A limit to make buy or sell at a specified price. The order essentially contains two variables, price and duration. For example, EUR / USD is currently trading at 1.2050. You go long if price reaches 1.2070. You can sit in front of your monitor and wait for it to reach 1.2070 (at the time you click to buy market order) or you can set a buy limit order at 1.2070 (then you could leave your computer to attendyour room dance classes).
If the price exceeds up to 1.2070, your business will automatically start to buy in order to accurately price. You set the price you want to buy or sell a certain currency pair and also specify how long you want to remain active (GTC or GFD).
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