1. How To Place A Trade With FXCM Markets: Platforms
  2. How To Place A Trade With FXCM Markets: Placing A Trade
  3. How To Place A Trade With FXCM Markets: Monitoring Positions And Margin
  4. How To Place A Trade With FXCM Markets: Using MetaTrader4 To Place Trades

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

Related Articles
  1. Trading

    How To Start Trading: Order Types

    The types of orders you use can have a large effect on your trading performance, so understanding the different order types is important to your success.
  2. Markets

    Explaining Market Orders

    A market order is the most common order used to purchase a financial security.
  3. Trading

    The Basics Of Trading A Stock

    Taking control of your portfolio means knowing what orders to use when buying or selling stocks.
  4. Trading

    How To Place Orders With A Forex Broker

    Learn how to set each type of stop and limit when trading currencies.
  5. Investing

    NYIF Instructor Series: "Fill or Kill" Order

    In this short instructional video Anton Theunissen explains what the "fill or kill" order is.
  6. Trading

    Which Order To Use? Stop-Loss Or Stop-Limit Orders

    Stop-loss and stop-limit orders can provide different types of protection for investors seeking to lock in profits or limit losses. Investors need to know how each type of order works to know ...
  7. Trading

    Making The Trade: Understand Order Types

    Buying and selling stock can be a lot like buying or selling a car. Traders should use and understand tools such as market orders, limit orders, day orders, and good-'til-canceled orders to ensure ...
  8. Investing

    Understanding Immediate-or-Cancel Orders

    A trader places an immediate-or-cancel order to immediately execute a trade in full or in part. Any part of the order that remains unfulfilled is canceled.
  9. Managing Wealth

    Narrow Your Range With Stop-Limit Orders

    With stop-limit orders, buyers protect themselves from prices too high for their tastes.
  10. Markets

    Understanding Order Execution

    Find out the various ways in which a broker can fill an order, which can affect costs.
Trading Center