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Myles

What is a market order in a Forex market?

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Hello Myles,

A market order is among the most used type of order in a Forex market. It is a directive by the Forex trader to their broker instructing the broker to effect a trade instantly and at a price that is best at that moment.
Once a market order is made, it is called a filled order. As long as the liquidity in the market is enough, a market order is enacted promptly.
Investors use a market order when they need to vend at the current market price.
A market order has no limit as per the time it will take place; therefore, most traders often choose it since it is easy to conduct trading. Also, a market order often incurs less commission in contrast to other orders.
It is essential to note that the prevailing market conditions may affect a market order; therefore, there may be a change in the final price and the price that you had noticed when placing the order.

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