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FOREX
Type
of orders
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Market Orders
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Entry Orders
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Stop Entry Orders
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Limit Entry Orders
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Stop-Loss Orders
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Limit Orders
Market
Orders
A market order
is an order to buy or sell which is to be filled immediately
at the current exchange rate quotation. Swiss guarantees
an immediate fill on all market orders up to $1 million.
On larger orders, if Swiss is unable to fill the order at
the specified rate, Swiss will send the client a new price
representing the current market rate. Under no conditions
will a market order be filled at a price not approved by
the client.
Entry
Orders
An entry order
is an order that is executed when a particular price level
is reached and/or broken. The execution of these orders
is under the supervision of the dealing desk and remains
in effect until the client cancels the order.
Stop
Entry Orders
Stop entry
orders are executed when the exchange rate breaks through
a specific level. The client placing a stop entry order
believes that when the market's momentum breaks through
a specified level, the rate will continue in that direction.
Limit
Entry Orders
Limit entry
orders are executed when the exchange rate touches (not
breaks) a specific level. The client placing a limit entry
order believes that after touching a specific level, the
rate will bounce in the opposite direction of its previous
momentum.
Stop-Loss
Orders
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 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
Orders
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.
A limit order placed on a Buy position is a limit entry
order to Sell that position. A stop-limit order remains
in effect until the position is liquidated or the client
cancels the stop-limit order.
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