These orders are distinct in that they can be placed at prices that differ from current market prices. If the price trades at the predetermined price, the entry order criteria are met, and a new position is created. There are numerous advantages to trading with entries, including not having to sit in front of a computer to execute trades! Learn more about becoming a part-time trader.

Entry orders are typically used for breakouts or other strategies that require execution when the price reaches a certain level.

In forex, an entry order is a predetermined instruction issued by a trader to enter the market at a specific price level. This order allows traders to automate their entry into a trade, helping them capitalize on favorable market conditions without constantly monitoring the charts. There are two main types of entry orders: limit orders and stop orders. A limit order is set to enter the market at a price better than the current market price, while a stop order is designed to enter the market once a specified price level is reached. Entry orders are strategic tools that enable traders to implement their trading plans and manage risk effectively. By utilizing entry orders, traders can maintain discipline in their approach, execute trades at optimal levels, and navigate the dynamic nature of the foreign exchange market with precision.