Market Order Types

 

 

Example:

You buy GBP/USD at market price, current forex quote shows Bid / Ask = 1.5502(1) / 1.5503(1). This means brokerage agrees to buy GBP/USD from you at 1.5502(1) and sells to you at 1.5503(1). (Also can be said: You buy GBPUSD from brokerage at 1.5503(1) and sell to brokerage at 1.5502(1)).

You may notice sometimes when you open (or close) a trade that the price is slightly different than what you requested. No brokerage can guarantee orders on desired prices at all times. The term for such situations is called Slippage.

Slippage is a normal market condition, it occurs at times of limited liquidity, or at time of high market volatility, especially around when important economic data are due to be released or at market closing and/or opening time and circumstances may make it impossible to execute orders at desired prices. Slippage, usually within a couple of points works both for and against you and there is no brokerage intervention in this.

 

Pending Order

 

Limit Order and Stop Order (Pending Order) – orders to open Buy or Sell only if the price set is reached (hit).

Pending orders remain active if the price ordered have not been reached. You can set the expiration date and time as you wish.

There are two types of Pending Order Limit Order and Stop Order, but four Pending Order combinations:

Buy Stop – To buy ABOVE current Market Price, use Buy Stop.

In this case, Buy order price must be HIGHER than current Market price.

Example: Current price is at 1.5503(1), and you want to Buy (LONG) only if the market hits 1.5533(0) (30 pips above the current price). You can set a Buy Stop at 1.5533(0).

(Note: Opening Buy/Long using ASK price)

Sell Stop – to sell BELOW current Market Price, use Sell Stop.

In this case, Sell order price must be LOWER than current Market price.

Example: Current price is 1.5502(1), and you want to Sell (SHORT) only if the market hits 1.5452(1) (50 pip below the current price). You can set a Sell Stop at 1.5452(1).

(Note: Opening Sell/Short using BID price)

 

Buy Limit – To buy BELOW current Market Price, use Buy Limit.

In this case, Buy order price must be LOWER than current Market price.

Example: Current price is 1.5503(1), and you want to Buy (LONG) only if the market hits 1.5453(1). You can set Buy Limit at 1.5453(1).

(Note: Opening Buy/Long using ASK price).

Sell Limit – To sell ABOVE current Market Price, use Sell Limit.

In this case, Sell order price must be HIGHER than current Market price.

Example: Current price is 1.5502(1), and you want to Sell (SHORT) only if the market hits 1.5532(1). You can set a Sell Limit at 1.5532(1).

(Note: Opening Sell/Short using BID price).

 

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