GKFX offers its clients the capability of finely tuning their trading on all demo and live accounts that have a positive balance.
You can set the order comment so that slippage on transactions is recorded, choose among various execution options for limit orders, and tailor the execution of if done and stop orders for when gaps occur.
A description of each setting can be found in the table below:
Record the amount of slippage in the order comment
On / Off
This setting is activated for all accounts by default and the amount of slippage on transactions is recorded in the order 'comment' field.
However, certain expert advisors use the order comment for various logical procedures and the additional data in the comment may make such advisors inaccurate.
To avoid that, this setting allows you to disable the amount of slippage from appearing in the order comment.
Partial execution of limit orders
On / Off
If this option is enabled, limit orders will be executed as Good-Til-Cancelled (GTC) orders. This means that at the specified price, the order will be filled at the volume that is available in the market at the time. The order may not be fully filled but that portion which is not filled will be executed at the specified price as soon as that price is available in the market again. A GTC order will remain in the market until it’s been fully filled at the specified price or manually cancelled by the trader.
If this option is disabled limit orders will be executed as Fill-Or-Kill (FOK) orders. This means that orders will either be fully executed immediately at the specified price or, if there’s insufficient liquidity in the market at the specified price at the moment when the order is submitted, then the order will be returned to the system and will await being resubmitted.
If the “Market execution of limit orders” setting is activated, then the “Partial execution of limit orders” setting will have no effect on the execution of orders (when a limit order is submitted it will be executed as a market order).
This option is only available for STP accounts. On ECN accounts, the default value of the option (partial execution enabled) can’t be changed.
Market execution of limit orders
On / Off
This means that the order will be executed at the specified volume but at current market prices (which may be better or worse than those indicated in the order).
In this case, the limit order guarantees that the order will be filled but doesn’t guarantee the price at which it will be filled (unfavorable slippage is possible).
When this option is turned off, orders are executed as limit orders. In this case, the limit order guarantees the price but does not guarantee that the order will be filled (unfavorable slippage is not possible).
Changing this setting will not have any effect on already submitted orders.
Cancel if done orders when there’s a gap
On / Off
When this option is enabled, if both the price at which the pending order is submitted and the price at which the order is closed by Stop Loss/Take Profit falls in a gap, then the pending order will be cancelled.
When this option is disabled, in the above-described situation the pending order will not be cancelled.
Cancel stop orders when there’s a gap of more than N pips
If this option is enabled (N pips > 0), then if the difference in pips between the activating price specified by the client in the stop order and the first quote received after a gap is equal to or greater than the permissable difference as set by the client, then the stop order will be cancelled. The difference in pips (N pips) is set by the client manually on all accounts. Only whole numbers between 0 and 1,000 may be used.
If this option is disabled (N pips = 0) then in the above-described situation the stop order will be executed.
The activation of this option does not guarantee that slippage will be less than N pips due to the fact that this option can only cancel an order during a gap of more than N pips. If the condition for this order being activated is met and the order is sent to a counter party, then GKFX can’t control the actual execution of the order and slippage may be more than N pips.
* The term ‘stop order’ in this case implies only Buy Stop and Sell Stop orders. This option does not apply to Stop Loss orders
The execution of market and stop orders as limit orders with slippage no greater than N pips (analogous to stop-limit orders)
If this option is chosen (N pips > 0), when a market or stop order* is opened, a limit order will be sent within GKFX ECN with the price shifted against the client relative to the current market price by the amount indicated in the settings (N pips). For a market order, the current market price is the best price in the flow of quotes on the server at the moment the order is received. For a stop order, it’s the price indicated in the stop order. Essentially, a limit order will be sent for which the condition for it to be activated has already been met. Limit orders are executed only with positive slippage. Therefore, negative slippage—theoretically possible for a market order—is always limited by the N pips value. However, positive slippage is not limited. This gives the trader a way to control risk that is otherwise impossible using the traditional methods for market order execution. The client chooses the acceptable amount of slippage in pips (N pips) manually for each account. This value must be a whole number, between 0 and 1,000.
If this option is not chosen (N pips = 0) then the market order* will be executed as usual at the available market price
When this option is activated, SL/TP orders may only be set after a pending order has been opened
It’s also important to keep in mind that when this option is activated limit orders are executed as Fill-Or-Fill (no partial filling) and are sent out to a counterparty (trades between GKFX clients are not possible). As such, the order will likely not be executed at the best price at the moment. As such, this option is recommended only for trading the news.
This option is only available for ECN accounts and does not apply on STP accounts.
* In this case, market order implies the orders that can be executed in GKFX ECN as market orders, more specifically Market Order, Sell Stop and Buy Stop. For Stop Loss, Take Profit, Sell Limit, Buy Limit, and Stop Out orders, the above-described setting does not apply.
If you have any other questions about trading account settings, please, contact us using any method that is convenient for you. Our specialists will be glad to help.