Whether you choose to deal with ACM or another
firm, you should be aware that it is a correct
market practice for such institutions to quote
two-way prices to a customer who wishes to
trade. A firm that does not do so is almost
certainly taking advantage of their customers'
ignorance as far trading procedures are concerned.
Limit Orders
A limit order is an order placed to buy or
sell at a certain price. The order essentially
contains two variables, price and duration.
The trader specifies the price at which he
wishes to buy/sell a certain currency pair
and also specifies the duration that the order
should remain active.
GTC (Good till cancelled): A GTC order
remains active in the market until the trader
decides to cancel it. The dealer will not
cancel the order at any time therefore it
is the customer's responsibility to remember
that he possesses the order.
GFD (Good for the day): A GFD order
remains active in the market until the end
of the trading day. Since foreign exchange
is an ongoing market the end of day must be
a set hour. For ACM the end of the trading
day occurs at exactly 12:00 GMT or 01:00 CET.
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