The term “order” refers to how you will enter or exit a trade. A market order is an order to buy or sell at the best available price.
The market order is probably the most basic and often the first FX order type traders come across. Just as the name implies, market orders are traded at market. This means if you want to get into the Forex market immediately, you can trade a market order and be entered at the prevailing price.
Going Long (Buy): Going long on a currency pair means buying it in the expectation that its value will increase.
Going Short (Sell): Going short or shorting a currency pair means selling it in the expectation that its value will decrease.
When you open a buy order on a pair, you will do so at the going “ask” price, and close at the “bid” price. In the same way, when you open a sell order on a pair you will do so at the “bid” price, and close at the “ask” price.
For example, the bid price for EUR/USD is currently at 1.10728 and the ask price is at 1.10755. Buying this pair via a market order means you would get it at 1.10755. Likewise, selling it via market order means you do so at 1.10728.