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A limit order provides an upside price target. You set a price target above where the market is currently trading; when the market hits your price, your order is automatically filled.
A stop-loss order does exactly that – it stops loss. It allows you to set a "worst case" price to trade at below the current market level. Your order will be filled if the market drops to (or beyond) your protective price.
An OCO order ("One Cancels the Other") allows you to set an upper and lower price range. The moment that your upper or lower price target is hit, your order will be filled at that price and the other price target is immediately cancelled. Market orders can be used to trigger either a spot order or a forward contract.
A currency forward contract is a non-standardized contract set up between two parties to buy or to sell a currency at a specified future time, at a price agreed upon at the time of contract initiation.
Futures currency hedging
Currency hedging involves the purchasing of a futures contract to minimize the potential currency risk an individual or business may face. This is done by entering a fixed agreement using local exchanges and thus “fixing” the price of a currency at that point in time.
*This needs to be exact as booking will take place on the live market.
**Deposits needs to be paid in order to cover any risk associated with the currency pair. The deposit is usually between 5-10%.