These orders can be modified or cancelled at any time. The trailing stop feature allows traders to lock in profits without having to monitor the market. If the equity in the account drops below the margin required to maintain the open positions. Margin requirements are fixed for both intra-day trading and for positions held overnight. Based on each trader's margin requirement. For example. These reports are comprehensive and include the details of each specific trade. D olar. The reports can contain up-to-second account information or be customized to reflect activity between any two given dates.
Microsoft Excel. In order to receive a hard copy record. When the rate for a currency pair decreases. Traders who expect the rate for a currency pair to increase would buy or enter a long position and traders who expect the rate for a currency pair to decrease would sell or enter a short position. The high shown is the highest buy price reached since High and Low Also displayed in the currency quote box is the high and low prices since The spread is the difference between the rate where you can sell a currency pair and the rate where you can buy a currency pair. When trading on the FXCM platform you trade directly with a market maker. Buying and Selling Each currency quote box contains both a buy i.
The exchange rate refers to the amount of the counter second currency that can be exchanged for one unit of the base first currency. When the rate for a currency pair increases this means that the base currency in the pair is getting stronger as it now takes more of the counter currency to get one of the base currency and the counter currency in the pair is getting weaker. Pip Cost The Pip Cost gives you the pip value for each currency in real time. Low The low is the lowest the offer rate has touched since 5: MMR The amount reflected in this column indicates the margin required to open a one lot position.
You have the ability to select within parameters the degree of leverage you wish to use. On the standard account. If you have no open positions at High The high is the highest bid rate since 5: The time is recorded in Eastern Standard Time. Orders will be executed at the first rate the market reaches that is within the range specified here. A time stamp of Time Every time an exchange rate changes. This will default to the currency pair that is highlighted in the Dealing Rates Window. The simplest way to place an order to be executed at the current market rate is by left clicking on the exchange rate within the dealing rates window for the currency pair you wish to buy or sell.
A Stop Entry order is an order to buy above the current market rate. There are two types of entry orders on the FXCM platform. A Limit Entry order is an order to buy below the current market rate. Other Ways Positions can be opened: These orders are referred to as Entry orders. O n ce th e ord er i accep ted. Once the trade is executed. Canceling an Entry Order T o can cel an exi n g en try ord er. Once the trade is completed. If a position is opened by selling. If you wish to change the order size or currency specified in an entry order.
If a position is opened by buying a currency pair. Normally a stop order is used to automatically close an open position before additional losses are incurred and a limit order is used to automatically lock in trading profits. It is important to note that only the exchange rate can be changed for an existing entry order.
To have this occur the trader sets a stop order on their open trmplate at the rate of 1. It is important to note that if a position is opened by buying. Select either a stop or limit order Select the exchange rate at which the stop or limit sgation be triggered. Click the advanced button to place a trailing stop. The trader wishes to have this position automatically closed at a loss if the sell price reaches 1. Unlike stop and limit orders of open positions. The market then moves up by 30 pips to 1. If the market reaches his entry order price of 1.
If the market does not reach 1. At any time during the close position process. If you wish to close only a portion of your position simply scroll down the list and select the amount you wish to close. Select the amount you wish to close. UsdMr Used Margin This is the amount of account equity currently committed to maintain open positions. Included in the accounts window from left to right is: Account Each account has a unique ID.
FXCM Trading Station II. User Guide to the No Dealing Desk Forex Execution Platform
The information for each account is maintained on a separate row. This s n will display only the trading activity. If you have multiple accounts. This is a great risk management tool to allow you to keep track of your trading session profits without having to run reports. Used Margin. Balance This is the value of funds in the account without taking into consideration profits and losses on open positions. The amount that EXISTING positions can move against you before you receive a margin call and all positions are immediately closed Fxcm trading station ii user guide manual template the next available price. This amount will not change unless more positions are opened or existing positions are closed.
Please note: UsblMr Usable Margin This is the amount of account equity that is not currently being committed to maintain open positions. The amount available to open NEW positions and 2. The Summary Window The summary window of the FXCM Trading Station gives traders and overview of the average entry price and profit or loss for each currency pair traded. Multiple Accounts Window Traders with multiple accounts can choose to have all accounts display in the accounts window of the Fxcm trading station ii user guide manual template Usable Margin should be thought of as 2 things: This amount would be reflected in the Used Margin Column.
If Y appears. Traders do have the option of trading using more or less leverage. To see default margin requirements, visit the pages below: Margin Requirements: If the equity in the account drops below the margin required to maintain the open positions, a margin call is designed to trigger the close of some or all open positions. The reports can contain up-to-thesecond account information or be customized to reflect activity between any two given dates. These reports are comprehensive and include the details of each specific trade. In order to receive a hard copy record, the client simply clicks on the print function.
