Warning MB TRADING filled my limit order wrong plce

[Beebers]

If memory serves me right (which it often is not), in FX a limit order gets filled at the price only - not at the price or better. That is why a breakout trade at Oanda is ordered via a limit order. Maybe that is where his question is coming from.

 

[mook]

Manz, do everyone a favor; close your account and donate the $500 to a charity of your choice.

 

[late apex]

Quote from GTS:

There is no difference between a limit order when trading FX vs a limit order trading anything else. Please don't attempt to "help" manz66 by reinforcing his already incorrect perception of how a limit order works.

manz66, read and comprehend: https://www.mbtrading.com/fx/orderTypes.asp

Yes. However, when it comes to available order types, there is a key difference between full-spectrum brokers like MBT and many retail forex brokers, as mentioned above:

Quote from late apex:

On your list of brokers, both MBT and IB expect you to understand and employ all the standard order types: Stop, Limit, Stop Limit, Market, Trail and so on. By contrast, Oanda and FXDD -- and many other retail forex-only dealers where you'd probably learned the mechanics of online direct access trading -- do not distinguish between Stop and Limit orders. Please tell me this isn't news to you?!

I'd bet that's where manz66's misunderstanding originates.

 

[late apex]

manz66, while you're doing your homework on order types, try hand-writing the following 3 lines, in that specific order -- or maybe even drawing a diagram -- on a sticky (rather than stickup) note and tape it to your monitor or wherever you tape important stuff:

Buy Stop (Limit) | Sell Limit

current market price

Sell Stop (Limit) | Buy Limit

Until all that is burned in your brain and becomes second nature to you, this note will remind you that both Buy Stop / Buy Stop Limit and Sell Limit orders are entered ABOVE the current market price, while both Sell Stop / Sell Stop Limit and Buy Limit orders are entered BELOW the current market price.

I did something like that many years ago... must've worked.

 

[MajorUrsa]

Quote from kiwi_trader:


(just glad he's with MB and not IB)

Why's that?

 

[1358june]

Quote from late apex:

manz66, while you're doing your homework on order types, try hand-writing the following 3 lines, in that specific order -- or maybe even drawing a diagram -- on a sticky (rather than stickup) note and tape it to your monitor or wherever you tape important stuff:

Buy Stop (Limit) | Sell Limit

current market price

Sell Stop (Limit) | Buy Limit

Until all that is burned in your brain and becomes second nature to you, this note will remind you that both Buy Stop / Buy Stop Limit and Sell Limit orders are entered ABOVE the current market price, while both Sell Stop / Sell Stop Limit and Buy Limit orders are entered BELOW the current market price.

I did something like that many years ago... must've worked.

Great Late Apex.
Finally some help for Manz66 and newbies like me!