A Market Order is an instruction to buy or sell a CFD at a specified price. You need to remember that a market order can be executed at the best available price of the scheduled order, so it can be different from the quoted price at the time you place it.
A market order immediately becomes an open position that can be monitored in the Trade tab in your MT4.
Market orders can be placed only during the trading hours of the underlying asset.
A market order can also have ‘Take Profit/ Stop Loss’ orders attached to it.