Immediate Orders
Brief
The article describes the types of immediate orders.
Details
There are two kinds of an immediate order:
Open |
Used for opening a position immediately upon the trader's request. |
Close |
Used for closing a previously opened position immediately upon the trader's request. |
Open Orders
There are four types of an open order:
Open ( |
The order must be executed at the price specified by the trader or not executed at all. If the price is unavailable, the order must be rejected. Partial fills may occur. Open order has the following Time In Force options:
Fill or Kill (FOK) is an order to fill a trade immediately and completely or not at all.
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Open Market ( |
The order must be executed at the best available price. Open Market order has the following Time In Force options:
Good Until Cancelled (GTC) is an order which remains active until the trade is executed.
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Open Range ( |
The order must be executed within the price range specified by the trader or not executed at all. If the price is unavailable, the order must be rejected. Partial fills may occur. Open Range order has the following Time In Force options:
Fill or Kill (FOK) is an order to fill a trade immediately and completely or not at all.
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Open Limit ( |
The order must be executed at the price specified by the trader or at a more favorable price. If the price is unavailable, the order must be rejected. Partial fills may occur. Open Limit order has the following Time In Force options:
Fill or Kill (FOK) is an order to fill a trade immediately and completely or not at all.
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Note: If the trader places an order to open a position that is opposite to the existing position and hedging is not allowed on the account, the immediate open order will partially or fully close the existing position.
Close Orders
NOTE: Manual closing of orders does not work for United States based accounts. Please read NFA Compliance Rule 2-43(b)
There are four types of a close order:
Close ( |
The order must be executed at the price specified by the trader or not executed at all. If the price is unavailable, the order must be rejected. Partial fills may occur. Close order has the following Time In Force options:
Fill or Kill (FOK) is an order to fill a trade immediately and completely or not at all.
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Close Market ( |
The order must be executed at the best available price. Close Market order has the following Time In Force options:
Good Until Cancelled (GTC) is an order which remains active until the trade is executed.
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Close Range ( |
The order must be executed within the price range specified by the trader or not executed at all. If the price is unavailable, the order must be rejected. Partial fills may occur. Close Range order has the following Time In Force options:
Fill or Kill (FOK) is an order to fill a trade immediately and completely or not at all.
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Close Limit ( |
The order must be executed at the price specified by the trader or at a more favorable price. If the price is unavailable, the order must be rejected. Partial fills may occur. Close Limit order has the following Time In Force options:
Fill or Kill (FOK) is an order to fill a trade immediately and completely or not at all.
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