A buy limit order is a powerful tool that allows traders to enter the market at a predetermined price below the current market level. Whether you're trading Forex, stocks, or CFDs, understanding how to effectively use buy limit orders on platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) can significantly improve your trading efficiency and precision. This guide walks you through everything you need to know—from placing and managing to canceling buy limit orders—across both desktop and mobile versions.
What Is a Buy Limit Order?
A buy limit order is a type of pending order used to open a long position at a price lower than the current market price. It's commonly used when traders anticipate a temporary price pullback within an overall bullish trend.
Unlike market orders, which execute immediately, a buy limit order remains inactive—pending—until the market reaches your specified price. Once the price hits your target, the order is triggered and becomes a live market position.
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Key characteristics of a buy limit order:
- Placed below the current market price.
- Remains pending until filled or canceled.
- Can be combined with stop-loss (SL) and take-profit (TP) levels for risk management.
- Supports time-based conditions such as Good Till Cancelled (GTC) or a fixed expiry.
This makes it ideal for traders who want to capitalize on retracements without constantly monitoring charts—especially useful for day traders, swing traders, and those managing multiple instruments.
Why Use a Buy Limit Order?
Buy limit orders are particularly effective in strategies involving:
- Support and resistance levels
- Pivot point bounce setups
- Trend continuation patterns
For example, if a stock is trending upward but has pulled back to a historical support zone, a trader might place a buy limit order just above that support. If the price rebounds, the order executes automatically, locking in a favorable entry.
Additionally, because these orders can remain active even when you're offline, they offer peace of mind and consistent execution—critical components of disciplined trading.
How to Place a Buy Limit Order on MetaTrader Desktop
Placing a buy limit order on MT4 or MT5 desktop is straightforward:
- Open your MetaTrader platform.
- Navigate to "New Order" via the toolbar or by right-clicking in the "Market Watch" window.
- In the order window, click the dropdown next to "Type" (default is “Market Execution”) and select “Pending Order.”
- Choose “Buy Limit” from the list of pending order types.
Enter your desired parameters:
- At Price: Set the price level below the current market price.
- Lot Size: Define your position size.
- Stop-Loss & Take-Profit: Optional but recommended for risk control.
- Expiry: Choose either a specific time or set as GTC.
- Click “Place” to confirm.
Once submitted, the order appears in the "Terminal" > "Trade" tab under pending orders. It will stay active until executed or manually canceled.
How to Place a Buy Limit Order on MetaTrader Mobile
Trading on the go? The MetaTrader mobile app (iOS and Android) offers full functionality for setting buy limit orders:
- Launch the MT4 or MT5 mobile app.
- Tap the "+" icon in the top-right corner to open the order terminal.
- Tap “Market Execution” to switch to pending order mode.
- Select “Buy Limit” from the options.
Configure:
- Instrument
- Lot size
- Buy limit price (must be below current price)
- SL/TP levels (optional)
- Expiry setting
- Tap “Place” once all fields are correctly filled.
The order will now appear in your pending orders list and behave exactly like its desktop counterpart.
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How to Cancel a Buy Limit Order on Desktop and Mobile
On MetaTrader Desktop:
- Open the "Trade" tab in the Terminal window (usually at the bottom).
- Locate your pending buy limit order in the list.
- Find the gray "x" on the right side of the order row.
- Click it to cancel immediately.
On MetaTrader Mobile:
- Go to the “Trade” tab.
- Switch to the “Orders” section (below “Positions”).
- Long-press the buy limit order you wish to cancel.
- From the pop-up menu, select “Delete Order.”
The order is instantly removed from your broker’s system.
⚠️ Tip: Always double-check that the order has been canceled by confirming it no longer appears in the pending orders list.
When Should You Use a Buy Limit Order?
Buy limit orders shine in specific market conditions and strategies:
1. Trading Pullbacks in Uptrends
When prices rise, they often retrace before continuing higher. A buy limit order lets you pre-set an entry at a favorable level during these dips—such as near key support or Fibonacci retracement zones.
2. Support and Resistance Strategies
Traders often place buy limit orders just above known support levels. If price bounces, the order fills automatically; if support breaks, the trade doesn’t execute—limiting downside risk.
3. Pivot Point Bounce Setups
Many traders use pivot points (PP, S1, S2, etc.) as potential reversal areas. Placing buy limit orders at S1 or S2 during an uptrend increases the chance of catching a bounce with minimal manual oversight.
4. Automated Entry Without Constant Monitoring
Busy professionals or multi-asset traders benefit greatly from automation. Set your buy limit once and let the market come to you—even while sleeping or working.
Frequently Asked Questions (FAQ)
What’s the difference between a buy limit and a market order?
A market order executes immediately at the best available price, while a buy limit order waits for the price to drop to your specified level before executing.
Can a buy limit order be partially filled?
Yes. Depending on liquidity, large orders may be filled in parts when the specified price is reached.
Why didn’t my buy limit order execute?
If the market never reached your set price, the order remains pending. Also, some brokers may cancel GTC orders after a certain period—check your broker’s policy.
Should I always use stop-loss with a buy limit order?
Yes. Combining SL with buy limit orders helps manage risk if the market moves against you after execution.
Can I modify a buy limit order after placing it?
Yes. You can adjust price, lot size, SL/TP, or expiry before it’s filled—simply edit it directly in the “Trade” tab.
Is there a fee for placing a buy limit order?
No. Brokers don’t charge for placing pending orders. Fees apply only upon execution (spread/commission).
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Final Thoughts
Mastering the use of buy limit orders on MetaTrader enhances your ability to trade with discipline and precision. By automating entries based on technical levels, you reduce emotional decision-making and increase consistency across your trades.
Whether you're using MT4 or MT5, desktop or mobile, the process is intuitive and highly customizable. Combine buy limit orders with stop-loss and take-profit levels for robust risk management—and take full advantage of their “set-and-forget” nature for efficient trading.
With proper planning and strategic placement, buy limit orders become indispensable tools in any trader’s arsenal—helping you capture opportunities even when you're not actively watching the screen.
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