In CFD trading, orders submitted by users may not always be fully executed at the expected price or quantity. The Wmax platform has clear boundaries for the execution logic of different order types, aiming to establish a predictable balance between liquidity reality and user control. This article explains the core mechanism, applicable scenarios and system processing principles of market orders and limit orders, helping users understand "why orders are sometimes not fully filled."

Market Orders: Pursue Speed, Accept Uncertainty

The goal of a market order is to complete the transaction as soon as possible at the current best available price, which is suitable for scenarios with high timeliness requirements and acceptable small price deviations. The system routes the orders to the liquidity provider and matches them one by one according to the LP real-time quotation until all transactions are completed or the liquidity is exhausted.

Since there is no price limit for market orders, the actual transaction price may be different from the "latest price" displayed when the order is placed, which will cause slippage. The size of the slippage depends on the market depth and volatility at the time. Wmax does not promise "zero slippage", but provides slippage tolerance settings (default ±20 points). If the LP quotation exceeds this range, the order will be partially filled or canceled. Speed ​​is a priority, but not boundless execution.

Limit Order: Pursue Price, Accept Delay or Failure

A limit order specifies the highest/lowest price a user is willing to buy or sell, and is triggered only when the market price reaches or exceeds that price. The advantage is price certainty, but the risk is that the transaction may not be completed - especially when liquidity is insufficient or the price jumps quickly.

The limit order of Wmax is GTC unless it is manually canceled by the user, a transaction is triggered, or it automatically expires due to product adjustment. The system will not execute early because it is "close to the price limit", nor will it be executed at a bad price when there is no matching liquidity. A limit order is an offer from the user, not a commitment from the system.

Partial transactions and order life cycle

When the order quantity exceeds the current market depth, Wmax supports partial execution. For example, if a user places a limit buy order of 100 lots, but the sell order is only 60 lots, then 60 lots will be executed immediately, and the remaining 40 lots will continue to be placed for waiting. This mechanism avoids the failure of the entire order due to insufficient liquidity.

All order statuses (to be filled, partially filled, canceled, filled) are updated in real time, and independent event logs are generated. Users can view the price, quantity, time and LP identification of each sub-transaction in the "Order History". Transparency does not mean perfect results, but traceability of the process.

Order processing principles under gap market conditions

During major news releases or when liquidity dries up, prices may gap, meaning there are no transactions at the mid-price level. at this time:

The market order will be executed at the first available price after the gap, and the slippage may be significantly expanded; if the limit order is within the gap range (such as the limit price of 1950, the price jumps directly from 1960 to 1940), it will not be executed, and the order will continue to be pending or invalid.

Wmax will not "fill" the gap range, nor will it artificially interfere with the transaction price. The system provides "Historical Maximum Gap Range" data on the product details page to help users assess order risks under extreme market conditions. There are cracks in the market and the system is not patched.

User-controllable order parameter settings

To improve execution controllability, Wmax allows users to set:

Maximum slippage tolerance (market orders only): If the limit is exceeded, the untransacted part will be canceled; Minimum trading volume: If the single transaction volume is lower than the set value, no transaction will be executed temporarily; Validity period: Except for GTC, the option is valid on the same day.

These parameters are forced to be displayed in the order confirmation pop-up window, and users need to actively confirm. The platform does not enable high-risk settings by default to ensure that users have full knowledge of the execution conditions. Control is given to the user, but explicit authorization is required.

Conclusion: An order is a contract, not magic

In CFD trading, the choice of order type is essentially a trade-off between speed, price and certainty. The design philosophy of Wmax is: it does not promise ideal execution, but ensures that the execution logic is clear, the boundaries are clear, and the results are verifiable.

Only when you understand that market orders may slip and limit orders may fail can you truly grasp the boundaries of the tool. Because in a professional trading environment, the most reliable guarantee is never "certain transaction", but "knowing why the transaction was completed or not".