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Risk Disclosure

Transaction execution risk file

Transaction risk of platform currency execution mode

High risk investment

Margin currency trading involves high risk and may not be suitable for all investors. Before deciding to trade all of Morse's trading products, you should carefully consider your investment objectives, financial situation, needs and trading experience. Morse may provide general advice that does not take into account your investment objectives, financial situation or needs. The general advice provided or the content of this website is not intended as a personal recommendation. Possible situations include the loss of some or all of the funds deposited, so you should not use capital that cannot withstand losses for speculation. Investments should be aware of all risks associated with margin trading. Morse recommends that you seek advice from an independent financial advisor.

Market opinion

Any comments, news, research, analysis, prices and other information published on this website can only be considered general market information and do not constitute investment advice. Morse is not responsible for any loss or loss (including but not limited to any loss of profit) resulting from the direct or indirect use or reliance on such information.

Online trading risk

There are certain risks associated with using a network transaction execution system, including (but not limited to) hardware failures, software failures, and network system connectivity issues. Because Morse has no control over the strength of the connection signal, its reception or router wiring, the configuration of your equipment, or the reliability of its network connections, we are not responsible for communication failures, misrepresentations, or delays in network transactions. Morse has backup systems and emergency contingency plans to minimize the possibility of system failures, including allowing customers to trade on the phone.

No trader platform currency execution mode

Morse provides currency trading execution through straight-through processing (or no trader platform currency execution mode). The offer offered to the customer under this model is a little bit of the best price rating given by one of the liquidity providers at Morse. In this model, Morse is not a market maker for any currency pair. Therefore, we rely on these external providers to provide currency quotes. While this model promotes efficiency and market pricing competition, certain restrictions on liquidity may affect the final execution of your order.

Jump out

Morse is committed to providing the best trading execution for its clients and is committed to trading all orders at the required price. Even so, sometimes orders may be affected by gaps based on market volatility or increased trading volume. Voids occur most often during periods of underlying news events or limited flow. In the case of a transaction rollover (5:00 pm EST), this is a period in which the liquidity tends to be limited, as many liquidity pickers will settle the day's transactions. During these periods, your order type, quantity required, and specific instruction instructions may affect the overall execution of the transaction you receive. In addition, when the market reopens, important economic data is released, sudden financial events, and other factors lead to insufficient traffic. During the pending order, the stop loss is not guaranteed to be filled at the pre-set price, but Morse will try to provide you with the first price that can be traded after the gap. The price after the gap may be slightly worse than your default price, and it may be better. In either case, Morse ensures that customer orders are executed in a fair market quote environment.

For market gaps is an unpredictable and control risk, we have no way to guarantee the stop loss you set in any case, Buy/sell stop pending orders can be sold at the price you set, but we will try our best to provide market jumps. The price of the first post after the empty price, so that your order is sold at a relatively good price.

For current price orders during this period, you can control the risk of the market by setting the maximum deviation. If you select "0" when setting the maximum deviation, it means that you want the order to be sold only at the price you opened at the time. If the price has changed at the time of the transaction, the order will not be filled, and the platform will also prompt you for the price that can be filled at that time.

If the value you set is a range, for example, enter a number of 5, you are accepting a position that is 0.5 from the current opening price.

Please note that the number in the maximum deviation is the last digit of our commodity price. Our currency quote is accurate to 0.1 point. If you are trading currency pair, you enter 1 in the maximum deviation, which means that the transaction price you accepted is 0.1 from the current market price.

If you want the trade to be executed as much as possible, we recommend that you set the maximum deviation to a larger range.

If you are concerned about the price of the order, we recommend that you set the maximum deviation to be smaller.

In the meantime, if you have an order that is not a Morse's willingness to trade at a slightly lower price, Morse suggests that you carefully consider the market risk at the time when we cannot change the market's closing principle.

Market fluctuations may result in situations where instructions are difficult to execute. For example, the price you get when you execute your order may differ from the price you choose or report based on market movements. In this case, the trader expects to execute the trade at the specified price, but for example, in less than one second, the market may have significantly deviated from the price. The trader's order will then be executed for that particular order by pressing a tradable price. Similarly, based on Morse's no-trader platform currency execution model, there must be sufficient liquidity to execute all transactions at any price.

