Types of orders and terms of performance
Within the trade system there are several types of orders.
1) Market order.
Market order – is a command to performing of 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.
In conditions of high volatility the opening of position can be done in two ways:
- While opening the position, the client will be provided with new market price, This price will be different from the price that was originally announced by the client.
- Client can set a tick “any price” in the window of transaction. In that case position will be opened on the price that existed in the market when the request from the client was received. Slippage size can be chosen by the client.
The prices' quation received by the client through the clients terminal about the instruments are supposed to be indicative and might not coincide with the quotation offered by the dealer on answering the price overcherge. All the questions connected with the determination of the prices'level in the market are competence of the dealer.
2) Pending order.
Pending order – is a command to perform a transaction for a price that is different from current market. The sell and buy transaction is performed when prices on the market reaches the prices written in client’s order.
In conditions of high volatility and due to price gaps, especially after weekends and holidays or after the release of macroeconomic data, posted orders for position opening will be performed on the first price that appears on the market after the quotation breach.
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.
3) Linked limit and stop orders.
Orders connected with an opened position or posted order for opening a position, can be divided into two main categories: stop-loss and take-profit.
Stop-loss is used to prevent possible losses and it is set lower than the price at the time of placing the order or at execution of a posted order.
Take-profit is used only to close the position. When the price hits a targeted level of profit, the position will be closed. It is set at a price higher than it was at the time of opening of position or execution of a posted order.
In case of deleting a posted order, the manual closing of the position or due to abrasion of stop-loss/take-profit order, all the remaining connected orders will be deleted automatically.
Take-profit orders are executed based on the price declared by client.
4) OCO (one cancels other).
OCO orders – is a posted order to open a position at a price different from current market price. In case of abrasion of any order, the corresponding order will be deleted automatically.
For OCO orders, the rules of execution wil be the same as for simple posted orders.
5) Activated.
Activated order – is a pending order that is carried out if the price reaches the level of activation.
For execution of activated orders, the rules are the same as for simple posted orders.
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