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LOG INTO THE DEMO OR LIVE ACCOUNT:
With completion of installation, the FX Trading Station icon appears on your desktop, as well as in the program menu in a new folder named "FX Trading". Optionally, you can open the FX Trading Station and enter your user name and password. Finally, choose the type of connection ("Demo" or "Real") from the drop-down menu and access your demo or live account by clicking on the "Register" button on the main screen of the FX Trading Station.
ORDER ENTRY:
Across the top of the screen there is a large horizontal navigation bar which is available for quick access of new orders. The different types of orders can be accessed by left-clicking left and then making your desired selection.
HOW DO I PLACE A MARKET ORDER?
Use the "Buy" and "Sell" buttons on the navigation bar to open the window for entering a market order to buy or sell at the current real-time price.
HOW DO I PLACE AN ORDER ENTRY?
Use the "Entry" button on the navigation bar to open the window for entering an order. An order entry is similar to a stop buy or stop short order. Order entries are executed as soon as a predefined price quotation for the trade entry point is achieved.
HOW DO I PLACE A LIMIT ORDER?
Limit orders can be predefined (on the corresponding transaction) in the window "Open Positions" by clicking the field "Limit" and adding them to any desired trade. Limit orders enable you to close a trade when a profit target is achieved. If you have a short position or a sell trade a limit order always has to be placed below the opening price as this is the profit zone. The principle is similar if you have a long position or a buy trade. In that case, you would place the limit above the opening price. Limit orders help you to develop a disciplined trading methodology and enable you to stay away from the PC without having to continually observe the market.
HOW DO I PLACE A STOP-LOSS ORDER?
Stop-loss orders can be predefined (on the corresponding transaction) in the window "Open Positions" by clicking the field "Stop" and adding them to any desired trade. Stop-loss orders enable you to close a trade when a predefined price quotation is achieved. If you have a short position or a sell trade a stop-loss order always has to be placed above the opening price. The principle is similar if you have a long position or a buy trade. In that case, you would place the stop (stop-loss) below the opening price. Stop-loss orders help you to control your risks.
A description of the various types of orders can be found here.
USEFUL TIPS:
::: FIND POSITIONS: All order entries submitted by the FX Trading Station can be seen in the window "Orders" until execution. With the order execution open trades appear in the window "Open Positions".
::: BUY AND SELL: The window "Open Positions" shows the respective buy (B) or sell position (S) in column B/S. For example, if you have a buy position (B) with 30K, you can sell it by clicking on the closing price of the open position and confirming it with OK. The window will then return to its default state (empty).
::: ORDER CANCELLATION: Orders which have already been submitted can be canceled at any time. To do this, go to the order you wish to cancel in the window "Orders" by right-clicking on it and choosing "Cancel Order" or "Remove Order" from the context menu that appears.
::: ORDER CHANGING: Orders which have already been submitted can be changed at any time. To do this, go to the order you wish to change in the window "Orders" and click on the price you want to change or add. A window will appear where you can enter the new price. You can change the limit and/or stop for your open positions in the same way in the window "Open Positions".
::: TRADING VOLUME: The trading volume is determined at the order entry in the input field "Amount (K)" regardless of the order type. The minimum trading volume of FXCM's Mini account is 1 Mini lot, which equals 10K. This equals 10,000 units of the base currency in a currency pair. You can trade in units of 10K (10K, 20K, 30K, etc. *). Trading volumes of 1 to 10 lots (10 to 100K) can be selected by left-clicking on the order entry in the input field of the trading volume. Trading volumes over 10 lots (more than 100K) have to be entered with a keyboard, for example 330 for 33 Mini lots. *The FXCM Trading Station allows a maximum trading volume of up to 50 million per transaction. To execute greater trading volumes, additional orders can be placed, or you can use the MetaTrader Trading Platform, which has no maximum trading volume.
::: VALUE: The FX Trading Station shows the value of a pip for each currency pair per lot of trading volume in the window "Dealing Rates", in the simple view in the column "PipCost". To see the window "Dealing Rates" in the "Simple" view, go to the window "Dealing Rates" and click on the corresponding button at the top of the window. For example, the value of a pip in the Mini account is USD 1 per lot of trading volume for the currency pairs EUR/USD, GBP/USD, AUD/USD and NZD/USD. Therefore, a price movement of 45 pips, for example, is USD 45 per lot of trading volume. For a Mini account denominated in euros, this value is identical; however, it is listed in euros or the account denomination.
::: ACCOUNT BALANCE IN THE DEMO ACCOUNT: To simulate a lower account balance with a demo account, all you need to do is increase the trading volume correspondingly. For example, if you want to simulate an account balance in the amount of EUR 1,000 instead of EUR 50,000, increase the trading volume fiftyfold. Of if you want to simulate an account balance in the amount of EUR 500 instead of EUR 50,000, you would increase the trading volume one hundredfold, etc. (50,000 demo account balance : desired account balance to be simulated = multiplier).
::: DESIGN PRICE TABLE: To see the window "Dealing Rates" in the design "Simple Dealing Rates", please go to the window "Dealing Rates" and click at the top margin of the window on the corresponding lettering.
::: PRICE TABLE – SELECTION OF CURRENCY PAIRS AND CFDs: You can change the selection of tradable products shown in the Dealing Rates window by right-clicking within the Dealing Rates window and then left-clicking on Symbol Subscription List. This will bring up a list of all tradable currency pairs and CFDs, which you can tick off in order to select them for display in the Dealing Rates window. Please note that the Dealing Rates window can only display the prices of a limited number of products. (With an additional trading account, you can call up additional products, should the method described above for viewing additional prices prove to be too cumbersome.)
