This is a quoting method that’s generally used by STP (Straight Through Processing) and ECN (Electronic Communications Network) brokerages.
The market execution order will get you filled at the best price available in the market. Trades requests will be placed with a liquidity provider, which means you will not be able to set stop loss and take profit levels before the order is executed. There will be no requotes, however you might not receive the exact price you requested.
So the main characteristics of this quoting method are:
- You are not allowed to set your Stop-Loss and/or Take Profit levels when entering the market;
- The execution of your order is guaranteed;
- You have direct access to the market;
- The price is provided directly from the market.
Each execution type has its own pros and cons, and it’s up to you to pick something that fits your trading style. If you put priority on order filling chance and you generally trade the higher timeframes, in which a small slippage doesn’t matter, then market execution should be your choice.
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