Market Order

Placing A Market Order

To Begin - click the bid or ask price of the particular currency that you want to trade. A window will appear which is labeled “Open Order for (the abbreviation of the currency)”.


Currency – This will display the currency you have selected to trade. You cannot change the currency from this box. If the currency is incorrect, press the Cancel Order button located on the lower left of the box and reenter.

Account – If you have more than one account with MG, you can choose from which account you wish to trade.

Operation – Select the buy or sell option. If you change the operation, the rate at which you are dealing will also change.

Units – Select the number of units involved in the trade (1-50). The default setting is "1". When closing a position, the unit box will default to the total number of units you are holding of that currency. You may change the number of units by clicking the drop-down arrow and scrolling to the number of units you wish to close.

Selecting A Market Order - The default setting “market” is for a market order and therefore does not need to be adjusted when placing a market order.

Rate - The exchange rate at which you agree to deal. For market orders exchange rate cannot be changed.

The Second Step – To cancel the order at any time, select the “cancel” button on the bottom middle of the window. To proceed with your order, select “place order”. A window labeled “Confirmation” will appear.



This does not mean your order was executed. This window asks you to confirm that all of the information regarding the trade is correct. If the information is correct and you want to complete the order, select “yes”. Selecting “no” will take you back to the previous window.

After “yes” has been selected there are two possible outcomes:
1. A box will appear indicating that you do not have enough funds in your account for the transaction.



2. Your order will be displayed in the “Open Orders” window. This may take a few seconds depending on the speed of your Internet connection.

If the trade appears in the “Open Orders” window this will indicate that the Deal Desk has received your order. If the price at which the order was placed is still valid, the Desk will execute the order. Once executed, the order will disappear from the “Open Orders” window and your position in the market will be reflected in the “Open Trades” window.



Market Price Re-Quote

In situations where the market has moved during the order submission process, the Deal Desk will offer you the new market price. When a new market price is sent back, the changed rate will begin blinking (or change colors, depending on your browser) in the Open Orders box. If you agree to submit the order at the new market rate, click on the rate that is blinking or has changed colors. To cancel the new offer, click on the order number. If you do not respond to the new price, the system will automatically cancel the order after 20 seconds or sooner depending on the volatility of the markets.