I'm a little confused about the way limit orders work on an ECN like MBTrading. From what I understand, you can put in a limit order and the market will see it immediately, and you can see a list of limit orders waiting to be filled on both sides, each with various sizes and prices offered.
Say price is currently 1.1250 and I put in a limit order to sell if price falls to 1.1225. I assume my order then gets put in line with the other limit orders waiting to be filled which everyone can see. Can someone fill my trade even if price doesn't fall to 1.1225?
Like, can they say, "Trank wants to sell at 1.1225...hmm, well shit, I'll just buy it right now. That way I'll be buying it 1.1225 when it's worth 1.1250!"
Say price is currently 1.1250 and I put in a limit order to sell if price falls to 1.1225. I assume my order then gets put in line with the other limit orders waiting to be filled which everyone can see. Can someone fill my trade even if price doesn't fall to 1.1225?
Like, can they say, "Trank wants to sell at 1.1225...hmm, well shit, I'll just buy it right now. That way I'll be buying it 1.1225 when it's worth 1.1250!"