This is an inquiry regarding the reservation transaction system.

[Y.MO Koo]

This is an inquiry regarding the pre-order function (=reserved transaction) of Mobile MT5 and Windows MT5.

Regardless of whether the desired price is higher or lower than the current price,

Please allow specifying buy or sell in the pre-order function.

[Ryan L Johnson]

Ryan L Johnson #:
DeepL Translate: "I have a question regarding the pre-order feature (i.e., scheduled trading) in the Mobile MT5 and Windows MT5 platforms. Regardless of whether the desired price is higher or lower than the current price, please allow users to specify a buy or sell order using the pre-order feature.

Buy Limit	─ Buy at a price lower than the current market price.
Sell Limit	─ Sell at a price higher than the current market price.
Buy Stop	─ Buy at a price higher than the current market price.
Sell Stop	─ Sell at a price lower than the current market price.

[Alain Verleyen]

Ryan L Johnson #:

Buy Limit	─ Buy at a price lower than the current market price.
Sell Limit	─ Sell at a price higher than the current market price.

It depends of the Market traded, what you wrote is valid for Forex or CFDs for example. 

For Futures or Stocks (Exchange execution), a limit order can be placed at any price.

[Ryan L Johnson]

Alain Verleyen #:
t depends of the Market traded, what you wrote is valid for Forex or CFDs for example.

I really don't believe that a trader who is unaware of the order types in the market in which they are trading is already trading centralized futures nor stocks on an exchange. A certain level of knowledge is required to do so. Furthermore, FX has the lowest barriers to entry, and the overwhelming majority of traders and information on mql5.com are aimed at FX.

Alain Verleyen #:
For Futures or Stocks (Exchange execution), a limit order can be placed at any price.

Generally, one would naturally tend to think so. In MT5, that is not necessarily the case, however. As a CME Futures and OTC FX MT5 trader, I can tell you that all of my orders sent from MT5 to the futures exchange are sent as market orders. This is due to the broker-dealer's custom gateway that is required to connect MT5 to the exchange.

By the way, there is no such thing as a "pre-order" so who knows exactly what that was intended to mean. I should probably mention for the OP's sake that standing orders in FX are pending orders and are labelled as such in MT5. While we're at this, we may as well throw options trading working orders into the mix... although the OP is even less likely trading options where even more knowledge is required, and MT5 is even rarer.

[Enrique Dangeroux]

Alain Verleyen #:

It depends of the Market traded, what you wrote is valid for Forex or CFDs for example. 

For Futures or Stocks (Exchange execution), a limit order can be placed at any price.

It is in fact a limit of MT. There are brokers which allow to set an offset in order to place a buy limit above the current price or sell limit below.

[Ryan L Johnson]

Enrique Dangeroux #:
It is in fact a limit of MT. There are brokers which allow to set an offset in order to place a buy limit above the current price or sell limit below.

Interesting. Such broker-dealers must offer CFD's because contracts-for-difference can be structured however the broker-dealer sees fit. Correct?

(I can't access CFD's in my location).

[Enrique Dangeroux]

Ryan L Johnson #:

Interesting. Such broker-dealers must offer CFD's because contracts-for-difference can be structured however the broker-dealer sees fit. Correct?

(I can't access CFD's in my location).

No. OTC (XCCY).

[Ryan L Johnson]

Enrique Dangeroux #:
No. OTC (XCCY).

Thanks.

That's news to me because the full series of order types that you mentioned aren't available to retail FX traders in the U.S. (there are only 5 or 6 U.S. FX broker-dealers). All FX trades in the U.S. must ultimately be cleared in the interbank FX market─maybe the lack of full order types is related to that regulation... or the fact that CFD's are banned here.

Also, U.S. retail traders generally don't have access to cross-currency swaps. Here, swaps are custom written contracts among sophisticated (wealthy) investors─mainly institutions. We can't just log into a trading platform and trade swaps.

[Enrique Dangeroux]

Ryan L Johnson #:

Thanks.

That's news to me because the full series of order types that you mentioned aren't available to retail FX traders in the U.S. (there are only 5 or 6 U.S. FX broker-dealers). All FX trades in the U.S. must ultimately be cleared in the interbank FX market─maybe the lack of full order types is related to that regulation... or the fact that CFD's are banned here.

Also, U.S. retail traders generally don't have access to cross-currency swaps. Here, swaps are custom written contracts among sophisticated (wealthy) investors─mainly institutions. We can't just log into a trading platform and trade swaps.

No idea what you are talking about. I only mentioned limit orders and they are available in the US. Also as Alain mentioned they can be placed at any price. It is just the terminal that will not allow to send a buy limit above the price. To cicrumvent this terminal limitation, brokers can offer to allow the trader to set an offset in the account and this offset will be applied to the price of the limit order sent. That is all.

[Ryan L Johnson]

Enrique Dangeroux #:
No idea what you are talking about.

Of course. I don't expect you to. The U.S. is... um... a strange place in which to trade. And I wish that was all.