It may happen that you will receive a Free Forex SMS Signal to set up a pending order. It will happen when we are expecting a great movement of the price during the day and we don't want to miss the chance to make some money (neither do you).
There are four types of pending orders: buy limit, buy stop, sell limit and sell stop. Usually we are going to use 'buy stop' and 'sell stop' during our trades, so let's focus on them.
Let's say you receive a Free Forex SMS Signal: 'buy stop GOLD @1325.90'. This is how you place such an order on XM MT4 trading platform:
1. Go to your GOLD Chart Window
2. Press F9
Set up just like it is shown below:
Make sure you fill out Volume (size of position, in lots) and you typed in the correct price. After that, press 'Place'.
Your pending order has just been placed. In this case, a buy position for GOLD will be opened, if the price of GOLD passes the set up level - in this case 1325.90.