An open order in forex trading is an order placed by a trader to buy or sell a currency pair at a specific price, which has not yet been executed. It remains in effect until it is either executed, canceled or expired. Open orders are used to enter or exit a trade, and they are important for traders who want to set a specific entry or exit point for a trade. An open order can be a limit order or a stop order. A limit order is an order to buy or sell a currency pair at a specific price or better, while a stop order is an order to buy or sell a currency pair at a specific price or worse.