Each currency quote box in the Advanced Dealing Rates window shown above contains information about a specific currency pair, as defined by the currency pair abbreviations at the top of the box. The first currency in the pair is referred to as the Base Currency The second currency in the pair is the Counter Currency The price you see for each currency pair is the exchange rate for that pair. The exchange rate refers to the amount of the counter second currency that can be exchanged for one unit of the base first currency. Buying and Selling Each currency quote box contains both a buy i. When trading on the FXCM platform you are generally cutting out commissions, and paying only the spread.
The spread is the difference between the rate where you can sell a currency pair and the rate where you can buy a currency pair. When the rate for a currency pair increases this means that the base currency in the pair is getting stronger as it now takes more of the counter currency to get one of the base currency and the counter currency in the pair is getting weaker. When the rate for a currency pair decreases, this means that the base currency in the pair is getting weaker as it now takes less of the counter currency to get one of the base and the counter currency in the pair is getting stronger. Forex Capital Markets Currency Quote box Sell Currency Quote box Buy 12 Traders who expect the rate for a currency pair to increase would buy or enter a long position and traders who expect the rate for a currency pair to decrease would sell or enter a short position.
High and Low Also displayed in the currency quote box is the high and low prices since The high shown is the highest buy price reached since Low for the Day High for the Day Simple Dealing Rates Window By changing the dealing rates window to simple mode, traders can view additional information such as margin requirement, rollover amounts, and the dollar value of a pip for each currency pair. To view the Simple Dealing Rates window: This price is dynamic and will fluctuate tick-by-tick with the slightest market move.
High The high is the highest offer rate since 5: Low The low is the lowest the bid rate has touched since 5: Explained on pg. At If you have no open positions at If there is a minus sign next to the number, the amount will be subtracted. Pip Cost The Pip Cost gives you the pip value for each currency in real time. All other currency pairs have a fluctuating pip value. MMR The amount reflected in this column indicates the margin required to open a one lot position. The margin deposit will vary depending on which FXCM entity your account is with, and which currency pairs you are trading. Time Every time an exchange rate changes, a time stamp is placed next to the currency pair.
The time is recorded in Eastern Time. A time stamp of The simplest way to place an order to be executed at the current market rate is by left clicking on the exchange rate within the dealing rates window for the currency pair you wish to buy or sell. Left-Click directly on the Buy or Sell price After left clicking on the exchange rate for the currency pair, a market order box will appear. In the market order box there are 5 parameters which can be set prior to sending the order to the trading desk: Select the account you plan on trading on, though this is only applicable if you are trading in more than one account.
Select a currency pair. This will default to the currency pair that is highlighted in the Dealing Rates Window, or select another currency from the drop down box Select sell or buy Select the amount you are buying or selling, trades are made in increments of 10, of the base currency in a standard account. Under At Market, select the range of rates you are willing to accept. Orders will be executed at the first rate the market reaches that is within the range specified here. To activate the stop or limit feature, click the Advanced button on the box to the left of the word Stop or Limit.
For more information on stop and limit orders see pg. After OK has been selected the trade will appear in the Open Positions window, which confirms the execution of the order. Right-click on the appropriate rate and select the Create a Market Order command from the pop-up menu that appears. Right-Click directly on the Buy or Sell price 2. Click on the Buy button at the top of the trading screen. Click directly on the Buy button 3. Click directly on close price of the ticket you wish to close This will bring up the close position box which has two parameters you can set prior to sending the close order request.
Select the ticket that you wish to close. Select the amount you wish to close. If you wish to close only a portion of your position simply scroll down the list and select the amount you wish to close. Select the range of rates you are willing to accept; Orders will simply be executed at the first rate the market reaches that is within the range specified.
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To avoid rejection scenarios one can use the market range feature to allow a specified amount of slippage. At any time during the close position process, Fcm can cancel the order by clicking on the Cancel button. Click the Ok button after all the selections have been made to close the position. Once the position is closed it will disappear from the Open Positions window and move into the Closed Positions window until the close of that days trading at Right-click on the Close box from the highlighted ticket and select the Close Position command from the pop-up menu. Forex Used Markets 18 2. Click the Close button at the top of the trading screen.
Click directly on the Close button 3. Left majual the Trading option at the very top of the screen and select Open Positions and then Sstation Position. That is to say that gudie you have multiple positions in the same currency pair, the position which was first opened will be the first to be closed. Traders will need to use market orders to close existing positions. NFA compliance rule b also prohibits hedging. Therefore, clients can no longer hold buy and sell positions on the same currency pair at one time.
Because hedging is disabled traders can now offset existing positions by placing market orders. If you would like to close out multiple positions at once, it is best to refer to the Summary Window which keeps track of your net positions pg. To specify your preference, click on the Trading Mode button at the top of your Trading Station. You will then see a Choose Mode window where you will have three choices. Click directly on the Trading Mode button Two Step with Market Order Box Default Setting This option requires left clicking on the buy price to buy the pair, or left clicking on the sell price to sell the pair. An additional step of confirming the order in the Market Order box is required.
