Contingent orders

A contingent order is a fancy term for combining several types of orders to create a complete currency trade strategy.

Use contingent orders to put on a trade while you’re asleep, or otherwise indisposed, knowing that you’re contingent order has all the bases covered and your risks are defined. Contingent orders are also referred to as if/then orders. If/then orders require the If order to be done first, and then the second part of the order becomes active, so they’re sometimes called If done/then orders.

The key feature of most brokers’ order policies is that your orders are executed based on the price spread of the trading platform. That means that your limit order to buy is only filled if the trading platform’s offer price reaches your buy rate. A limit order to sell is only triggered if the trading platform’s bid price reaches your sell rate.
In practical terms, let’s say you have an order to buy EUR/USD at 1.2855 and the broker’s EUR/USD spread is 3 pips. Your buy order will only be filled if the platform’s price deals 1.2852/55.
If the lowest price is 1.2853/56, no cigar, because the broker’s lowest offer of 56 never reached your buying rate of 55. The same thing happens with limit orders to sell. Stop-loss execution policies are slightly different than in equity trading.

_ Stop-loss orders to sell are triggered if the broker’s bid price reaches your stop-loss order rate. In concrete terms, if your stop-loss order to sell is at 1.2820 and the broker’s lowest price quote is 1.2820/23, your stop will be filled at 1.2820.
_ Stop-loss orders to buy are triggered if the platform’s offer price reaches your stop-loss rate. If your stop order to buy is at 1.2875 and the broker’s high quote is 1.2872/75, your stop will be filled at 1.2875.
The benefit of this practice is that some firms will guarantee against slippage on your stop-loss orders in normal trading conditions. (Rarely, if ever, will a broker guarantee stop losses around the release of economic reports.) The downside is that your order will likely be triggered earlier than stop-loss orders in other markets, so you’ll need to add in some extra cushion when placing them on your forex platform.

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