The ability to trade directly from real time, streaming quotes is the centerpiece of the FOREXTrader platform. The current bid/ask prices appear in the dealing boxes seen below, and clients can at any time click on the current bid or offer and instantaneously execute a trade. More importantly, the dealing desk publishes ONE price to the entire client base and allows any client to deal on that available price.
By offering instantaneous execution from live, two-way prices, clients are always certain that the available prices are "at the market". Dealing from live quotes offers traders the advantage of anonymity and faster execution. Normal execution times are sub-one second, currently the fastest execution available from ANY online Forex platform.
Use the pull down list or type in
the
number of lots (1 lot = 100,000 of
the first currency)
you wish to
trade.
Click Sell or Buy button to execute
the trade.
|
A green box confirms the deal was executed, with a "you bought, you sold" statement confirming the precise details of the trade and a confirmation number.
A red box will say "deal not accepted" followed by the reason. |
Upon successful execution of a new position (meaning there was no existing position in the currency pair just traded), you will be prompted to enter a stop loss order. Auto Order Prompt can be enabled on the Logon/Profile tab.
A Stop Loss, Single or OCO order can be entered for the full amount of the new position.
IMPORTANT NOTE: All orders remain open until they are triggered or manually cancelled. |
 |
**IMPORTANT**
Only Position Orders,
which are entered from
and monitored in the
Position Management
window, are
automatically cancelled
when the corresponding
position is squared or
closed.
All other orders remain
open until they are
triggered or manually
cancelled. |
| Upon completion of the order details, click on [Confirm] to submit the order. |
 |
Upon acceptance of the order, the details become visible in Position Management
With an associated order in place, as the position changes, the face amount of the order automatically adjusts to match.
IMPORTANT NOTE: Position Orders appear in Position Management all other orders appear in Order Management.
NEXT: Squaring Your Position  |
Auto Square: Gives clients the ability to exit a position with greater ease. To close out the entire open position in a specific currency pair, click on 'SQR' to automatically executes an offsetting trade. You can also review the trade details in the Activity Log or the Deal Blotter.
The Auto Square button is intentionally limited to only allow for the maximum deal size (number of lots) associated with your account. Therefore, if you have an open position that is larger than your maximum deal size, you will need to use the dealing boxes to close out your position incrementally. For example, if your max deal size is 25 lots but the total value of your position is 30 lots you will need to a) incrementally reduce your position via the dealing boxes to 25 lots in order to utilize the Auto Square function or b) simply close out the entire position incrementally utilizing the dealing boxes.
**IMPORTANT – Position Orders, which appear in Position Management, are automatically cancelled when the corresponding position is squared or closed. All other orders remain open until they are triggered or manually cancelled.
NEXT: Point and Shoot
FOREX Trader's Point and Shoot tool enables you to drill down into a position, view the individual trades that comprise that position, and close any individual trade that is part of your overall position in any currency pair.
In the example below, the trader is short 200,000 (2 lots) AUD/USD. This position is the result of selling 100,000 (1 lot) at .7422 and another 100,000 (1 lot) at .7424.
To use point and shoot, drill down into the position by clicking on the currency pair name in the positions management window (Figure 1).
Figure 1
Figure 2 is the detail view of the AUD/USD position, showing each individual trade detail, including size, deal rate and date.
Here, you can select and close any trade with a single click of the mouse. Simply click on the 'close' button and you will automatically be closed out of that trade.
Figure 2
In this example, 100,000 USD are bought by clicking the Close button at far right. The deal is confirmed and removed from the screen. (Figure 3). Click Exit to return to the main Position Management window.
Figure 3
Click Continue to return to the Point and Shoot Detail Screen, which shows the remaining 200,000 trade.
NEXT: Position Orders
Position Orders (PO) are directly related to individual positions. These orders are only active for as long as the position remains open. The ability to associate an order with a position offers clients the ability to place an order that will cover a position even as it changes.
If the 'Auto Order Prompt' check box upon the 'Logon/Profile' tab is checked then upon entering into a new position or reversing a position, the client is automatically prompted to enter a Position Order to cover the new position.
As the position increases or decreases, the face of the Position Order automatically adjusts to match the value of the position. If a position is cancelled then the Position Order is automatically removed on behalf of the client If a position is reversed then the Position Order is cancelled and the client is prompted to place another order.
To modify or cancel a Position Order click on the ' PO' button next to the limit or stop rate you wish to adjust. This will open the Auto Limit/Stop Order dialog.
Click on the [Cancel Order] button to cancel the Position Order or Click [Modify] to make any changes as required.
Click on the [Modify] button to confirm any changes made to the Position Order.
Any modifications made can be seen in Position Management.
IMPORTANT NOTE: If an order is not already associated to a position, click on ' PO' to open the Auto Limit/Stop Order dialog. Set up the order as required and click [Modify] to submit the new order.
NEXT: Position Management
