The term forex order simply means how you will enter or exit a trade. When you are trading forex, you have many more options at your fingertips to take advantage of trading opportunities, both now and in the future, than just simply buying and selling at the current market price and we go through your options here.
A market order can be both a buy or sell order that will enter you into a trade at the current market price. That is the price you see right now on your MT4 chart. If you enter a market order then you will be instantly entered at the best available price.
Market orders are best used when you see a trading opportunity that needs you to act quickly. Click buy/sell at market and you are in the trade instantly. For example, the bid price for AUD/USD is currently at 0.7228 and the asking price is at 0.7230. If you wanted to go long AUD/USD at the market, then you would be entered at the asking price of 0.7230. You would click buy and your VT Markets MT4 platform would instantly execute a buy order at that exact price.
A stop order can be both a buy stop or a sell stop and is used when you would like to buy above the market or sell below the market. This is best used for trading breakouts or trend continuation strategies when you want the market to just keep going.
For example, AUD/USD is currently trading at 0.7230 and is trending upward. You believe that price will continue to go up, and break out of resistance at 0.7300. Instead of sitting in front of your computer and hitting buy at the market, possibly missing your perfect entry price, set a buy stop order at 0.7300. You do not have to be in front of your computer when the price hits your stop order.