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Types of Orders
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Market Order |
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is your order to buy or sell at the price available at that
time. In the Dealing Rates window, simply go to the currency
pair you want and click on its Buy or Sell price. |
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The "Create a Market Order" window will appear, and you
will see the current, updated price in the rate window.
Here you can select your Order Type:
At Best
(default) = Execution Certainty
Your entire order will be filled at the best available
price(s) at the time the No Dealing Desk System receives
it. |
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The
order will usually be filled at the price you see on the screen.
Occasionally, however,
if the market has moved while you are
making your order, the price may differ. |
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Market Range = Price Certainty
Use this option
to limit your order to being |
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price, or within a certain distance of the current price. |
Example:
If you set the Market Range to 5, as much of your order as
possible will be filled no more than 5 pips away from the
current price. If the price suddenly moves more than that, the
order will not be filled. The advantage here is Price
Certainty.
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Close Order |
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You can easily close your position using the Close
Order. To make a close order, select the position you
want to close in the Summary window, and then click on
the Close button at the top of the Trading Station. |
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A Close Position(s) box will appear where you can select
how much you want to close in this order. Choose the
amount you want to close in the Amount (K) field, and
click OK to confirm. If you select less than the total
amount you currently have open in that position, then
only that amount of the position will be closed out, on
a first-in first-out basis. If you close more than the
outstanding amount in your trade, your entire trade will
be closed, and the excess amount will be opened in the
opposite direction. |
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Closing Positions Directly From the Summary Window |
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If you prefer, you can close positions directly from the
Summary Window. Each trade in the Summary Window has a
Close column that shows you the current market price at
which you can exit the trade. In the case of a Long
position, the Close Sell column will be used. For Short
positions, the Close Buy column is used. |
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| To close
your position, simply click directly on the appropiate
Close column for that specific trade. The Close
Position(s) box will appear and you can confirm your
order. |
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Closing Positions in One-Click Trading Mode |
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To close positions with one click, you must be in either
One-Click or Double Click Trading Mode. Click on the
appropriate Close column for your position, as described
in the instructions for Closing Positions Directly From
the Summary Window above. This will close out all open
positions in that currency pair. There will be no
confirmation window.
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Entry Order |
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This option allows a trader to buy or
sell at a price different from the
current price. Use this to automatically
open a trade for you when the price you
designate is reached, whether your
computer is on or not. There are two
types of Entry Orders: |
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Stop Entry |
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This is an order to make an At Best market order
when the market touches a specific price. Use it
when you want to enter the market at a
less-favorable price than the current price
(higher price if buying, lower if selling).
Why might you want a worse price? Example:
The EUR/USD is currently 1.36415. You believe
that the price reaching 1.40000 will confirm a
continued upward trend and a profitable trade.
You also think that if it does not reach
1.40000, the price will fall. You therefore want
to buy only if the price reaches 1.40000, and
you do so with a Stop Entry Order to Buy at
1.40000. |
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Limit Entry |
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This is an order to enter the market at a better
price than the current one. Limit Orders are
only filled at a designated price. When buying,
lower prices are better, and when selling,
higher prices are better. (Since FXCM No Dealing
Desk execution*
allows you to place orders anywhere, you can
even use limit entries to place orders inside
the spread to gain incremental price
improvements.) |
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To make either a Stop or a Limit Entry Order,
click on the "Entry Button" at the top of the
trading station, and choose the parameters of
your order in the Create an Entry Order box.
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OCO Orders |
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OCO stands for "One Cancels the Other." It
simply means that if one part of the order is
executed, the other part will be automatically
canceled. On the FX Trading Station, Entry
Orders will appear under the "OCO Orders" tab.
Traders can link protective stop-loss and limit
entry orders as OCO.
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Net Stop Order |
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FXCM LLC (US Entity) customers can use
Net Stop Orders to help manage their
risk, and to prevent one trade from
wiping out an account. This order
automatically closes every position you
have in any one currency pair at the
best available price once a certain
price is reached. A Net Stop can only be
set at a price less favorable than the
current price. |
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Example: You buy
several positions of EUR/USD, totaling
100,000 units, with an average entry
price of 1.47927. You want the positions
to close automatically if the EUR/USD
moves 100 pips against you. So, you set
a Net Stop Order at 1.46927. This stop
will apply to ALL open positions in the
EUR/USD in your account. |
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To Set a Net Stop Order:
You can enter a Net Stop Order by
selecting a currency pair in the
"Summary" window, and clicking on the
"Stop" button. |
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Once a Net Stop has been set, you will
see the Stop price in the Stop column in
the "Summary" window. |
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If the Close Sell price touches 1.46927,
all of your open positions will be
automatically closed, with the loss
subtracted from your balance. |
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Net Limit Order |
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A Net Limit Order works much like a Net
Stop order, but you set it to
automatically close your trade when the
more favorable price you selected is
reached. Set a Net Limit Order as you
would set a Net Stop Order; the Net
Limit appears in the Limit column in the
"Summary" window. |
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Once the market reaches 1.49927, all
positions will automatically close, and
the profits will be added to your
balance.
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OCO Orders |
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OCO stands for "One Cancels
Other." It simply means that if
one part of the order is
executed, the other part will be
automatically canceled. On the
FX Trading Station, Entry Orders
that are linked as OCO orders
will appear under the "OCO"
section of the Orders window.
For example, the two 30K EUR/USD
sell positions shown below are
linked as OCO. If one of these
entry orders executes, the other
order will be deleted. |
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Types of OCO Order |
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You can choose to make either
“Simple OCO Orders” or “Complex
OCO Orders”. |
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Complex OCO Orders |
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Complex OCO orders allow you to
link 2 or more entry orders to
each other as OCO orders. These
orders can be all in one
currency pair, or across many
currency pairs. There are
several different ways to set
Complex OCO Orders. |
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Method 1:
You manually place two
(or more) entry orders (see
how to create entry orders
here). In the Orders
Tab, you will see the two
entry orders. To link them
as OCO (one cancels other),
simply right click on one of
the Order ID numbers under
the Order ID Column and
select "Complex OCO".
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A box will appear with your
existing available entry orders.
To link your orders as OCO you
can select them individually and
click "Add", or you can Select
All. 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. |
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Method 2:
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. |
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Execution |
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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. |
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