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Orders and Execution Statistics

Derive the value of potential price improvements on every trade. Assume greater control of your trading and achieve an optimal balance between fill ratio and price level through our fully customised orders.


Market Orders


Market Order


A Market order is a traditional ‘at best’ instruction to trade as much of the order as possible on the best available terms in the market. A Market order will be treated as good for the day. If Golden Group believes it is able to execute a Market order immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution. If the order cannot be filled in full immediately, Golden Group will continue to work the order until the official close of the relevant market. 

Immediate or Cancel (IOC) Market Order


An Immediate or Cancel (IOC) Market order is similar to a standard Market order (described above). It is an instruction to trade immediately on the best available terms, however Golden Group will not continue to work the order if it is unable to fill it immediately. If Golden Group believes it is able to execute a Market IOC order immediately from its own liquidity then it will do so, otherwise it will route the order to a third party to attempt execution. Where an order has not been filled immediately it will be cancelled.

Limit Orders


Immediate or Cancel (IOC) Limit Order


An Immediate or Cancel (IOC) Limit order is an order to trade at the price that you see on your screen if it is still available subject to a defined tolerance. Tolerance enables you to control price range by defining the minimum price differential (when selling) or the maximum price differential (when buying) that you are comfortable accepting. Tolerance can be specified either as a fixed price increment or as a percentage of the current market price. Golden Group may fill the order at a worse price than you had seen on the screen, provided the price difference does not exceed the specified tolerance. If a better price is available, Golden Group will give you the full benefit of the available improvement by filling the order at the better price. As with a Market IOC order, if Golden Group is unable to supply sufficient liquidity from its own book, then it may route the order externally. Where an order has not been filled immediately it will be cancelled.

Limit Order


A Limit order is an order to trade at a specified price or better if it is possible to do so within a specified time. The following order durations are available: 

  • All pending orders (including stop-loss, profit only) will be canceled after the holiday or weekend, if necessary, customers can be opened on Monday or holiday after the re-establishment of pending orders. 

  • Good Till Date (GTD): Valid until the official close of trading on a date of the your choice. 

  • Good Till Cancelled (GTC): Valid indefinitely unless or until specifically cancelled by the you. 

A Limit order will be triggered when the market price reaches the limit price. If Golden Group believes it is able to execute a Limit order immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution. At any time when there is not enough liquidity available from Golden Group own book or externally, to fill the order in full at the specified price or better, the remaining order will revert to a ‘resting order’.

 

Stop Orders


Stop Order


A Stop order is usually used to close a position when the market is going against it with a view to prevent further losses. It may also be used to open a position when the market moves through a chosen level. A Stop order may have a duration similar to a Limit order (see above). A Stop order placed to buy is treated as a Stop if Bid. A Stop order placed to sell is treated as a Stop if Offer. 

  • A Stop order to sell will be triggered when the offer price at which you could undertake a transaction of equivalent size reaches the specified price level. Once triggered, the order will be treated as a Market order. 

  • A Stop order to buy will be triggered when the bid price at which you could undertake a transaction of equivalent size reaches the specified price level. Once triggered, the order will be treated as a Market order. 

This arrangement is designed to protect you from the risk that a Stop order is executed as a result of spreads widening without the market actually moving. This can happen around the release of economic statistics or at times of reduced liquidity such as during a value date roll or during the close and opening of the market. You should note that this means a Stop order will never be executed at their specified level but always at the spread away from the stop level. Where an order is attached to an open position, it will automatically be cancelled if the position is closed. The trigger level for a Stop order can be specified to trail the market. In this case, when the market moves in your favour, the trigger level for the order moves the same way. The trigger level for a trailing stop moves in steps which are defined when the order is placed.

Stop Limit Order


A Stop Limit order rests in the same way as a Stop order. However, once triggered, rather than execute at the next available price it converts to a Limit order at a pre-agreed Limit price. From that point on, the order is treated as a Limit order. This type of order gives you some protection from a bad fill in a gapping or illiquid market. Trailing Stop Limit orders are not available.

 

Forex Risk Warning

 

Forex is categorised as a red product as it is considered an investment product with a high complexity and a high risk.