When placing orders for London Gold, users frequently encounter two distinct order types: market orders and limit orders. The core difference lies in whether you wish to execute immediately at current market quotes or wait for a predefined target price in the future before your order gets processed. Clarifying this makes many questions related to pending orders much easier to understand.
1. What Is a London Gold Market Order
A market order is executed at the available quotes offered by the market at the moment of submission.
Lucky Gold adopts market execution. During periods of rapid price fluctuations, orders will be filled at the latest executable quotes available at that time.
Therefore, market orders focus on the present market rather than locking in a fixed future execution price in advance.
2. What Is a Limit Order
A limit order is a category of pending order.
Instead of executing a trade immediately, you set a target price for the future. The order will enter processing only once the market meets the preset conditions.
MetaTrader classifies both Buy Limit and Sell Limit as pending order types. Their trigger conditions are judged against corresponding bid and ask quotes respectively.
This type of order suits traders who have predetermined target prices but do not want to trade at the current quote for the time being.
3. What Is the Key Difference Between the Two Order Types
It can be summarised in one sentence: Market orders act on the present; limit orders wait for a specified price in the future.
For example, London Gold is quoted near USD 3400. If you want to execute the trade immediately at the market quote, use a market order. If you wish to wait until the price drops to around USD 3380 and then execute under preset terms, you need to place a corresponding pending order.
4. Minimum Distance for Lucky Gold Limit Pending Orders
Under normal trading conditions at Lucky Gold, all pending orders must maintain a minimum distance of 200 points, equivalent to 2 US dollars, from the current market price.
Pending orders cannot be placed at positions merely a few cents away from the prevailing price. During volatile market conditions or major data release periods, the minimum distance requirement may be temporarily increased.
5. How Long Will a Limit Order Remain Valid After Placement
Pending orders on Lucky Gold follow a Good-Till-Cancelled (GTC) rule.
Orders remain active unless manually cancelled by the user, triggered by market price movements, or terminated due to specific account conditions.
This means you do not need to recreate the same limit order every day. Existing pending orders will also stay active through weekends or holiday market closures.
6. Which Price Should You Refer to When Placing Orders
Buy and sell operations reference different sides of the quote. Generally speaking, buy orders are executed at the Ask price, while sell orders are executed at the Bid price.
When setting pending orders, do not rely solely on a single price line on the chart. Check the live bid and ask quotes displayed in your trading terminal.
This explains why sometimes the chart price appears close to your target level, yet the order has not satisfied the actual trigger requirements.
What Is the Difference Between London Gold Market Orders and Limit Orders
The simplest way to distinguish them: Trade right away — use market orders. Wait for a designated future price — use limit pending orders.
Lucky Gold supports market execution alongside Good-Till-Cancelled pending orders. Traders can select the appropriate order type based on their trading plans.