Broker Guide To Forex.com: Trading Using FOREXTrader Pro
  1. Broker Guide To Forex.com: Introduction
  2. Broker Guide To Forex.com: Account Types And Requirements
  3. Broker Guide To Forex.com: Commission Structure
  4. Broker Guide To Forex.com: Trading Platforms And Customer Support
  5. Broker Guide To Forex.com: Opening A Demo Account
  6. Broker Guide To Forex.com: Trading Using FOREXTrader Pro
  7. Broker Guide To Forex.com: Educational Products, Research Tools And Services
  8. Broker Guide To Forex.com: Conclusion

Broker Guide To Forex.com: Trading Using FOREXTrader Pro

Forex.com's primary trading platform is FOREXTrader Pro, which is a fully customizable trading platform available via the web, download and all major mobile operating systems. In this tutorial, the web version of the software will be demonstrated, since it's compatible with PCs, Macs and mobile browsers of all types that have access to the Internet. The first step is logging into the platform via Forex.com by clicking on the "Login" button in the upper right corner of the homepage. After logging in, the homepage will appear showing a number of different features and options needed to trade forex.

Homepage shwoing different features and options.
Figure 2: Homepage showing different features and options.


Features and options from left to right in a clockwise manner include:

  • Trading Panel - The trading panel provides the primary way to buy or sell currency pairs with 16 currencies showing by default. Additional currency pairs can be added by right clicking on the gray background and checking the desired currency pairs.

  • Forex Charts - The forex charting panel provides charts and technical indicators for any currency pair and time period. Various technical indicators and drawing tools are also available on the left side of the charting panel.

  • News Tools - The news panel provides the latest news from the Dow Jones Newswire, Forex Insider's news feed and a full economic calendar that includes macroeconomic events with consensus forecasts to determine the significance of readings.

  • Market - The markets panel provides current market prices for major currency pairs, customizable watch lists and prices for other popular markets. The watch list in particular provides a great way to track desired currency pairs.

  • Trading Ideas - The trading ideas panel includes chart patterns identified by Autochartist at various stages of development, including emerging ideas and completed ideas. Clicking on any of these options will bring up a window with additional information about the chart pattern, including confidence levels and price levels.
Main Menu and Shortcut Bar
The top of the homepage includes a series of dropdown menus, including File, Edit, Order, Research, Reports, Tools, Window and Help. Traders should browse through these major options and only the most important options will be discussed here:

  • Order Entry - The Order menu dropdown has an option called Enter Order that enables traders to manually enter an order without using the other homepage tools.

  • Pivot Points - The Research menu dropdown has a number of different options, including pivot points, which provides daily price levels to watch.

  • P&L Reports - The Reports menu dropdown has several options, including the Realized P&L option that will show profits and losses over a set period of time.

  • Account Funding - The Tools menu dropdown has many options, including the Fund Your Account option that provides a way to add funds to the account.

  • Windows - The Windows menu dropdown lets traders customize what windows are displayed or hidden on the homepage interface.

  • Find Help - The Help menu includes many options for traders seeking assistance, with the Live Chat being the easiest way to get questions answered.
The Shortcuts Bar includes a number of other tools designed to provide quick access to important features and options. Some of the important buttons include:

  • Plus Icon - The "+" button is a quick and easy way to enter orders using the same screen as the Order Entry option in the menu above.

  • Calculator Icon - Provides a pip calculator to determine pip value, required margin, bid rates, trade size and leverage.

  • Report Icon - Provides a quick summary of the account's value, including realized P&L, interest, deposits, fees rollover and balances.

  • Dollar Icon - Provides a quick way to fund the account, including ways to either add funds or withdraw funds.
Placing a Trade
Traders can place trades using the trading panel at the top of the screen, which shows 16 popular currency pairs by default. Simply select the number of lots desired, or specify an exact number of contracts, and then click either buy or sell to place the trade. Right clicking on the background yields additional currency pairs that can be added to the window.

Once the trade is placed, a pop-up will appear showing the transaction details, and the trade will be logged in the Open Positions window at the bottom right of the screen. The trade can be closed by initiating an offsetting order on the Trading Panel or by right clicking on the position in the Open Positions box and selecting Manage, and then Liquidate Current Position.

Using Charting Tools
FOREXTrader Pro features numerous charting features, including popular technical indicators and drawing tools. Charts can be found in the middle right side of the screen and can be created for any currency pair and timeframe desired using the dropdown menus at the top of the chart. Technical studies and drawing tools are also available on the left side of the chart, while trades can be placed by clicking on the Sell and Buy buttons on the top right of the chart window.

