Hi guys, im trying to trade forex using MT5. I notice that limit order is somewhat not that clear and has a subtle difference to what i know. for example when i used a demo account or strategy tester, and the USDNOK is trading at
ask - 7.97158
bid - 7.95977
if i put a buy limit order in between,
ask - 7.97158
buy limit order - 7.96000
bid - 7.95977
im expecting that now i am on top of the bid prices in the depth of market (DOM). i am essentially the best bid price and should be filled when a market order arrives, but that is not that case when i run a strategy tester or trade in demo account. It will only be filled when the ask price reached my buy limit order price.
What im trying to clear is that the limit orders are not exactly being put into the limit order book? or maybe because im using a demo account? it looks to me limit order is just essentially a glorified pending market order BUT with an exact or better fill. please correct me if im wrong.
any suggestions which brokers essentially put your limit order into the DOM or limit order book? or any platform for that matter?
are retail traders doomed to never experience the DOM or limit order book?
Thank you!
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ask - 7.97158
bid - 7.95977
if i put a buy limit order in between,
ask - 7.97158
buy limit order - 7.96000
bid - 7.95977
im expecting that now i am on top of the bid prices in the depth of market (DOM). i am essentially the best bid price and should be filled when a market order arrives, but that is not that case when i run a strategy tester or trade in demo account. It will only be filled when the ask price reached my buy limit order price.
What im trying to clear is that the limit orders are not exactly being put into the limit order book? or maybe because im using a demo account? it looks to me limit order is just essentially a glorified pending market order BUT with an exact or better fill. please correct me if im wrong.
any suggestions which brokers essentially put your limit order into the DOM or limit order book? or any platform for that matter?
are retail traders doomed to never experience the DOM or limit order book?
Thank you!
5 posts - 2 participants
Read full topic