Open Order
a.k.a. Pending order
An order you've placed that hasn't been filled or cancelled yet.
In plain English
An order you've placed that hasn't been filled or cancelled yet.
An open order is waiting in line. A limit order to buy EUR/USD at 1.0750 sits there, open, until price drops to 1.0750 and fills it, or until you cancel it, or until it expires. It is not a position yet; it is a promise to take one if the conditions are met.
Do not confuse it with an open position, which is a trade that has already filled and is live in the market. Forgetting about an old open order is a classic way to end up in a trade you no longer want.
Keep this word for good
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