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Trading Platform
FXCM offers traders two ways to place a market order, which differ in how the price is determined. Market orders can either be filled within a defined price range (market range) or at the best price available (At Market). Orders executed at a pre-defined price (entry order) will always be executed at the best price available (At Market).
FXCM traders never have to get automatic messages, such as, "The market has moved," or "The price has expired," which prevent the order from being executed. Whenever traders place an At Market order, they receive the best price available from large banks and financial institutions competing with one another.
Traders active when key data are released or when significant events are unfolding know that prices can move very rapidly in the blink of an eye.
FXCM offers two types of market orders to enable traders to be active in any market situation:
- Market range: You control the execution price.
- At Market: You can be assured of order execution.
Market Range
To the right of the “Market Range” input field, traders specify the number of pips in the price range in which their order should be executed. A different price range can be set for every trade. This gives the trader complete control over the execution price.
At Market
An At Market order offers traders certainty that their orders will be executed, and the advantage that comes from competition between the large banks.
Order Settings: Good Till Cancelled and Immediate Or Cancelled
FXCM also offers the following two setting options for placing market orders. The default option is GTC (Good Till Cancelled).
GTC: Good Till Cancelled is an order setting which ensures that an order remains valid until it is executed or cancelled.
IOC: Immediate Or Cancelled is an order setting which ensures that the remaining volume of an order not executed in its entirety is cancelled automatically. It makes sense to use this order setting when key data are released or when significant events are unfolding to avoid liquidity problems.
