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buy EURUSD here with stop loss 1 hour close below 1.0598
I am just getting into trading and what to know the difference between the two
What is a Buy Limit and Stop Limit ?
A BUY LIMIT order is a pending order that you place below the market price. Orders like that are placed because it is thought that a price once reaches a certain level will bounce back and raise. The BUY STOP order on the other hand is meant for the case where a price can break a resistance and continue climbing up.
There are the equivalents to SELL orders.
Furthermore, always keep into account that LIMIT orders does not have slippage, while STOP ORDERS always have some slippage.
This difference can make "the difference" in scalping strategies that works very nice in backtest an/or Demo accounts... but if used in real accounts will be killed by slippage.
Whether LIMIT orders get slippage or not depends on your broker. For my broker, LIMIT orders may still get slippage, their reason is that when LIMIT orders are being triggered, they changed into MARKET orders to be executed and hence the final price you get may be different from your LIMIT price. Do note however that slippage may be positive or negative, so you may get better or worse pricing ....
this thread gives me greater understanding to buy limit and stop limit. i've been reading up on many websites or references and couldn't find something that gives me a simpler understanding. thank you!
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