The error “The quoted price has expired and can no longer be hit” typically means that the last received price is no longer tradeable.
There are two possible reasons that we are aware of for this:
1) The price expires and becomes stale. The dealer panel in FXCM Trading Station should show grayed out pricing in this scenario.
Essentially, prices for certain instruments are only “valid” for a certain amount of time. Prices are more likely to go stale when the market is not very liquid and the prices do not change often. The following is taken from FXCM’s Trading Execution Risks document:
GREYED OUT PRICING
Greyed out pricing is a condition that occurs when FXCM’s Trading Desk or liquidity provider that supplies pricing to FXCM is not actively making a market for particular instruments and liquidity therefore decreases. FXCM does not intentionally “grey out” prices; however at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity. Such greying out of prices or increased spreads may result in margin calls on a traders account. When an order is placed on an instrument affected by greyed out prices, the P/L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P/L balance.
Unfortunately there is nothing that could and one simply must wait until the prices turn active again.
2) Related to the above, some instruments such as CFDs have a Daily Break that restricts trading. The following is taken from the FXCM CFD Metals site:
GOLD (XAU/USD) AND SILVER (XAG/USD) TRADING HOURS
Gold and Silver trading will commence on Sunday at 22.00 GMT. Furthermore, there will be a daily break in gold and silver trading at 21.00 GMT and trading in Gold and Silver will resume at 22.00 GMT. During the break, you will not be able to place market orders, and limit/stops cannot be placed and/or amended. Full details of Gold and Silver trading can be found in the CFD Product Guide.
In this scenario, if a strategy attempts to trade during the daily break, the above mentioned error will be returned.