How to Place Pending Orders on Match Trader

Introduction

This guide will teach you how to set up and manage pending orders on Match Trader, including buy limit, sell limit, buy stop, and sell stop orders. You’ll also learn how to adjust order prices, set lot sizes, Stop Loss and Take Profit levels, and track your pending orders. By the end of this lesson, you’ll be ready to execute trades at specific price levels confidently.

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1. Introduction to Pending Orders

Pending orders allow you to set trades that execute automatically when the market reaches a specific price. This feature is perfect for traders who want to plan their entries and exits without constantly monitoring the market.

Types of Pending Orders

Buy Limit

Used when you want to buy at a lower price than the current market price.
Example: If the market price is 1.2000, you can set a buy limit at 1.1900.

Sell Limit

Used when you want to sell at a higher price than the current market price.
Example: If the market price is 1.2000, you can set a sell limit at 1.2100.

Buy Stop

Used when you want to buy at a price higher than the current market price, expecting the price to continue rising.
Example: If the market price is 1.2000, you can set a buy stop at 1.2100.

Sell Stop

Used when you want to sell at a price lower than the current market price, expecting the price to continue falling.
Example: If the market price is 1.2000, you can set a sell stop at 1.1900.

Placing a Pending Order

Selecting an Instrument

Open the Match Trader platform.
Select an instrument from the Market Watch section or your favorites list.

Setting Lot Size, Stop Loss, and Take Profit

Click on the Buy or Sell option for the chosen instrument
In the order window, enter your preferred lot size.
Set your Stop Loss (to limit risks) and Take Profit (to secure gains).

Adjusting Order Price

Choose the type of pending order (Buy Limit, Sell Limit, Buy Stop, or Sell Stop).
Enter the specific price level where you want the order to execute.
Alternatively, adjust the price directly on the chart by dragging the order line to your desired level.

Managing Pending Orders

Viewing Order Details

Go to the Pending Orders tab to see all your active pending orders.
Here, you’ll find details like the order type, lot size, price, Stop Loss, and Take Profit levels.

Modifying or Canceling Orders

Select the order you want to edit or delete from the Pending Orders tab.
Adjust the price, lot size, or Stop Loss/Take Profit levels if needed.
To cancel an order, click the Delete or Cancel button next to it.

Tips for Using Pending Orders Effectively

Step-by-Step Process

Go to the Open Positions tab.
Select the trade you want to partially close.
Click the Close button to open the trade closure window.
In the closure window:
- Specify the amount (lot size) you want to close.
- The remaining lot size will stay active.
Confirm the partial closure.

Benefits of Partial Closure

Plan Your Trades: Use pending orders to execute trades at strategic levels, avoiding emotional decisions.
Monitor Market Trends: Align your pending orders with key support, resistance, or breakout levels.
Adjust When Needed: Modify pending orders as the market evolves to stay in control of your strategy.

Tips for Managing Open Trades

Stay Updated on Market Conditions: Regularly review your trades and adjust SL/TP levels as needed.
Use Partial Closures Strategically: Secure profits during volatile markets to protect against sudden reversals.
Avoid Overtrading: Make modifications and closures based on a clear trading plan, not emotions.

Conclusion

Pending orders on Match Trader make it easy to execute trades at specific price levels with precision. By understanding the different types of pending orders and learning how to set them up, you can streamline your trading process and improve your strategy. Don’t forget to review and adjust your pending orders regularly to adapt to market conditions.