Beginner's Guide To FXCM: Trade Management
  1. Beginner's Guide To FXCM: Introduction
  2. Beginner's Guide To FXCM: Services Offered
  3. Beginner's Guide To FXCM: Opening A Demo Account
  4. Beginner's Guide To FXCM: Basic Navigation
  5. Beginner's Guide To FXCM: Charting Software
  6. Beginner's Guide To FXCM: Trade Management
  7. Beginner's Guide To FXCM: Advanced Features And Resources
  8. Beginner's Guide To FXCM: Conclusion

Beginner's Guide To FXCM: Trade Management

There are quite a few ways to enter and manage orders in both the main platform and also in the charting platform. Orders can be categorized into two main sections - market orders and limit orders. (For related reading, see How To Place Orders With A Forex Broker.)

Market Orders

Market orders can be initiated by using several tactics. The following three ways are easy and user-friendly.

  • Left-click directly on the dealing rate of the symbol you wish to buy or sell. Dealing rates are always labeled "Buy" and "Sell," so clicking on the Buy or Sell quote will pull up the corresponding market order to screen to execute that order.
  • Left-click the Buy or Sell buttons in the Shortcuts Bar of the main trading platform.
  • Trade directly from your charts. With your charts open, right-click your mouse anywhere on the chart to bring up a menu. On that menu, the first few options give you the ability to execute a market order. Select that option.
No matter what method is chosen, the following window will popup:

Figure 25: Market Order Window
From this screen, you can change the symbol you wish to trade, the quantity, and whether you wish to buy or sell. There is also a button that says "Chart." Clicking this will bring up a small chart to right so you can see what the symbol has been doing over the last several minutes.

Another useful button on this window is "Advanced." Clicking this button will expand the window, allowing you to set stop levels and profit targets (called limits) for the trade you are about to make.

Pressing "OK" will execute the trade at the current market price and the position will appear in the Open Positions window on the main platform. Cancel or close the window if you do not wish to make the trade.

Limit Orders

Limit orders allow the trader to set the level they wish to enter a trade at. There are several ways to initiate a limit order, called "Entry Orders" in the FXCM platform. The following three ways are easy and user-friendly ways to initiate an Entry Order. (For related reading, see The Basics Of Trading A Stock.)

  • Left-click on the "Entry" button on the Shortcuts Bar of the main trading platform.
  • Right-click in the "Orders" window of the main platform. This will bring up a menu, of which the first option is to create an Entry Order. Select that option.
  • To create an Entry Order from your charts, right-click anywhere on the chart. This will bring up a menu; one of the first available options is the Entry Order. Select that option.
No matter what method is used, initiating an Entry Order will bring up the following screen:

Figure 26: Entry Order (Advanced quote enabled)
In this screenshot, the "Advanced" option has been activated, providing the ability to place stops and profit targets in the window. From within this window you can also change the symbol, select "buy" or "sell," choose the quantity and choose the rate at which you wish the trade to execute. Clicking "OK" will make the order live and it will appear in your Orders window on the main platform. Click "cancel" or close the window if you do not wish to place the order. (For related reading, see Understanding Order Execution.)

Managing Orders

All pending orders will appear in the Orders Window. These are orders which you have out, but which have not been filled by the market yet. At any time, you can click on a part of the order, such as Amt (amount), Buy (order price), Stop or Limit (target) to change that part of the order.

Figure 27: Order management
You can also right-click anywhere on the order to bring up a list of options, which include changing the order or removing it.

Managing Positions

All live positions will show up in the Open Positions tab on the main platform. This window shows all the relevant information of the trade, including entry point, quantity, profit/loss, and whether it was a buy or sell.

Figure 28: Open positions
If you placed stops or limits on any open positions, these orders will appear in the Orders window mentioned above. You can alter the stops and limits just as you would any other pending order.

From the figure you can see there are also two other tabs, Closed Positions and Summary. If you click on the closed tab, it will show all your recently closed trades and information pertaining to them. The Summary tab compiles all your current open positions and provides a snapshot of exposure as well as profit and losses. From the Summary tab, you can put a collective stop on all positions to manage risk, or take profits when all your positions reach a certain net goal. Beginner's Guide To FXCM: Advanced Features And Resources

  1. Beginner's Guide To FXCM: Introduction
  2. Beginner's Guide To FXCM: Services Offered
  3. Beginner's Guide To FXCM: Opening A Demo Account
  4. Beginner's Guide To FXCM: Basic Navigation
  5. Beginner's Guide To FXCM: Charting Software
  6. Beginner's Guide To FXCM: Trade Management
  7. Beginner's Guide To FXCM: Advanced Features And Resources
  8. Beginner's Guide To FXCM: Conclusion
RELATED TERMS
  1. Bracketed Buy Order

    A buy order that is accompanied by a sell limit order above the ...
  2. Limit Order

    An order placed with a brokerage to buy or sell a set number ...
  3. Bracketed Sell Order

    A sell order on a short sale that is accompanied (or "bracketed") ...
  4. Above The Market

    An order to buy or sell at a price set higher than the current ...
  5. Day Order

    An order to buy or sell a security that automatically expires ...
  6. Order

    An investor's instructions to a broker or brokerage firm to purchase ...
RELATED FAQS
  1. How do I place a limit order online?

    Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ... Read Answer >>
  2. What's the difference between a market order and a limit order?

    Buy and sell trades with market orders at the present stock price and execute limit orders if the stock price falls within ... Read Answer >>
  3. What's the difference between a stop and a limit order?

    Different types of orders allow you to be more specific about how you'd like your broker to fulfill your trades. When you ... Read Answer >>
  4. How do I place an order to buy or sell shares?

    Read a brief overview of how to open a brokerage account, how to buy and sell stock, and the different kinds of trade orders ... Read Answer >>
  5. I want to buy a stock at $30, sell when it reaches $35, don't want to hang on to ...

    Once you've identified a security that you want to purchase, you need to determine a price at which you want to sell if the ... Read Answer >>
  6. What is the difference between a stop and a market order?

    Learn about market orders and stop orders, how they are used and executed, and the main difference between stop orders and ... Read Answer >>

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