Liquidity

In the first few hours after the market opened, the trend of trading was quieter than usual until Tokyo and London opened. When the market is light, there are fewer buyers and sellers, and the difference is larger. This is roughly because the first few hours of the market are still weekends for most parts of the world. The liquidity may also be affected when the transaction is turned over (5:00 pm EST), as many of our liquidity providers will temporarily suspend the network to settle the transaction for the day, which may also be due to lack of The reason for the liquidity is that the bid-ask spread for that time is large. In the absence of liquidity in the market, traders may have difficulty establishing or closing positions, experiencing delays, and obtaining an execution price that is very different from the requested price.

Delayed execution

For different reasons, there may be transaction delays in using Morse's no-trader platform currency execution model, such as Internet technology issues for traders connecting to Morse, delays in liquidity providers' confirmation of orders, or currencies that traders try to buy or sell. Lack of available liquidity. Based on the inherent volatility of the market, it is important for traders to have an operational and reliable Internet connection. In some cases, due to insufficient signal strength of the wireless or dial-up connection, the trader's personal Internet connection failed to maintain a stable connection with Morse's server. Interruptions in the connection path can sometimes interfere with the signal, causing the Morse trading platform to not function properly, thus delaying the transfer of data between the platform and the Morse server. To check the internet connection to the Morse server, please contact us and we will assist you with your network test.

Reset instructions

There may be a lot of instructions during market volatility, making it difficult for transactions to be executed at the specified price. By the time the order is executed, there may be a few pips in the bid/ask price that the liquidity provider is willing to accept.If the liquidity is insufficient, the actual transaction price and the requested price may differ. In the case of a stop-loss pending order or a take profit order, the order will not be executed until it is executed. Please keep in mind that the stop-loss pending orders and the take profit orders guarantee the price, but there is no guarantee of the transaction.carried out. Stop orders and stop losses can be executed, but the price you set is not guaranteed. This depends on the relevant trading strategy and the relevant market conditions. Traders may be more concerned with the trade than the price obtained. carried out.

Spread spread

            

The bid-ask spread can sometimes be higher than the normal spread. The bid-ask spread may vary with market liquidity. During periods of limited liquidity, during market opening, or at 5:00 pm EST, the bid-ask spread may be responsive to price uncertainty or market waves.The number has soared, or it has expanded due to lack of market liquidity. It is not uncommon for a bid-ask spread to expand, especially at the time of a rollover. Trading a short position is generally a very quiet period, as the working day in New York has just ended, and there are still hours away from the start of a new working day in Tokyo.Knowing these patterns and taking them into account when trading or creating new deals with unsettled orders at these times can improve your trading experience. This may happen during the press release, and the bid-ask spread may increase significantly to make up for the huge Market volatility. Higher bid-ask spreads may only last for a few seconds or as long as a few minutes. Morse strongly encourages traders to be cautious when trading during the press release, and should always pay attention to their account equity, available margin and market risk. More A high bid-ask spread may adversely affect all positions in the account, including hedge positions.

            

Hide offer

            

When the liquidity provider that provides the offer to Morse does not actively create a market for a currency pair, and the liquidity declines, a hidden offer appears. Morse does not intentionally "hide" the offer; however, sometimes because of When a provider's contact is interrupted, or a publication has a significant impact on the market that limits liquidity, it can cause a significant increase in the bid-ask spread. A quotation hidden or spread spread may result in a margin call for the trader's account. When it comes to currency pairs When the issued order is affected by the hidden quote, the profit/loss number will temporarily show zero until the currency pair has a tradeable price, and the system can calculate the profit/loss balance.

            

Hedging

            

The hedging function allows traders to hold both buy and sell positions in the same currency pair. Traders can choose to trade in a currency pair when they enter the market. Although hedging can reduce or limit future losses, it is impossible to avoid further losses on the account. outer In the exchange market, traders can fully hedge above the quantity, not the price. This is due to the difference between the buy and sell prices (or the bid-ask spread). Morse's identical hedging list does not require a margin and maximizes the use of your account funds.However, due to the floating spreads we provide, even if all the orders in your account are hedged, the available margin of the account is subject to change. If the available margin of the account is insufficient, the same will result in forced liquidation. So you need to pay attention to your account.The change in the available margin of the household, and the increase in the funds of the account.

