Instant execution vs market execution.

Instant execution vs market execution.

A requote is a message offering you a new price because the price you clicked is no longer available. In MetaTrader 4 it is error 138, ERR_REQUOTE, and it opens a small window asking whether to accept the new price. MetaTrader 5 uses return code 10004, TRADE_RETCODE_REQUOTE.

What Is a Requote in MT4, and How Do You Avoid It?. MT4 code: 138: Requote; MT5 code: 10004: Requote; Happens on: Instant execution accounts; Does not happen on: Market execution accounts (slippage instead); Main setting: Maximum deviation in the order window
What Is a Requote in MT4, and How Do You Avoid It?: the figures from this section at a glance.

Requotes only happen on accounts that use instant execution, where the server tries to fill you at exactly the price on your screen. This protects you from unexpected fills, but it can cost you entries in fast markets.

MT4 code138: Requote
MT5 code10004: Requote
Happens onInstant execution accounts
Does not happen onMarket execution accounts (slippage instead)
Main settingMaximum deviation in the order window

How a requote happens

When you click Buy at 1.17000, the terminal sends that exact price. If the market has moved to 1.17008 when the server receives it, the server cannot fill at 1.17000. On instant execution it then offers 1.17008 instead, and you have a few seconds to accept or decline. If you decline or wait too long, nothing is filled.

Requotes are more frequent during news, at session opens and on slow connections, for the same reasons as off quotes. Our comparison of requotes, slippage and off quotes sets the three side by side.

Instant vs market execution

FeatureInstant executionMarket execution
Fill priceThe price on your screen, or a requoteBest available price at arrival
RequotesYesNo
SlippageLimited by your deviation settingPossible, in either direction
Deviation fieldShown in the order windowNot shown
Typical accountOlder standard accountsECN, raw and most modern accounts

The order window tells you which you have. A Maximum deviation field means instant execution. Buttons labelled Sell by Market and Buy by Market without a deviation field mean market execution.

How to reduce requotes

  1. Turn on maximum deviation and set a few points, so small moves fill instead of requoting.
  2. Avoid the first minutes after high-impact news and the daily rollover.
  3. Improve your connection, or use a VPS near the broker's server.
  4. Ask your broker if a market-execution account is available.

A deviation of 5 to 10 points on a major pair equals half a pip to one pip on a five-digit price. That small tolerance removes most requotes on normal days.

What requotes cost you

A requote itself costs nothing, because nothing is filled until you accept. The cost comes indirectly: a missed entry, or accepting a worse price in a hurry. Accepting several requotes in a row on a fast move can leave you entering far from where your plan said.

Worked example

A trader in Lagos uses an instant-execution account with deviation off. At the US jobs release, a buy order on USD/JPY is requoted three times, each 3 to 5 points higher. Accepting the third puts the entry 1.2 pips above the original price. Setting a deviation of 10 points and waiting two minutes after the release gave a fill within 0.4 pips the following month.

Check your broker's execution guide before choosing an account type. Our XM execution guide and Exness execution guide explain each broker's model.

Frequent requotes on calm days with a fast connection deserve a question to support. Ask for the times and server responses of the affected orders, and compare with the broker's published execution policy.

Requotes in Expert Advisors

An EA on an instant-execution account receives error 138 when it is requoted. Good EAs refresh the price, wait briefly and resend with a slippage value of a few points. EAs that resend instantly with zero slippage can loop on requotes during news, and each retry may arrive further from the original signal. If you run an EA on an older account type, ask the developer how it handles requotes, or move it to market execution.

Keeping a record

A simple log makes requotes easier to judge. Note the date, time, symbol, the price you clicked, the price offered and whether news was due. After two or three weeks you will see whether requotes cluster around predictable moments, which is normal, or appear at random on calm days, which is worth raising with the broker. Final fill prices are already in the History tab, so you only need to add the requoted ones.

Requotes on mobile

The MetaTrader mobile apps show requotes as a pop-up with the new price and a short countdown. Tapping Accept fills you at that price; letting it expire cancels the order. Mobile connections add delay, so requotes are more common on a phone than on a desktop with a cable connection. On the mobile order screen, look for the deviation setting under the order type options and set a few points.

If you trade mainly from a phone, a market-execution account removes the pop-ups entirely, since there is no price to accept. You will still see small slippage at busy moments, which shows in the deal's price in the History tab.

Why some brokers still use instant execution

Instant execution suits traders who want certainty about the price they pay and prefer to miss a trade rather than take slippage. Market execution suits traders who want certainty of being filled. Neither is better for everyone. Short-term traders around news usually prefer market execution, while traders placing occasional positions in calm markets may not notice the difference at all.

Some brokers offer both, under different account names. The account type page lists the execution model; if it does not, the order execution policy will. A broker that will not say how orders are executed is a broker to avoid.

Frequently asked

Should I choose instant or market execution?

Choose market execution if being filled matters more than the exact price, for example around news or with an EA. Instant execution suits you if you would rather miss a trade than accept slippage. Many traders find market execution simpler for everyday use.

What is a requote in forex?

A requote is the broker offering a new price because the price you clicked has moved before your order reached the server. It happens on instant-execution accounts. You can accept the new price or decline, and nothing fills until you accept.

Why do I get requotes in MT4?

Your account uses instant execution and the price moved between your click and the server's response. Fast markets, news releases and slow connections make it more likely. Setting a maximum deviation of a few points removes most requotes on normal days.

Do ECN accounts have requotes?

ECN and raw-spread accounts normally use market execution, which fills at the best available price instead of requoting. You may see slippage instead, positive or negative. Check the broker's execution policy for the account type you use.

What is error 138 in MT4?

Error 138 is ERR_REQUOTE in MetaQuotes' MQL4 list. In an Expert Advisor it means the order was not filled at the requested price; the EA should refresh prices and resend, ideally with a sensible slippage value set in the order function.

Is a requote bad for me?

Not necessarily. It stops you being filled at a price you did not see. The downside is missed or delayed entries in fast markets. Traders who value certain fills over exact prices usually prefer market execution.

Official sources: MQL5: trade server return codes · MQL4: error codes · MetaTrader 5 Help: trading basics