When placing a buy market order, is the trade really execute instantly? If it is, is it like that with any brokers, or it depends on the trading platform (broker) you’re using?
What I would be afraid of, because it happened to me buying stocks, would be that let say for example I’ve decided to buy EUR\USD at 1.2240
Let say I happened to check the market and it is at 1.2240 right now!! Cool, I log into my account click to do a market order…and then realized that the market changed and that it jumped to 1.2260 at witch I bought… Higher then I wanted to…
So my point being is it really instant and as you click it gets bought at the price you see on the screen, or the market can move under you and you don’t really get what you wanted…? Then shouldn’t I’ve just put a limit order GTC at my desired price of 1.2240, that way I won’t have any surprises…
What’s you guys experiences with this types of situations…? Thanks.
My orders are placed instant most of the time, at times the price might move within a couple pips but not as much as 20. I remember once while trading the news I buy GBPUSD and by the time the order was confirm(within 2-3 seconds) the price was up 40 pips. Scenarios like this are most likely to happen when trading the news.
By the way I’m still just in pre-school of the PIP school and was woundering if I should opened a demo account right away or if it would be better to wait until I completed the PIP school all the way to college?
Also being from Canada, do I have to open an account with a Canadian broker, or it doesn’t matter and could be with a US Broker? I guess if the market is unregulated it means I can choose witch ever I want?
I’ve been wondering the same thing about Canadian brokers as I’m Canadian too. I haven’t found any yet.
I would wait until you read up to at least Grade 7 until you decide to open a demo account, preferrably to College. If you are really impatient, then Forex may not be right for you anyway. Plus it’s just best to know what you are doing to avoid going broke right away, even if it is just a demo account.
Back to the original question, my trading platform places trades pretty much instantly. If I hit the buy or sell button right when the market is taking a big leap, it may take 2 or 3 seconds until it finally goes through, but never more than that. When I place a trade, it is instantly transferred down onto my “trading terminal” where all my open trades are displayed.
When you are ready to open your demo account, go to the Tools menu and choose the “Forex Broker Guide” to compare forex brokers. Personally I chose Interbank FX because it most closely matched what I was looking for, but you may have different requirements. (I also tried FXDD, but I felt their platform was a bit more outdated… although it worked fine.)
Good luck on your journey into forex! You have a lot of exciting and a lot of aggrevating times ahead of you. I know I sure have, and I’ve only been demo trading since February.