            

Overnight interest

            

Although Morse offers the most competitive interest, the same number of long and short positions holding the same commodity are over the night, and the overnight interest paid is generally higher than the interest earned. Morse platform interest will be at platform time Zero settlement. In addition, there will be three times the interest at the zero point on Friday. Therefore, if you are holding a hedging order with a large position for a long period of time, the interest will also reduce the available margin of your account. Insufficient funds in the account will also lead to a strong liquidation.

            

Reverse the difference

            

When you buy and sell currencies in Morse's no-Trader Platform Execution mode, you are trading with quotes from multiple liquidity providers plus points raised by Morse. In rare cases, quotes may be subject to interference. although However, this situation may only last for a short time, but it will cause the price to reverse. Morse advises customers to avoid creating market orders in the unlikely event that they encounter this rare situation. Although "no-cost trading" is attractive, it must be remembered that these prices are not true, and the transaction is not true. The price may be quite different from the displayed price. If the transaction price is not the actual exchange rate provided by Morse's liquidity provider to Morse, Morse will treat the transaction as invalid and reserve the right to revoke the transaction. Customer here In the case of a class, only the instructions of the set range or the suspension of the transaction can avoid the associated risks.

Holiday/weekend execution transaction

Exchange rate gap

The opening price on Sunday may or may not be the same as Friday's closing price. The exchange rate on Sunday is sometimes very close to the Friday's closing price; at other times, Friday's closing price may be very different from Sunday's opening price. Meet important news announcements or Economic events change the market's perception of the value of a certain currency, and the exchange rate may have a large gap. Traders holding positions or pending orders should be aware of the possibility that the price may be gapped over the weekend.

Instruction execution

Take Profit orders are usually executed at a request or better price. If there is no specified price (or better price) in the market, the order will not be executed. At the opening price on Sunday, the market price will reach the price of the stop loss request, and the order will become the market order. Take Profit pending orders will be based on Take Profit Single in the same way. Stop Loss orders will be executed in the same way as Stop Loss.

Weekend risk

Some traders are worried that during the weekend, the market is very volatile, the exchange rate may be significantly gapped, or that the weekend risk is inconsistent with its own trading style, and the pending orders and positions can be closed directly before the weekend. Traders must know the possibility if they hold the open position over the weekend. There will be major economic events and news releases affecting the value of the relevant positions. Based on the volatility presented by the market, it is not uncommon for prices to deviate from many of the points at the close of the market. We encourage all traders to take this into account before making a trading decision.

Margin and liquidation

When your prepayment ratio is lower than the mandatory liquidation principle, the list with the largest loss on the account will be forced to close. Therefore, unless otherwise stated, the consequences of any margin call will be subsequent liquidation.The concept of a margin trading is that the client's margin is used as the actual deposit for the face value of the position in which the position is held. Clients who conduct margin trading can hold positions that are significantly higher than the actual amount of funds. Morse trading platform with margin management capabilities, allowing for use lever. Of course, margin trading involves risk because leverage can have a positive or negative impact. If your prepayment ratio is lower than the mandatory liquidation principle, the Morse trading platform will trigger an order to close the position with the largest loss.The proportion of prepayments to the account is higher than the principle of forced liquidation. Please note that excessive leverage or trading losses result in insufficient net worth to maintain the risk of opening positions at the time.

Chart quotes and platform quotes

It is important to distinguish between the reference price (shown on the chart) and the tradable price (shown on the Morse trading platform). The reference quote has an indication of the market price and the extent of the change. These prices come from various aspects such as banks and settlement agencies and may not reflect Morse.The price of the liquidity provider. The reference price is usually very close to the transaction price, but it can only be used to indicate the market. The quoted price guarantees specific execution and lower transaction costs. Since there is no single central exchange in the spot currency market Trading for all transactions, each currency dealer's offer is slightly different, therefore, the third-party chart provider's offer, if not quoted by a market maker, can only be used as a reference price, and does not necessarily reflect the actual transaction Exchange rate.

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