Market execution refers to the process of executing trades at the prevailing market price. This means that the price at which a trader buys or sells a currency pair is determined by the current market conditions. In forex trading, most brokers offer different types of execution modes, including market execution and instant execution. The difference between the two is that instant execution allows traders to set their own price levels, while market execution executes trades at the current market price. However, some traders prefer market execution as it provides a more accurate reflection of the market price.
If you are a forex trader who prefers market execution, you may want to change the execution mode to 0.0001. This means that trades will be executed at a price that is accurate to four decimal places. This is particularly useful for scalpers and day traders who rely on quick market movements and need to execute trades quickly and accurately. In this article, we will explain how to change market execution to 0.0001 in forex.
Step 1: Choose a Forex Broker that Offers 0.0001 Execution
The first step in changing market execution to 0.0001 is to choose a forex broker that offers this execution mode. Not all brokers provide this option, so it is crucial to do some research before selecting a broker. Some brokers that offer 0.0001 execution include IC Markets, Pepperstone, and XM. These brokers use advanced trading technology to execute trades at lightning-fast speeds, ensuring that traders get the best possible prices.
Step 2: Open a Trading Account
Once you have selected a broker that offers 0.0001 execution, the next step is to open a trading account. You will need to provide some personal information, such as your name, address, and contact details, as well as some financial information, such as your income and trading experience. Once your account has been approved, you can fund it with a deposit.
Step 3: Configure Your Trading Platform
After you have opened a trading account, you will need to configure your trading platform to enable 0.0001 execution. Most brokers offer the popular MetaTrader 4 or 5 trading platforms, which are user-friendly and easy to navigate. To enable 0.0001 execution, follow these steps:
1. Open your MetaTrader trading platform.
2. Click on the ‘Tools’ menu at the top of the screen.
3. Select ‘Options’ from the dropdown menu.
4. In the ‘Options’ window, select the ‘Trade’ tab.
5. Under the ‘Trade’ tab, select the ‘One Click Trading’ box.
6. Set the ‘Maximum Deviation’ to 0.0001.
7. Click ‘OK’ to save your changes.
Step 4: Test Your Settings
After you have configured your trading platform to enable 0.0001 execution, it is important to test your settings to ensure that everything is working correctly. You can do this by placing a test trade and verifying that the execution price is accurate to four decimal places. If the execution price is not accurate, you may need to review your settings and make adjustments as necessary.
Conclusion
Changing market execution to 0.0001 in forex is a relatively simple process that requires selecting a broker that offers this execution mode, opening a trading account, configuring your trading platform, and testing your settings. By following these steps, you can ensure that your trades are executed quickly and accurately, giving you the best possible chance of success in the forex market. However, it is important to remember that trading always involves risk, and no trading strategy can guarantee profits. As such, it is vital to approach trading with caution and to develop a solid trading plan that incorporates risk management strategies.