One Click Mode This option requires that you left-click once on the buy price to buy the pair, or left-click on the sell price to sell the pair. There are no additional steps required to execute the order. Double-Click Mode This option requires that you left-double-click on the buy price if you are buying the pair, or on the sell price if you are selling. When you have chosen your order mode, click OK. You will then be prompted to agree to a disclaimer. Click the check box to accept, and then click OK. When the one-click or doubleclick option is enabled, it will be indicated by a 1 or 2 on the Dealing Rates in both Advanced and Simple views of each chosen currency pair see pg.
Selecting Order Size: The default order sizes are 10, units for mini accounts andunits for K accounts. The order size is displayed in a drop down box between each currency pair s Buy and Sell price.
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Forex Capital Markets 20 To select the order size in the useg or double-click mode, you can either use the drop down box or input the amount desired in increments of 10, expressed as 10 for standard accounts. When guidf in the two-step mode this amount will be grayed out. You will be able to change the Fcxm size in the market order box. These orders are referred to yemplate Entry orders, and are only executed if the market rate reaches the rate specified in the order. With the No Dealing Desk Forex Execution account type, manul orders can also be placed within the spread. A Limit Entry order usee an order to buy below statino current market rate, or an order to sell above the current market rate.
If the price is hit, but the liquidity provider cannot fill the order, the order will be reset. A Stop Entry order is an order to buy above the current market rate, or an order to sell below the current market rate. To place an entry order left click on the Entry button at the top of the trading screen. There are five parameters which can be set prior to sending an entry order to the trading desk. The first four are the same ones that appear in the Market Order Box as outlined on the right. Once the order is accepted, it will be listed in the Orders window of the platform where it will remain as a waiting order until the market moves to the rate specified in the order, or the order is cancelled.
Once the trade is executed, the position will disappear from the Orders window and reappear as an open position in the Open Positions window. Modify an Entry Order Once an entry order has been placed, the order rate can be modified by right clicking on any part of the order in the orders window and selecting change order rate Right-Click anywhere on the highlighted ticket After selecting change order rate as outlined above, the change order rate box will appear.
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Here the order ID and new order rate can be specified. Click on the OK button after all the modifications have been made. Once the trade is completed, the updated information will be reflected in the Orders window. It is important to note that only the exchange rate can be changed for an existing entry order. If you wish to change the order size or currency specified in an entry order, you must cancel the existing order and enter a new one. Canceling an Entry Order To cancel an existing entry order, right click on any part of the orders window and select remove order.
Right-Click anywhere on the highlighted ticket After selecting remove order as outlined above, you will be asked to confirm that you wish to delete the selected orders. Click Yes to cancel the trade or No to make no changes to the order. Once the Yes button is clicked, the order will be deleted from the Orders window and officially removed.
It simply means that if one part of the order is executed, the other part will be automatically cancelled. That is to say that if one of these prices executes, the other order will be deleted. These orders can be all in one currency pair, or across many currency pairs. Method 1: You manually place two or more entry orders see Entry Orders pg. In the Orders Tab, you will see the two entry orders. A box will appear with your existing available entry orders. You will then see these orders move into the "OCO Orders" section of the box. Click "OK" to complete the order. You can even link as many orders as you like in this way. Forex Capital Markets 23 Method 1: If you already have an OCO order in place, you can click on an order and drag it around the Orders Window.
If you drag an Entry order into the OCO section and your mouse pointer turns yellow, you can let go and the order will drop in as a new OCO order. If you click and drag an order over another order, your mouse pointer will turn green. Then you can drop the order and it will become OCO with the order you were pointing at. The moment that any one of the entry orders that is a part of your Complex OCO Order executes, all the other order s in that OCO will be cancelled, and will disappear from your Orders Window. In the Simple OCO box that appears, you can set the trade size, and choose if you want both orders to be Sell orders, Buy orders, or one of each. The Sync Rates box is checked by default.
When the "Sync Rates" box is checked, and you change either of the entry order prices, the software will automatically determine what the other entry order s price should be. If your order is for a Buy and a Sell, the software will set the 2 entries an equal distance from each side of the current market price, and link them as OCO. They will still be automatically linked as OCO. For example, before an important news event, the market will often move sideways in a range. When the news is released, the price could break to the upside or to the downside. If you are expecting a break in either direction, you could place a Simple OCO order to buy above the range and to sell below the range.
When a currency pair is trending, the price will often pull back within the larger move of the uptrend, while other times, the price will break support or resistance and continue its trend. You can set the OCO order to buy above resistance and to buy at the trendline. Select the orders that you want to link in the Orders tab.