What is a limit order and how does it work?

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    A Limit Order is a type of Pending Order set to help traders buy or sell an asset at a specific price, or better.

    Types of Limit Orders are:

    To Open:

    • Buy Limit: to buy at a price lower than the current ask price.
    • Sell Limit: to sell at a price higher than the current bid price.

    To Close:

    • Take Profit: to close a profitable position.

    How to place a Limit Order

    1. First, log into MT5.
    2. Next, open a new order by double-clicking your chosen instrument.
    3. Change Order Type to Pending Order.
    4. Select Buy Limit or Sell Limit from the revealed area under Type.
    5. Set the requested price, ensuring it stays within valid parameters in case of an invalid SL/TP message.
    6. Your Limit Order is now set up.
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