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Fast market conditions are characterized by heavy trading and highly volatile prices. These conditions are often the result of an imbalance of orders; for example, many "buys" and few "sells" or major news releases such as: non-farm payroll, changes in interest rates, jobs reports, etc. During fast market conditions, market volatility is high and spreads may be wider than normal -- potentially much wider.
Prices and trades move so quickly in a fast market that even "real-time quotes" can be far behind what is currently happening in the market. A real-time quote for a fast-moving pair may be indicative of what has already occurred in the market rather than the price you will receive.
Understanding the difference between a market order and a limit order could help during a fast market.
A market order is an order for immediate execution at current market prices. With a market order, an execution is guaranteed; however, the price is not. Once the order is placed, the customer has no control over the price at which the transaction is executed. In fast-moving markets, the price paid or received may be different from the price quoted.
A limit order is an order to buy or sell a security at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. With a limit order your order may never be executed because the market price could quickly surpass your limit before your order can be filled. The benefit of using a limit order is that you can protect yourself from an unfavorable fill during a fast market.
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Fast Markets