When you fire up your order and submit it, it will take the following path:

1. Initialized: (You may not ever see this message, but some applications have this as an order state)
2. Submitted: (You have send your order to your broker)
3. Accepted: (Your broker has received the order but has not yet sent it to the exchange)
4. Working: (Your order is now in the queue at the exchange)


And contrary to what some may believe, the scratch trade is a solid edge in HF trading and is very often used.

Best of luck!

Ian

@Skidboot - I apologise.