An order is simply an instruction to enter a trade. Orders are created via the order form. It defines the trading pair to trade (for example BTC/EUR), the order type (Market, Limit, Stop or Stop-Limit), and trade size—including the price levels at which the trade should be closed (Take Proﬁt and/or Stop Loss).
An order can be ﬁlled as soon as it is placed (eg Market Orders), or it can take longer (often the case with Limit orders since it needs to be filled by another user). While an order remains unﬁlled (or only partially ﬁlled) it is listed in the Open Orders panel where it can be modiﬁed or cancelled.
When an order is ﬁlled (either completely or partially), a position is created with open P/L (proﬁt/loss) that automatically updates in real-time as the market price for the pair changes. Open positions are displayed in the Position Summary and Positions panels. When a position is closed, the open P/L converts to closed P/L and updates the wallet and collateral allocations for your Primary collateral currency.
Coinmetro’s Demo Platform is always available if you would like to practice without risk. Please note that this article is not to be seen as trading or financial advice. It is for educational purposes only.