Order types and execution conditions
Within the trade system there are several types of orders.
Market order.
Market order is a direction to buy or sell a currency pair due to current market price. The transaction is performed instantly via the trade terminatl at the price shown in the window of transaction or via phone quotation, presented by the dealer.
At high volatility conditions the position opening may be done in two ways:
- While opening the position, the client will be provided with new market price different from the price originally declared by the client.
- Client can mark “Enable maximum deviation from quoted” in the transaction window. In this case position may be opened at the price within maximum deviation chosen by the client.
The quoted prices received by the clinent in the client terminal are supposed to be indicative and might not coincide with the quotations offered by the dealer during request confirmation. All the questions concerning the determination of the market price level are competence of the dealer.
Pending order.
Pending order is a direction to perform a transaction at the price different from current market price. The sell and buy transaction is performed when the market price reaches the level specified in order.
At high volatility conditions or price gaps, especially after weekends and holidays or after the release of macroeconomic data, pending orders for position opening will be performed at the first price that appears on the market after the gap.
Under certain market conditions, when fulfilling the order (Sell Limit, Buy Limit, Sell Stop, Buy Stop, Stop Loss and Take Profit) by the client\'s claimed price are not possible, the companny has the right either to fulfil the order or to reconsider the opening (closing) price of the order by the current market price. Such situation is possible on abrupt price changes of the financial instrument during or on the opening of the trading session.
Linked limit and stop orders.
Orders linked to the opened position or pending order for position opening, can be divided into two main categories: stop-loss and take-profit.
Stop-loss is used to prevent possible losses and it is set at the price worse than the price of position opening or pending order execution.
Take-profit is used to close the position at the targeted level of profit. It is set at the price better than the price of position opening or pending order execution.
In the case of deleting a pending order, or manual position closing or execution of stop-loss/take-profit order, all the remaining linked orders will be deleted automatically.
Take-profit orders are executed at the price specified by client.
The Company has the right to refuse acceptation or execution of any client\'s order without a reason explaination.
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