FXCM's Trading Station makes it very easy for traders to place five different types of orders via either their online or offline platforms. These orders include:

  • Market Order - Orders to buy or sell at the price available at that time, placed by clicking on a currency's buy or sell price on the Advanced Dealing Rates tab within the FXCM Trading Station.

    Figure 1: Market Order
  • Close Order - Orders to close an open position, placed by selecting the position in the Summary Window and then clicking on the Close button on the top menu bar.

  • Entry Order - Orders to buy or sell at a price different from the current price, placed by clicking on the Entry button in the top menu bar and selecting either a Stop entry or Limit entry.

  • Stops/Limits - Orders that specify a price to automatically exit positions that are either not going in their favor (stops) or going in their favor (limits), placed by checking the Stop or Limit boxes when creating a Market Order.

  • OCO Order - "One Cancels Other" orders in which if one part of the order is executed, then the other part will be automatically canceled, placed by right-clicking on a given order in the Orders window and selecting either Simple OCO or Complex OCO.
Each of these orders also features a Time in Force field that has three options:

  • Immediate or Cancel (IOC) - An order specifying that once a requested price and volume reaches the market, it's executed immediately in part or in its entirety only at that price. If all or the portion of the order can't be filled at that price, it's automatically cancelled.

    Figure 2: Create Entry Order
  • Fill or Kill (FOK) - An order specifying that once the requested price and volume reaches the market, the order is only filled if it can be filled in its entirety at this price. If liquidity doesn't exist for the requested volume in full, the order is automatically cancelled.

  • Good 'til Cancelled (GTC) - An order specifying to buy or sell the currency pair at a set price that is active unless canceled.

Next: How To Place A Trade With FXCM Markets: Monitoring Positions And Margin »

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