Trading mechanics
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.
GFN’s figure
GFN trading hours depend on the instrument and the liquidity available for that market, and public holidays can cause late opens, early closes or closures. Weekend gaps and spread changes remain the trader's risk and can still trigger a breach.
In detail
Liquidity,explained
Liquidity varies through the day by instrument. The same pair that fills perfectly during a session overlap can slip several pips at the tail end of the Asian session on the same size.
It also explains most of what traders experience as bad execution: a fill that looks wrong at 22:00 is often an ordinary fill in a market with almost nobody in it.
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.
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.
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.
Session overlap
The hours when two trading sessions are open at once. The London-New York overlap, roughly 13:00 to 16:30 UK time, carries the highest volume and the tightest spreads of the day.
Bank holiday
A public holiday in a market's home country. The instrument may open late, close early or not trade at all, and liquidity in related instruments thins even where they stay open.
Market close
The end of a trading session for an instrument. Positions held through a close carry gap risk into the next open, and spreads typically widen into the final minutes as liquidity leaves.
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