Penalized for not fullfilling Limit Orders?

[Luss3r]

Hi,
Today is my first day trading on a demo account.

I had an open market Order to buy 1.7432, but I purchased at 1.743 instead. I didnt have enough equity to buy in 1.7432 and when the price got there I heard that a DING and I noticed my funds was cut buy approximately 6pips. Are you currently searching for making an order and not having the ability to fullfil that order?

Thanks,
Dennis

[Luss3r]

I Tried to, but I didnt find an option so I presumed you couldnt, so no. I did not cancel the order. I am using DealBook FX2

[NemeT]

I Tried to, but I didnt find an option so I presumed you couldnt, so no. I didn't cancel this order. I'm using DealBook FX2 Q,
1) What's GFT [dealbook] spread on GBP/USD?


2) Are you certain you did not simply open a 2nd position?

[Luss3r]

Q,
1) What is GFT [dealbook] distribute on GBP/USD?


2) Are you sure you didn't just open a 2nd position? - I really don't understand question 1. (I really don't know a great deal, im still studying )

- I am positive, It billed me. (monopoly money ofcourse)

[NemeT]

Hello,
Today is my first day trading on a demo account.

I had an open market Order to buy at 1.7432, however I bought at 1.743 instead. I didnt have sufficient equity to buy at 1.7432 and so when the price got there heard a DING and I noticed my funds had been cut down buy about 6pips. Are you currently searching for making an order and not being able to fullfil that order?

Thanks,
Dennis Did you cancel the Open Market Order?

[NemeT]

- I really don't understand question 1. (I really don't know a great deal, im still studying )

- I am positive, It charged me. (monopoly money ofcourse) It's been quite some time since I demonion had Dealbook so I am going by memory . But when it serves me properly, their spreads are very similar to one of those Br_kers I use.

The spread is the difference between the Ideal Bid to Buy and the Best Offer to Sell.

On one of my accounts not dealbook the GBP/USD closed @ Bid 1.7432 - Ask 1.7437 so the spread is 1.7437-1.7432 = 0.0005 or 5 pips

That will help you understand.
Lets say you decide to Buy 1 GBP/USD @ 1.7432 however click Sell by error. UhOh. You realize your error and immediately Click to Buy 2 GBP/USD 1 to close the error and 1 to Open your Long Trade The price hasn't changed. It is still sitting at Bid 1.7432 - Ask 1.7437.

You've just closed a losing trade in the amount of 5 pips 0.0005 the difference between Bid and Ask.
Why?
Because you Sold into the man that was ready to pay the Most Greatest Bid which was 1.7432 then bought it back at the Best Offer which was 1.7437. You Bought High and Sold Low. Not Good. [btw. That other man is your br_ker]

Put another manner. The instant that you open a trade, you're instantly down the Spread. Regardless of whether you go Short or Long. That's the reason why Br_kers advertise how tight their Spreads are.

So, when you're taking a look at a trade which you think may get you 10 pips, you need to take into account the spread will cost you 5 of these and decide if it's worth the Risk.

Hope it helps.

ps. Provided that you think about it'monopoly money' that you won't be ready to proceed with'real money'