MTGOX Market Order Always Screws you! Why?

[CashKing]

Why is it every time I sell bitcoins on MtGox through market order I get screwed?

For example I the last transaction was 10 Bitcoins @ 850 market price. A box came up saying sell 10 BTC for $8500? I click OK and they immediately sell my bitcoins for $785.0227 for a total of $7850.0227 for a loss of $650...


Vice versa when I go to buy bitcoins..

And Limit Order never goes through.

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[emanymton]

during a crash the lag can sometimes be over 5 mins.
that means by the time your order goes through the market price will have fluctuated wildly from what it was when you made it.
ditto with limit orders, they can take minutes to appear on the order books.
NEVER EVER use market orders EVER.
unless you like being goxxed 

[BombaUcigasa]

That's how Market orders work. You might want Limit orders instead. Pay attention to the other parameters of your trade, not only price and quantity.

[alpha492]

Check out the part on slippage http://www.wallstreetcrypto.com/p/crypto-forex-101-ride-on-magic-school.html

[haploid23]

Market order is not as instant as you think, because there were MANY orders before yours. Those orders will get filled first, and by the time it hits your order, price will fluctuate depending on how many was before yours.

[Sindelar1938]

Also, the price action currently is so rapid that market orders always put you at risk of not getting executed

I don't like MtGox's new layout of their trading engine, bit confusing and not very intuitive