Placing an Order

1. Select a Currency Pair: choose a currency pair from the drop down list.
   
   
2. Choose an Order Type:
   
   
   • Single: single Stop Loss or Limit order, with your choice of end of day or good' til cancelled (GTC) expiry.
     
     
   • One Cancels the Other (OCO): a contingent order providing that one part of the order is cancelled if the other part is executed. This is a particularly useful order type in that it allows traders to execute specific trading strategies based on technical analysis - without having to watch the market tick by tick. For example, if a trader long USD/CHF at 1.4627, a typical OCO order would be a stop loss at 1.4562 and a limit (take profit) at 1.4700. If one part of the order is filled, the other is automatically cancelled.
     
     
   • If Then: Two-legged order whereby the second single order is placed only upon execution of the first single order.
     
     
   • If Then / OCO: Two legged order whereby the OCO order is placed only upon execution of the first single order.
     
     
   • Trailing Stop: A single stop loss order that automatically 'trails' the price of the currency.  This offers the potential for greater gains while still guarding against price declines.
     
     
3. Choose the Expiry: Choose one of the following:
   
   
   • End of day (EOD): Order will expire at 17:00 ET at the end of the trading day you placed it.
     
     
   • Good Til' Canceled (GTC): Order will remain active until you highlight it and click the cancel button.
     
     
4. Select 'Buy' or 'Sell' from the drop down list.
   
   
5. Select the number of lots from the drop down list.
   
   
6. Choose the Order Basis: either 'Limit' or 'Stop Loss'.
   
   
   • Limit Order: An order with restrictions on the maximum price to be paid or the minimum price to be received. For example, if a trader is long USD/CHF is 1.4627 a limit order would be entered to sell dollars above that price, for example, at 1.4800.
     
     
   • Stop Loss Order: Order type whereby an open position is automatically liquidated at a specific price. Primarily used to minimize exposure to losses if the market moves against an investor's position. For example, if a trader is long USD at 1.4627, a stop loss order could be left at 1.4549, in case the dollar depreciates below 1.4549.
     
     
7. Enter the Order Rate: The rate at which the order will be executed. You may enter in ANY rate other than the current spot rate. Fill this in manually. Note: If you have specified a default number of pips away for stop loss orders, this field will automatically populate with your default. This user-configurable default can be set or edited in the Logon window.
   
   
8. Confirm the order: When all the fields are completed and you have checked your order, click "Confirm" and your order will appear in the Order Management screen.
   To Abort the order: Choose "Abort" to cancel the pending order and return to the order management window. **If you click "Abort" before clicking "Confirm", you will return to the order management window and no order will be placed.
   

**IMPORTANT -- Orders remain open until they are triggered or cancelled. If you close out a position manually, you must cancel any order(s) relating to that position.

For an OCO order, fill out both sections
	'One Cancels Other' (OCO) orders: the lower half of the form will be highlighted. Enter both sides of the OCO order as directed. Remember, if one side of your OCO is filled, the other is automatically canceled .
For an If Then order, fill out both
	'If Then' order : the lower half of the form will expand for the second leg of the If Then order. Place either your single Then order in this section. Remember, canceling any part of an If Then order will result in the entire order being canceled
For an If Then / OCO, fill out all
	'If Then / OCO' order: the lower half of the form will expand for the OCO leg of the If Then order. Place either your OCO order in this section. Remember, canceling any part of an If Then order will result in the entire order being canceled.
For a Trailing Stop Order, Specify Trailing Points
	In this example, the live rate is .7427 and the Trailing Points are set to 30. The sell stop order will be filled if EUR/USD bid reaches .7397 (live rate - 30 pips).
If EUR/USD moves in your favor, e.g. to .7457, the stop order will automatically adjust to .7427 - always 30 pips from the live rate. Select Trailing Stop from the 'Type' drop down menu, as shown. In addition to the regular order parameters, you will be prompted to specify Trailing Points, which is the number of pips from the current rate at which you want the stop loss order to be executed. The system accepts Trailing Points between 10 and 1,000. The advantage of a trailing stop is that the order automatically "trails" the rate if the position moves in your favor, offering the potential for greater gains while still guarding against price declines .
	Trailing stops are bolded for easy identification. *Trailing stops can not be edited; instead, cancel and enter a new order.

NEXT: Edit/cancel an existing order