | Enter immediately |
| Buy limit | Below current price | Buy a pullback |
| Sell limit | Above current price | Sell a rally |
| Buy stop | Above current price | Buy a breakout |
| Sell stop | Below current price | Sell a breakdown |
| Stop-limit (MT5) | Stop triggers a limit order | Breakout with price control |
Exit orders
- Stop-loss — closes a losing trade; can slip in fast markets.
- Take-profit — closes a winning trade at your target.
- Trailing stop — follows price by a set distance. On MT4 it runs only while the platform is open.
- Guaranteed stop — exact exit for a fee; see GSLO explained.
Combination and expiry
- OCO (one cancels the other) — two orders where filling one cancels the other; available on many proprietary platforms.
- GTC — good till cancelled.
- GTD — good till a set date/time.
- Day — expires at the end of the trading day.
Frequently asked questions
What's the difference between a limit and a stop order?
A limit order enters at a better price than now (buy lower / sell higher). A stop order enters at a worse price than now (buy higher / sell lower), typically to catch a breakout.
Does MT4 have stop-limit orders?
No. Buy stop limit and sell stop limit orders are available on MT5.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.