::: CLOSING SEVERAL POSITIONS AT THE SAME TIME: Hold down the "Ctrl" key on your keyboard and left-click on all of the positions you want to close in the window "Open Positions". This marks the positions to be closed. Then right-click anywhere within the highlighted area and choose "Close Position" from the context menu. A window will appear where you confirm the input with OK.
::: CHARTS PLUGIN - Opening a chart: Let's assume you want to open 2 charts for the currency pairs EUR/USD, one for a 5-minute time frame and another for a 60-minute time frame. Select the following via the top navigation bar of the FX Trading Station: Charts -> Open Chart -> five minutes. Repeat this in order to bring up the 60-minute time frame chart.
This will bring up both charts in a new window as candlestick charts. What if you want to change the chart mode to a bar chart? You can control all your chart settings through the chart menu bar, which you can find at the top margin of each individual chart image you open. Using the menu bar, you can define the currency pair, the desired time frame, the chart mode (line, bar or candlestick), indicators and other settings. To change the chart mode, click on the 4th button from the left on the chart menu bar and choose "Bar" from the context menu.
A rod or bar shows the price movement over 5 minutes on the 5-minute chart and the price movement over 60 minutes on the 60-minute chart. The last rod or bar (from left to right) on a chart shows the most current price movement. The 60-minute chart begins to draw a new bar at the top of every hour; the 5-minute chart does so every 5 minutes (e.g. 10:00, 10:05, 10:10, 10:15, etc.).
Each rod or bar consists of an opening price, a high, a low and a closing price of the selected time frame. The small line to the left represents the opening price, which was the real-time price at the beginning of the time period. The low end of the rod shows the lowest price, and the high end shows the highest price of the period. Finally, the line to the right represents the closing price of the period. While the 60-minute chart requires 1 hour to carry out the price movement of one rod, the 5-minute chart requires 12 rods to display the same price movement. The longest chart time frame shows you the general trend, and the smaller time frame the price movement in detail.
No matter which chart time frame a trader uses, a longer time frame always represents the trend, and the smaller time frame is used to determine the point of entry for a trade.
::: CHARTS PLUGIN - Viewing a chart: You can arrange the charts for viewing in any way you desire within the chart field. To do this, left-click and hold to drag the name field of the chart you want to move (e.g. "chart EUR/USD, 60 minutes") to the desired place in the chart field. As soon as you begin to move the name field, docking stickers will appear once you move the name field with the mouse. Move the chart to the desired place within the stickers. For example, if you want to arrange 4 charts on top of each other, you only need to drag the charts by the name field near to the upper or lower borders of the docking stickers. Or, if you want to arrange 4 charts in a square, first drag all of the name fields to the same name bar and then drag each of the charts by the name field to the desired location; a coloured background will aid you in the placement. This allows a variety of arrangements within the chart field.
::: TIP: Test various trades to become fully familiar with all the features of the FX Trading Station.
::: USER GUIDE: The user guide for the FX Trading Station is here.
FOREX TRADING - TRADE EXAMPLES:
Buy EUR/USD at 1.43000
Stop 1,42730, limit 1,43460
Supposed you want to execute a buy trade as soon as the currency pair EUR/USD reaches a price of 1,43000.
Place this buy order as follows:
1. Open the FX Trading Station.
2. Choose "Entry" from the menu bar.
3. With the order entry in the window "Create Entry Order" you specify:
- The currency pair to be traded: EUR/USD
- Buy or sell: Buy
- The trading volume
- Buy price 1,43000
- Stop price 1,42730
- Limit price 1,43460
- Check and confirm with OK.
Stop and limit can be defined using the option "Advanced<<<" at the order entry in connection with the entering price. By clicking OK, your order is sent to the market. Once the predefined price quotation (buy price) is reached your order is executed and you have the currency pair EUR/USD with the chosen trading volume.
AN ADDITIONAL TRADE EXAMPLE:
Buy EUR/USD at 1,43250 (Order entry)
Stop 1,42950 (stop-loss order), limit 45 pips (limit order)
1. Suppose you want to use a Mini account to buy 6 lots (60K) of the currency pair EUR/USD at the price of 1,39250. You would make the required order entry. As soon as the predefined price quotation is reached your order is executed and you have 6 lots.
Order entry: Buy 6 lots EUR/USD at 1,43250
2. The stop is determined accompanied by the open number of lots. If the stop price is reached the position is closed out or sold.
Stop-loss order: 6 lots EUR/USD at 1,42950
3. If the profit target (limit) is 45 pips we want to sell at the price of 1,43700 to obtain a profit according to a scheduled execution. As long as you don't specify the limit with the orginal order entry you can make up this entry at a later date and change it if necessary. To do so, in the window "Open Positions" click the field "Limit" or "Stop" for the position whose value you want to change. A window will appear in which you can enter the new price.
Limit order: 6 lots EUR/USD at 1,43700
Step by step:
1. Open the FX Trading Station.
2. Choose "Entry" from the menu bar.
3. With the order entry in the window "Entry Order" you specify:
- The currency pair to be traded: EUR/USD
- Buy or sell: Buy
- The trading volume: 60K
- Buy price 1,43250
- Stop price 1,42950
- Limit price 1,43700
- Check and confirm with OK.
If you have any questions we are of course at your disposal.
You can contact us via live chat, email or phone.
We wish you a pleasurable experience in trading on the forex market!
