OTC Market

Forex is an over-the-counter, or OTC, market. Unlike a centralized exchange where every participant trades through one venue, forex operates through a network of banks, institutions, electronic networks, liquidity providers, and brokers. There is no single order book containing every order in the world.

Your broker therefore shows you its view of the market, based on the prices and liquidity available through the providers it uses. Another broker may show a slightly different spread, tick, high, low, or available depth at the same moment. Those differences are usually small, but they are real.

This does not invalidate the mechanics in Trade the Mechanics. Market orders still consume limit orders. Aggression is still absorbed when sufficient liquidity is present and price still relocates when it is not. The framework describes the process, not a claim that a retail trader can see one complete global order book.