I opened a market order but did not get the market price I saw, why?
FXCM takes the required steps to ensure that the execution of our quoted prices provide clients with the best possible result. On some occasions, due to fast moving markets, executions may be at a price which is no longer the clients requested price. This is known as slippage. During such times, your order type, quantity and specific order instruction play a key part on the execution received.
EXAMPLES OF SPECIFIC ORDER INSTRUCTIONS INCLUDE:
- Good 'Til Cancelled ("GTC") Orders: Your entire order will be filled at the next available price(s) at the time it is received.
- Immediate or Cancel ("IOC") Orders: All or part of your order will be filled at the next available price with the remaining amount cancelled should liquidity not exist to fill your order immediately.
- Fill or Kill ("FOK") Orders: The order must be filled in its entirety or not at all.
In times where there may be a potential possibility of slippage, a trader may implement the Fill or Kill option, which ensures that all tickets are filled at the specific price and if not possible, then no orders will be opened.