Order Types
Market Orders
On the MF Global FX Trading Station II platform, traders have a choice on how their Market Orders are executed: “At Best” Price or “Market Range”.
“At Best” Price
On the MF Global FX Trading Station II platform, the default order type for Market Order is “At Best” Price. The entire order is filled at the best prices available at that time. The order may be filled at multiple prices.
When triggered, Stop Loss and Stop Entry Orders default to Market Order execution with “At Best” Price. These orders are executed at the best prices available at the time and are completely filled, under normal market conditions.
All trades and quotes are subject to the terms and conditions of the Client Agreement accessible from this website.
Market Range
When creating a Market Order, the order type can be changed to “Market Range”. The order will be filled only at the price or within price ranges specified by the trader. The number to the right of “Market Range” allows you to set the range (in pips) from the current rate that you will accept a fill. The default setting for “Market Range” is zero. Partial fills may occur and any part of the order that cannot be filled will be cancelled.
Q: When I use a "Market Range order", how do I know how much of the order has been filled?
A: You can see the number of lots executed by checking the [Open Positions] window, for new positions or changes to existing positions.
Stop Loss and Stop Entry Orders
These are executed at the best prices available at the time and are always completely filled, under normal market conditions. An order may be filled at multiple prices.
All trades and quotes are subject to the terms and conditions of the Client Agreement accessible from this website.
Limit and Limit Entry Orders
These orders are executed at the prices specified by the trader. If only part of the order can be filled at the price, the remainder of the order will continue to appear in the [Orders] window.
Closing a Position
Since hedging is by default enabled On the MF Global FX Trading Station II platform, an open position cannot be closed by executing a Market Order or Limit Entry Order in the opposite direction to the open position for the same amount, as that will create a hedged position. Click here for details on Hedging.
An open position can only be closed by Stop Loss and Limit Orders linked to the open position or by clicking on the rate under the [Close] button in the [Open Positions] window. Since the [Close] function is also a Market Order, a trader can select between “At Best” Price or “Market Range” to close the open position.
