Types of Orders

Limit orders

The client places these orders if they wish to buy or sell a product at a price that is currently better than the prevailing market has to offer. The order must be placed at least the minimum distance from the current market price. The Trade Center will note this distance clearly so you know how to place the Limit Order. When the market touches the required level the deal is automatically executed for the client. These orders are placed with the aim to get a better price than the current market. Such orders can be cancelled and amended by the clients whenever they wish as long as the price is further from market than the minimum distance allowed.
e.g. Current USDJPY market is 105.90, A client may place an order to buy 5 USDJPY @ 105.00

Stop orders

These are placed to restrict and limit the loss of an open position. These are commonly placed after a new position has been taken to limit loss if the market moves against the clients open position(s). If the market moves in favour of the client the stop order can easily amended at any time so that it locks in any profit. However, the main point of these orders is so that the client is protected against a serious loss if there is a sudden move in the market, against his position. Again, these orders can be cancelled and amended by the clients whenever they wish as long as the price is further from market than the minimum distance allowed. e.g. Current GBPUSD market is 1.8140, A client may place and order to sell 1 GBPUSD @ 1.8050

One Cancels Other order

This is simply an order that has both a stop price and a limit price. If one is executed the other one is simply cancelled. This ensures that the client is ready for the market to move for or against him. Avoiding a large loss if the market moves against him and ensuring profit if the market moves in his favour. e.g. Client may be open Long 1 USDCHF @ 1.2470. He can place an OCO order to sell 1 USDCHF @ 1.2400 stop and to sell 1 USDCHF @ 1.2520 limit, under the same order number.

Market on Close Order

This is an order that will be executed for an account at the market close price, mostly used when accounts need to liquidate to bring their accounts to the necessary margin requirement level.

Good till Cancelled Orders

These are GTC orders and mean that they must be rolled forward onto the next day until they are cancelled, executed or until the market closes for the weekend or a holiday.