When you first open your trading station software, you could find that there are a number of ways to go into the market or, related in an alternative way, there are a number of ways to set an initial order to buy or sell any currency pair. One of these kind of orders is what's known as a Market order, this is an order to buy or sell a currency pair at the market price considering the instant the order is received and processed ( which is in generally within seconds of hitting the'OK' button on your trading platform ). As an example, one common recommendation is that you have to always set an entry order to be the same price as the 'open cost of the period of time.
And they are typically used as safety locks so you won't end losing everything in a bad trade.
In a nutshell you can always use stops and bounds when trading the forex markets.
A limit order ( counseled if you can not watch your open trade ) is used to redeem profits.Where these orders are placed, re your open trade, depends on the direction of the entry order, this is, if you are going to buy or sell. Do not forget, a stop order is always placed below this market valuation of that currency pair when you are in a long ( buy ) trade. And a limit order is always placed above this market valuation of that currency pair when you are in a long ( buy ) trade.