What a pending order is
A pending order is an instruction that turns into a real trade only when the price reaches a level you choose. Instead of trading now, you tell the platform "trade for me later, but only if the price gets here". It lets you plan an entry in advance and walk away.
This is useful when you have identified a level worth trading but do not want to sit and watch for it, or when you want the discipline of a pre-set entry rather than clicking impulsively.
The four types
Buy Limit: buy if the price falls to a level below the current price. Sell Limit: sell if the price rises to a level above it. Both "limit" orders wait for a better price than now.
Buy Stop: buy if the price rises to a level above the current price. Sell Stop: sell if the price falls to a level below it. Both "stop" orders wait for the price to move first and confirm a direction.
The two "limit" orders assume the price will reverse from your level; the two "stop" orders assume it will keep going through your level. Choosing the right one is about what you expect the price to do next.
The numbered steps
Step 1: Double-click the instrument in Market Watch to open the order window.
Step 2: Set "Type" to "Pending Order".
Step 3: Choose one of the four types from the pending "Type" dropdown; the platform only allows the ones valid for the price you enter.
Step 4: Enter your trigger price, a small Volume, and optionally a Stop Loss and Take Profit.
Step 5: Optionally set an "Expiry" so the order deletes itself automatically if it is not triggered by a certain time. This stops old orders from firing on outdated logic.
Step 6: Click "Place". The order waits as a dashed line on the chart until the market reaches it.
Editing or cancelling
To change a pending order, right-click it in the Trade tab and choose "Modify or Delete Order", or drag its line on the chart. To cancel it entirely, choose "Delete" from the same menu. Nothing happens to your account until the order actually triggers.
An honest risk note
A pending order can fill at a worse price than its trigger during fast markets, and it may fire while you are away from the screen — so it should always carry a stop-loss. Set expiry times on orders based on a specific event, so a level you cared about last week does not surprise you next month.