Can anyone help?

I clicked bid (place bid) to sell EUR/GBP (bid EUR/GBP @ 0.84395 expires: GTC). When excuted the position was long (should be short as I understood). I had to close it imediately. After the close, the message was : sell EUR/GBP @ MKT.

This was not the first time it happened this way. Did something wrong with the software or my understand is not right?

Thanks,

lil

System was correct but your understand was wrong.

you buy at ask and sell at bid when the quote is from the platform.

when you are "placing bid" it means you are asking if some one is ready to sell to you at the price you are bidding. ie you want to buy

likewise, when you are "placing offer", it means you are offering someone to buy from you at the price you are asking. ie you want to sell

Initially it is confusing to place bid and offer. To over come this problem, remember it works like 'X'

top left does the work of bottom right.
top right does the work of bottom left.

@lillinid - very interesting, I have never seen this before. I know that once when I first got started, I selected the big button Bid/Ask to open a position and inadvertently changed it with the drop down menu. Maybe you could have done that. I also realized I might not know the platform well enough so I requested a non-contest account, and ran through a bunch of trades to familiarize myself with it.

Good Luck
ikhall

Placing BID/OFFERs is not available in the contest platform. Only on regular Demo/Live account.

Otherwise, "Guest" correctly clarified your question. This is exactly the logic of how this type of orders work. They allow you acting "from the other side of the market", hence the direction of trades is inverse to the habitual one.

Thank you for the help.

When I want to sell at market price, I clicked sometimes the bid panel (the pink square bar) and sometimes the Place Bid (the rectangulare bar). I thought they are both for short position. Did you mean those two are actually opposite? If so, it is quite confusing, since the arrangement of the place in the panel and the name.

lil

When I filled-in the conditional orders, it never confusing. It is when I want to get in with the market price it was sometimes happening. For short positions, I sometimes clicked the "Bid" panel (pink square), sometimes clicked "Place Bid" (the rectangular bar below the "bid" panel). I dont know the two are opposite. Are those two opposite?

Thanks Ikhall. As clicking the pink bid panel is for short at the market price, it maybe no time to chnage it. For pending order (conditional orders), this confusion is never happened.

lil

will there will be no slippage using "place offer" for "bid", or using "place bid" for "ask"?

What is the advantage of "place offer" to "Bid" if both are for short positions?

lil

I always initiate my order process by clicking the Bid/Ask button first. I changes the panel below it to the proper direction and keeps me from making errors there. I realize I can't actually click it to initiate a position. But using to set the process in motion works for me.