An at-the-market order, often simply referred to as a market order, is an instruction to execute a trade at the next available market price. The priority is on fast execution rather than achieving a precisely predefined price.
In highly liquid markets such as the forex market, execution occurs almost instantly and usually close to the last quoted price. However, during less liquid periods or times of high volatility, the actual execution price may differ from the expected price—this phenomenon is known as slippage.
Market orders are particularly suitable when entering or exiting a position quickly is more important than securing an exact price. They are often used in combination with other order types, such as stop-loss or take-profit orders, to complete a trading strategy.
