There are four different ways to open the "
Market Order Order" Box
Open
the "Market Order Box"
1. In the forex trading system "Dealing Rates"
window, click on the exchange rate for the desired
currency and operation (Buy or Sell).
2. Or, right click
on the appropriate rate and select the "Market
Order" command from the pop-up menu that
appears.
3. Click on the "Buy"
button at the top of the trading screen, which
causes the "Market Order" box to appear.
4. Click on the "Action"
heading located at the top of the screen above
the "Quote" button. From there, select
"Dealing Rates" and then "Market
Orders"
Market
Order Box
There are five parameters a trader can set prior
to sending an order to the trading desk.
Account
If the trader has more than one account, clicking
on the "Account" option will enable
the trader to select the account from which the
trades will be placed.
Currency
The "currency" will automatically default
to the currency pairing that is highlighted in
the "Dealing Rates" window. However,
any pairing can be selected by simply scrolling
down the list of currencies.
Buy/Sell
This command will either buy or sell the first
currency listed. The command will default to either
"Buy" or "Sell" depending
on how the user summons up the pop up menu. Left
clicking on the dealing rate or clicking the "Buy"
or "Sell" button will prompt the default.
Right clicking on the dealing rate or clicking
on the "Action" heading will not automatically
set the default to the operation desired.
Amount
Trades are made in increments of 100,000 of the
base currency. "100" represents 1 lot,
or 100,000 units of the base currency. "200"
is 2 lots, or 200K and so forth.
Rate
This is the rate at which the trade will be executed,
which the trader cannot change. This is the current
market rate, and will automatically update with
the rate displayed in the Dealing Rates window.
At Market Feature
This feature enables clients to customize the
range of rates they are willing to accept; orders
will simply be executed at the first rate the
market reaches that is within the range specified
by the trader, thus ensuring rapid execution and
the ability to easily create and liquidate positions.
Advanced Button
This command will allow the trader to attach a
stop or limit to the trade. To activate the stop
or limit feature, click on the box to the left
of the word "Stop" or "Limit".
The stop and limit rates automatically default
to 5 pips away from the current relevant market
rate. However, the trader can click on the box
highlighted to the right of the "Stop"
or "Limit" option and enter a specific
rate for their stop/limit order.
Completing The Trade
At any time during the trade input process, the
trader can cancel the order by clicking the "Cancel"
button. Click on the "Ok" button after
all the selections have been made to execute the
trade. After "Ok" has been selected
one of the following two responses will occur:
1. The trade order will be displayed in the "Open
Positions" window
2. A box will appear indicating that you do not
have enough funds in your account for the transaction.
When the trade appears in the "Open Positions"
window this confirms the order has been executed.
Note: Opening a new position that is the opposite
and in the same amount as an existing open position
will effectively close the original position and
serve to cancel each other out.
