Immediate Orders
Brief
This article describes immediate orders.
Details
Immediate Orders
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. |
Immediate Open Orders
There are three 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 Market |
The order must be executed at any available price. Partial fills may occur. |
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 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. |
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.
Immediate Close orders
NOTE: Manual closing of orders does not work for United States based accounts. Please read NFA Compliance Rule 2-43(b)
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 Market |
The order must be executed at any available price. Partial fills may occur. |
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 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. |