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Trading Overview
MGMC TRADER Execution Rules

As a regulated, IFSC-compliant Belize broker we strive to provide our clients with superior order execution. As a leading broker, it is our responsibility and priority to treat all of our clients on an equal and fair basis. The following general execution rules apply when you open a Trading Account with us.

Types of Orders

As our client, you are given the option to place the following orders for execution:

"Market Order" - an order instantly executed. You may attach to a market order a Stop Loss and/or Take Profit. Stop Loss is an order to limit your loss on a trade, whereas Take Profit is an order to capture your profit.

"Pending Order" - an order to be executed at a future time at a price that you specify. The following types of pending orders are available: Buy Limit, Buy Stop, Sell Limit, and Sell Stop. You may attach to any pending order a Stop Loss and/or Take Profit to any pending order.

You may modify an order before it is executed, but you cannot change or remove Stop Loss, Take Profit or Pending Orders if the price has reached the level of the order execution.

Trading Hours and 24/5 Service

MGMC operation time: From Sunday 23:00 (GMT+1 Time) to Friday 20:00 (for Spot Metals trading); GMT+1 time is indicated as the server time in the market watch window of the MGMC TRADER trading terminal. Holidays are announced through the internal mail of the TOP TRADER trading terminal. During the above listed time we operate Customer Support (Help Desk), available 24/5, should you require any further clarification of holidays.

We will not quote any price outside our operations time; therefore, no orders can be placed by clients during that time.

Best Execution

We take all the necessary steps to obtain the best possible result for our clients when executing their trading orders:

  1. Price: For all instruments, we quote two prices: The higher price (ASK) at which the client can buy (go long) for that instrument, and the lower price (BID) at which the client can sell (go short) for that instrument:

    Spread: The difference between the lower and the higher price of any given instrument. We offer competitive spreads starting from just 0.8 pips. ASK Price: Buy Limit, Buy Stop, Stop Loss and Take Profit for opened short position are executed at the ASK price. BID Price: Sell Limit, Sell Stop, Stop Loss and Take Profit for opened long position are executed at the BID price.

    Execution Price Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop are executed at the requested price. Under certain trading conditions it may be impossible to execute the above at the requested price and MGMC has the right to execute them at the next best price.

  2. Costs: For opening a position in some types of financial instruments, the following fees may occur:

    Commissions: May be charged either in the form of a percentage of the overall value of the trade or as a fixed amount. Currently this applies to all financial derivatives.

    Financing Fees: The value of opened positions in some types of financial instruments is increased or reduced by a daily financing fee "swap." Financing fees are based on prevailing market interest rates, which may vary over time.

  3. Speed of Execution: MGMC places a great importance on speed when executing clients’ orders and strives to offer high speed of execution.

  4. Likelihood of Execution: Although we aim to execute all orders placed by our clients, if we are unable to do so at that specific time for any reason, we reserve the right to decline an order and to offer a new price in the form of a "Market Order." In this case, you can either accept or refuse the new price.

  5. Size of Order: The minimum size of an order is 0.1 lots (one tenth of a lot). A lot is a unit measuring the transaction amount and it is different for each type of financial instrument.

  6. Leverage/Margin: Required margin is the amount needed to be deposited/present in the Trading Account in order for a position to be opened. This is related to the leverage ratio of the account, which is available at a maximum level of 1:100.
Bid Prices on Charts

Charts in the terminal are built and shown only for Bid prices. However, for the opening of long positions and closing of short ones, Ask price is always used. But the ASK price is not shown in the chart in any way and it cannot be sent. More scrutiny and review is available by enabling the "Show Ask line" parameter. After this command has been executed, an additional horizontal line corresponding with the current Ask price of the last bar will appear in the chart.

Trailing Stops

Stop Loss is intended for the reduction of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when prices change strongly in the same direction or when it is impossible to watch the market continuously for whatever reason.

Bear in mind that Trailing Stops operate in the client terminal, not in the server (as with Stop Loss or Take Profit). This is why they will not work if the terminal is off, unlike the orders above.

Margin Level Required to Open Lock or Hedge Positions

A lock or hedge position appears when a client opens a trade for the same volume in the contrary direction of one already open. This is not the same as closing the initial trade, since the lock position requires that both remain open.

When you open a lock position (the contrary position) you will not be asked for additional margin as long as your Margin Level is higher than 100% on your Trading Account.

Since the Margin Level ratio expresses the relation between the Equity and the Used Margin (Margin Level = [Equity / Used Margin] * 100) you can see that as long as you have positive Free Margin (Margin Level > 100%) you will be able to open lock positions without additional margin. If you don’t have positive Free Margin you won’t be able to open any new position including lock.

You can check your Equity, Used Margin, Free Margin and Margin Level on the status line of your Trading Account.

Connection Failure

In the exceptional instances where you face problems connecting to our servers and need to place, modify, erase, or close trades or require any type of action on or information regarding your online Trading Account, please contact the trading desk immediately by phone on +501 2236910 as per the Terms and Conditions.

Spread Variation

Please note that under the ‘Terms of Business’ the company reserves the right to increase or decrease the spread beyond the typical spread. This is more likely to happen during periods of low liquidity.

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