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 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.
Figure 25: Market Order Window
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 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.
Figure 26: Entry Order (Advanced quote enabled)
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
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
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
TradingTaking control of your portfolio means knowing what orders to use when buying or selling stocks.