The first icon on the left side will display a dropdown menu with various technical studies that can be applied to the chart, including everything from Bollinger Bands® to moving averages and linear regressions. The next icon below that provides a number of different drawing tools, including Fibonacci studies and Gann Fans, among other things.

Just to the left of the charting tools, traders can access Autochartist trading ideas that are sorted into completed, emerging, trade ideas and technical analysis categories. Traders can click on these ideas to view various potential chart patterns with confidence ratings and forecasted price movements and recommended stop loss points to assist with trading.

Research and Reporting Tools
FOREXTrader Pro offers access to a wide range of fundamental research tools, including an economic calendar, Dow Jones Newswire and Forex Insider. These tools can be found on the bottom left portion of the screen. Clicking on a news story or event will bring up additional information in greater detail for review.

Reports can also be generated to show account value, transaction history, open positions, order history, rollover history and realized profit/loss information. To access this information, simply click on the "reports" link on the top menu bar and select the desired report. Reports can also be exported in many cases to Excel or PDF formats for easier viewing.

Strategy Center
There are several additional features that are available only on the downloadable Microsoft Windows version of FOREXTrader Pro. Perhaps most important is the Strategy Center, which enables forex traders to create customized trading strategies using a combination of logic rules, technical indicators and various levels where predefined actions should happen. Trading strategies can then be applied to different currencies in order to generate buy and sell signals.

Unlike many other custom strategy solutions, the strategy center uses drag-and-drop wizards to avoid writing any lines of code. Forex traders can therefore avoid having to learn an entire programming language, like MetaTrader's MQL in order to create custom strategies. However, MQL and other programmable languages can be more powerful in some ways.

Some popular predefined strategies include:

  • MACD Momentum System - A system that takes advantage of trend-following and momentum indicators in order to determine secular trends. The MACD measures the convergence and divergence of various moving averages providing this insight.

  • Bollinger Band System - A system that uses closing price, exponential moving averages and two standard deviations to create so-called Bollinger Bands to define the upper and lower trading limits over the near-term and long-term.

  • EMA Crosses MA System - A system that takes advantage of two different types of moving averages, including exponential moving averages and simple moving averages, in order to predict short-term and long-term trends.
Broker Guide To Forex.com: Educational Products, Research Tools And Services

  1. Broker Guide To Forex.com: Introduction
  2. Broker Guide To Forex.com: Account Types And Requirements
  3. Broker Guide To Forex.com: Commission Structure
  4. Broker Guide To Forex.com: Trading Platforms And Customer Support
  5. Broker Guide To Forex.com: Opening A Demo Account
  6. Broker Guide To Forex.com: Trading Using FOREXTrader Pro
  7. Broker Guide To Forex.com: Educational Products, Research Tools And Services
  8. Broker Guide To Forex.com: Conclusion
RELATED TERMS
  1. Forex Option & Currency Trading Options

    A security that allows currency traders to realize gains without ...
  2. Forex Charting Software

    An analytical, computer-based tool used to help currency traders ...
  3. Forex Forecasting Software

    An analytical tool used to help currency traders with forex trading ...
  4. Forex Trading Strategy

    A set of analyses that a forex day trader uses to determine whether ...
  5. Forex Option Trading

    A security that allows currency traders to realize gains without ...
  6. Forex System Trading

    A method of trading forex that is based on a series of analyses ...
RELATED FAQS
  1. Is it possible to trade forex options?

    Yes. Options are available for trading in almost every type of investment that trades in a market. Most investors are familiar ... Read Answer >>
  2. What are the most common market indicators forex traders follow?

    Learn the most common technical indicators that forex traders and currency market analysts utilize to predict likely market ... Read Answer >>
  3. How do I create a trading strategy with Bollinger Bands® and the MACD?

    Learn how to establish profitable trading strategies using technical trader favorites such as Bollinger Bands and the moving ... Read Answer >>
  4. What should I look for when choosing a forex trading platform?

    A trading platform is a piece of software that acts as a conduit for information between a trader and a broker. A trading ... Read Answer >>
  5. What is the best method of analysis for forex trading?

    Types Of Analysis Used In ForexForex analysis is used by the retail forex day trader to determine whether to buy or sell ... Read Answer >>
  6. What do the phrases "sell to open", "buy to close", "buy to open", and "sell to close" ...

    The confusing terminology mentioned in the question deals with entering and exiting option orders. In review, there are two ... Read Answer >>

You May Also Like

Hot Definitions
  1. Goodwill

    An account that can be found in the assets portion of a company's balance sheet. Goodwill can often arise when one company ...
  2. Return On Invested Capital - ROIC

    A calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. ...
  3. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  4. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  5. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
Trading Center