Trading mechanics
Execution
The process of turning an order into a filled position - the price received, the delay before it arrives, and whether the order is filled in full. It is where a strategy meets reality.
GFN’s figure
GFN accounts are available on desktop, web browser and mobile, with login details issued on purchase. A simulated environment still models real conditions including changing spreads and execution differences.
In detail
Execution,explained
Execution quality is judged by fill price against requested price across many trades, not by a single good or bad fill. A strategy whose edge is smaller than its average execution cost has no edge in practice.
When something looks wrong, the useful response is evidence rather than argument: trade IDs, timestamps, the instrument, the device and a description of what happened settle a query quickly.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
Slippage
The difference between the price requested and the price filled. It appears when the market moves between order and execution, and it is most pronounced around news and at thin points in the session.
Spread
The gap between the bid and the ask price. It is the cost paid on entry: a position opens slightly underwater by the width of the spread before the market has moved at all.
Liquidity
How much can be traded at a given price without moving it. Deep liquidity produces tight spreads and reliable fills; thin liquidity produces wide spreads, slippage and gaps.
Latency
The delay between an action and its effect - an order leaving your machine and reaching the venue, or a price leaving the venue and reaching your screen. Measured in milliseconds.
Market order
An instruction to trade immediately at the best price available. It prioritises certainty of execution over certainty of price, so it will always fill but not always where expected.
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