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An “order” refers to a setting for opening a new position at a specified price on the platform. You can preset the order opening level, but you cannot set to close the position outside the trading time for the financial instrument.

The current buy price of gold is $1300.05 per lot. You place an order to buy at $1298.00.
In a price fluctuation, the buy price drops from $1300.05 to $1296.40.
According to your order, the above position will be opened at $1296.40, because this price is the first best tradable price after your specified price is skipped.

Usually there are four types of pending orders: buy stop, sell stop, buy limit, and sell limit, all of which are available at Mitrade. Stop orders (including buy & sell orders), in addition to the function of stopping losses in existing positions, can be used as a buy stop / sell stop strategy. Limit orders (including buy & sell orders) are usually used to buy at a price lower than the market price (buy limit) or sell at a price higher than the market price (sell limit).

A stop-loss order allows you to set an automatic closing price in advance to avoid price fluctuations which may cause excessive losses to your position and to limit your losses. When the value of your position reaches or skips (the price may fluctuate higher or lower when fluctuations are excessive) this price, the stop-loss order will be triggered and your position will be automatically closed.
This function does not guarantee that a position is actually closed at the price, due to market fluctuations that sometimes lead to “slippage”. When the market price reaches or skips your pre-set stop-loss level, your position will be closed at the next best price.

The US30 CFD's bid/ask price is $22,916.66/$22,919.86.
You buy 10 US30 CFDs and place the stop-loss level at an sell price of $22,896.50.
If the US30's price suddenly drops from $22,916.66 to $22,886.40, your position will be closed at $22,886.40 instead of your original stop-loss price of $22,896.50.
It is because the placement of a stop-loss order does not guarantee that your position will be closed at that price. When the stock price suddenly falls below $22,896.50, the stop-loss order is triggered and the position is automatically closed at the next best closing price, which is $22,886.40 in this example.

The trailing stop order is one of the stop-loss orders designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the investor’s favor, but closes the trade if the price changes direction by a specified pip amount.

Example: Suppose you buy EUR/USD at 1.14106, and set a 500-pip trailing stop order. If the price rises to 1.14606, your stop-loss will increase from the initial level of 1.13606 to 1.14106 (by 500 pips). Then your stop loss level will remain at 1.14106 unless the price moves in the direction you are holding.

You can use a trailing stop order to lock the stop-loss amount and reduce the risk to your acceptable range without limiting your profitable potential.

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