Orders may be of two types: Market orders and Limit-orders. Market Order enables you to make a deal at the current market price, while the limit order fixes the price-level when a certain currency should be bought or sold (in case the market reaches this level). Market price may not to reach the level of the limit-order – in this case it won’t be executed.
A limit-order may be valid till the end of the trading session (daily) or till its cancellation by the account owner (Good Till Cancel, GTC). On Friday at 19:00 GMT all DAY and GTC orders are automatically cancelled. When rolling over through the week-end one may only use orders Stop-Loss and Take-Profit, tied to an open position (they stay active).
The price of the limit-order should not be closer to the current market price than a certain number of points, i.e. be minimum X points higher than the current market price ASK or X points lower than the current market price BID at the moment of placing the order. You may see the value of X in the order window when placing your limit-order.
There is also another type of limit-orders – One Cancels the Other (OCO). This order includes two simple limit-orders – (both for buying or both for selling) and if one of them is executed, the other is automatically cancelled. As usual this order is used for limiting the Stop-Loss and Take-Profit levels for an open position. At the present moment these orders are not active, since after introducing SL and TP orders bound to a certain position they have lost their functionality.
You can receive more detailed information about the limit-orders in the manual for installation and usage of “iTrader” software, which you can download from the web-site of our company.
