Market orders
A market order executes now, at the best price currently available. It is the simplest way into a trade and the right one when being in the position matters more than the exact price. In fast markets the fill can differ slightly from the price you clicked — that difference is slippage.
Pending orders
A pending order waits at a price you choose and only becomes a position when the market reaches it. MT5 offers four:
| Order | Placed | Used when you expect |
|---|---|---|
| Buy Limit | below the current price | a dip, then a rise |
| Sell Limit | above the current price | a rally, then a fall |
| Buy Stop | above the current price | a breakout upward |
| Sell Stop | below the current price | a breakdown downward |
Limits buy cheaper or sell dearer than the market is now. Stops enter with momentum, after the price has already moved through a level.
Which to use
- You have a level and want a better price than now → limit.
- You want confirmation that a level has broken → stop.
- You need to be in immediately → market.
Expiry
Pending orders can be good until cancelled, until the end of the day, or until a time you set. Set an expiry when the setup only makes sense for a session; a limit order left for a week fills into a very different market.
Summary
Market orders execute now; pending orders execute at your price later. Limits look for a better price, stops wait for confirmation, and both let a plan run without you watching.