Market Order
A Market order is an order to buy or sell a specific currency, which is to be filled immediately at the current exchange rate quoted on the screen. The execution of all orders is automatic. If a price has changed already, the system will send the client a new price representing the current market rate.
The dealing desk usually responds to market orders in less than 5 seconds during normal market conditions. During heavier market conditions, market orders are usually processed in less than ten seconds. Under no circumstances will a market order be filled at a price which the client has not approved.
Entry Order
An entry order is an order that is executed executed at the moment when the market price touches the specified client's price. The executions of these orders are under the supervision of the dealing desk and remain in effect until the client cancels the existing order. Entry orders fall into two broad categories and are executed according to each category:
"Limit Entry Order" and "Stop Loss Order".
Both orders will be executed automatically when the specified price is touched. A stop-loss is an entry order linked to a specific position for the purpose of stopping the position from accruing additional losses. A stop-loss order placed on a Buy position is a stop entry order to Sell that is linked to that position. A stop-loss order remains in effect until the position is liquidated or the client cancels the stop-loss order.
Limit Order
A limit order is a limit entry order linked to a specific position for the purpose of locking in the gains on an existing position.
Entry stop, Entry limit, Limit and Stop orders can be set no closer than 6 pips away from the current market price. The system will reject attempts to place such orders closer than 6 pips away from the current market price.
"Visual Trading" platform supports all standard order types:
Market Order: From the "Dealer's Rates" window, click on the currency pair you wish to trade, then select the transaction size in the "Amount per acc." window. You can trade mini contracts by choosing any combination of 1/10th lots, such as 0.1, 0.2, 0.9, or 3.5, or even 137.4, for instance, etc. You can then click "OK" to confirm.
Limit and Stop Orders: Orders can be placed to close a position on a stop or limit, as well as to initiate a position on a stop or limit. To close an open position, right click on that position in the "Open Position per Account(s)" window and select "Stop" or "Limit". You can then input your price.
To initiate a position with a stop or a limit, right click on the currency bid or ask in the "Dealer's Rates" window and select "Entry Order."
Notice: Be aware that you can also execute all your orders directly on the charts - just right click on a chart to choose the order.
Close Position Order: To close an open position at the market, or with a stop or limit, right click on the position in the "Open Position per Account(s)" window and select "Stop", "Limit", or "Close Position."
Hedge Positions: It is possible to hedge positions that are already open. Attention: opening a new position from the "Dealing Rates" window in the opposite direction from an existing position leads to the liquidation of the original position.
Notice: No additional margin is requested for "hedging" positions.
Just right-click the open price at the "Open Position for Account(s)" table and choose "Hedge Position" order. If you have several positions open in a given currency pair, you may hedge them all or only some of them - just specify the amount in the "Amount per acc." window which will appear after you choose to hedge your positions. (click here to see details in the Trading Manual). While heding, the margin remains the same for each hedged position.