Through Prudent International Ltd MetaTrader 4, traders may execute various order executions, namely:

  1. Instant Order(s)
  2. Market Order(s)
  3. Pending Order(s)

Instant Order(s)

This is an order to either buy or sell at the ‘ask’ or ‘bid’ price (respectively) as it appears in the quotes flow at the time the client presents the order for execution.

Market Order(s)

This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) that is the average and best available price at the time of the execution. Once the ‘market order’ is triggered it shall be subject to the conditions described in the ‘Good till Cancel’ section.

Pending Order(s)

Stop Orders:
This is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’ the ‘stop order’ is triggered and treated as a ‘market order’*. If the ‘stop order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section.

Stop Loss
This is an order to minimise losses. Once the market reaches the ‘stop loss price’ the order is triggered and treated as a ‘market order’*. If the ‘stop loss’ is not triggered it shall remain in the system until a later date.

Limit Orders
This is an order to buy or sell once the market reaches the ‘limit price’. Once the market reaches the ‘limit price’ the ‘limit order’ is triggered and executed at the ‘limit price’ or better. If the ‘limit order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section.

Take Profit
This is an order to secure profits. Once the market reaches the ‘take profit price’ the order is triggered and treated as a ‘limit order’. If the ‘take profit’ is not triggered it shall remain in the system until a later date.

Expiration of Pending Order:

  • Good till Cancel (‘GTC’) (= Expiry): is a time setting that the client may apply to ‘pending orders’ in which the order will stay in the queue until it is manually canceled.
  • Today: is a time setting that the client may apply to ‘pending orders’ in which the order will be valid only during the current trading day.
  • Specified: is a time setting that the client may apply to ‘pending orders’ in which the order will be valid until the date specified in “Expiration Date”.
  • Specified Day: is a time setting that the client may apply to ‘pending orders’ in which the order is active till 00:00 of the specified day. If that time appears to be out of a trade session, the expiration will be processed at a nearest trading time.

Re-quoting
This is the practice of providing a secondary quote to the client after an ‘instant order’ has been submitted; the client must agree to this quote before the order is executed. Prudent International Ltd will re-quote ‘instant orders’ if the requested price originally specified by the client is not available. The secondary quote provided to the client is the next available price received by Prudent International Ltd from its third party liquidity providers. Prudent International Ltd does not re-quote ‘pending orders’.

Slippage
At the time that an order is presented for execution, the specific price requested by the client may not be available; therefore, the order will be executed close to or a number of pips away from the client’s requested price. If the execution price is better than the price requested by the client this is referred to as ‘positive slippage’. In contrast, if the execution price is worse than the price requested by the client this is referred to as ‘negative slippage’. Please be advised that ‘slippage’ is a normal market practice and a regular feature of the foreign exchange markets under conditions* such as illiquidity and volatility due to news announcements, economic events and market openings. Prudent International Ltd automated execution software does not operate based on any individual parameters related to the execution of orders through any specific client accounts.