A market order is an order to buy or sell which is to be filled immediately
at the current exchange rate quotation. Refco FX guarantees an immediate
fill on all market orders up to $1 million. On larger orders, if Refco FX
is unable to fill the order at the specified rate, Refco FX will send the
client a new price representing the current market rate. Under no conditions
will a market order be filled at a price to which the client has not approved.
An entry order is an order that is executed when a particular price level
is reached and/or broken. The execution of these orders are under the
supervision of the dealing desk and remain in effect until the client
cancels the order.
Stop entry orders are executed when the exchange rate breaks through a
specific level. The client placing a stop entry order believes that when
the market's momentum breaks through a specified level, the rate will
continue in that direction.
Limit entry orders are executed when the exchange rate touches (not breaks)
a specific level. The client placing a limit entry order believes that
after touching a specific level, the rate will bounce in the opposite
direction of its previous momentum.
A stop-loss is an entry order linked to a specific position for the purpose
of stopping the position from accruing additional losses. A stop-loss
order placed on a Buy position is a stop entry order to Sell linked to
that position. A stop-loss order remains in effect until the position
is liquidated or the client cancels the stop-loss order.
A limit order is a limit entry order linked to a specific position for
the purpose of locking in the gains on an existing position. A limit order
placed on a Buy position is a limit entry order to Sell that position.
A stop-limit order remains in effect until the position is liquidated
or the client cancels the stop-limit order.