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DealStationFX allows placing several distinct types of orders. The description of each type of order is available below.
Market Order
An order to buy or sell which is to be filled at the price immediately available; the current rates at which the market is dealing.
Stop Order
A Stop Order is an order that becomes a market order when a particular price level is reached.
A stop order to buy is placed above current price.
A stop order to sell is placed below the current price.
A stop order can be used to open a new trade or to close an existing trade.
- Enter the market at a specific level
- Limit losses of an existing trade (stop-loss)*
- Protect your profits of an existing trade
Limit Order
A Limit order can be used to enter or exit the market.
A Limit order to buy is placed below the current price of particular currency.
A Limit order to sell is placed above the current price of particular currency.
OCO Order (One Cancels Other)
An OCO order includes both a stop and limit price. When either the stop or the limit price is reached, the other half of the OCO order is cancelled. OCO order can be used to enter or exit the market; it is mostly used to protect open positions.
If-Done Order
If-Done Orders are conditional orders whose placement in the market is contingent upon the execution of the order to which it is associated. An If-Done order can only be placed in conjunction with a Stop or Limit order. Only after the initial Stop or Limit order has been executed will an If-Done Order be activated.
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* Notice on the execution of stop orders: READ HERE
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