Market Order Definition
The word Order in the context of trading is not much different from other common uses. Like you order food in a restaurant or an employee receiving an order from their superior. An order is a request for something or an instruction to do something. When trading Forex or CFDs or any other type of financial instrument, you need to create orders on the trading platform. These orders are your request to buy or sell an instrument. However, just because you request something, doesn’t necessarily mean you will get it. Whether or not your order will be filled completely depends on the market.
While there are a lot of different types of orders at your disposal when trading financial instruments such as Forex and CFDs, a Market Order is the most simple. They are an instant request to buy or sell. These orders are sent to the market immediately. Because of this, there is no guarantee of the price your order will be filled at or if it will even be filled at all.
The way a Market Order is handled varies. However, cTrader only uses the Immediate or Cancel (IOC) Time in Force (TIF).