Exceeded the Trade Limit, do I enter the Trade? Price is Past the Entry Price – Do I Enter the Trade Now?


Hello Steve-
Am I correct in thinking normally I would place a buy limit trade at 60.59, however if the limit has been exceeded and is currently say 60.66 do I enter the trade immediately at that level?
Thanks
John

John,
With limit orders, price should come down to the exact specified price before you get filled.  If price is currently trading 60.66, you will get filled when price drops down to 60.59 if you place a limit order at that price.  In our order, price was trading 60.66, so we place a limit order to buy at 60.59. We only get into the forex trade if we can get 60.59 or else we don’t trade enter this trade.  If you place a market order, you will get filled immediately wherever price is currently trading.  A limit order is an exact price.

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