Trading mechanics
Limit order
An instruction to trade only at a specified price or better. It controls the price but not the fill: if the market never reaches the level, or passes through it too quickly, the order does not execute.
GFN’s figure
Limit, market and stop orders are all placed on the same GFN account, on desktop, web browser and mobile, against the same daily loss limit and drawdown floor.
In detail
Limit order,explained
Limit orders remove entry slippage, which makes them the natural choice for a strategy whose edge is small relative to the spread.
The trade-off is missed trades. A market that moves away without filling leaves the trader flat in exactly the move they identified, which is a real cost even though it never appears in a statement.
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.
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.
Stop order
An order that becomes a market order once a specified price is touched. Used to enter on a breakout or to exit a losing position, it fills at whatever price is available once triggered.
Take profit
A resting order that closes a position at a target price. Paired with a stop loss it fixes the reward-to-risk ratio of a trade at the moment it is placed, before the outcome is known.
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.
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.
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