FXCM Trading Station II. User Guide

Transcription

1 FXCM Trading Station II User Guide

2 Table of Content About FXCM... 3 Platform Short Guide... 4 Introduction... 4 Top Menu Bar... 5 Distinguishing Features of the FX Trading Station... 6 Market Orders... 6 Trailing Stops... 7 Margin Watcher Hour Reporting... 8 Rates... 8 Advanced Dealing Rates Window... 8 Simple Dealing Rates Window Trading Functionality Open a position at the current market rate Other Ways Positions can be opened Placing an Order Away From the Current Market Rate Modify an Entry Order Canceling an Entry Order Adding Stops and Limits to Open Positions Other Ways to add a Stop or Limit Order to an Open Position Modify/Delete a Stop or Limit Order Adding Stops and Limits to Entry Orders Trailing Stops Closing positions Other Ways You can Close an Open Position Account Information The Accounts Window Multiple Accounts Window The Summary Window Margin Rollover Reports Customize Your Trade Station Show or Hide Windows Change Window Screen Language Colors, Sounds, and Fonts News and Charts IFR News Plugin Marketscope Charts Plugin

3 About FXCM With substantial operations around the world, the FXCM Group has serviced over 78,000 accounts to date and in addition, services over 400 institutional clients from more than 80 countries. In the FX market, the broker you align yourself with is the counterparty to EVERY transaction. According to the financial data posted on the CFTC website*, FXCM is one of the largest Forex Dealer Members making it a safer counterparty with which to conduct trading. FXCM's trading volume is virtually among the highest in industry compared to other Forex Dealer members. In an over-the-counter market where traders must rely on the financial strength, stability and integrity of their dealer in order to fulfill obligations on their forex transactions, size does matter. Size and sophistication dictate a market maker's access to Interbank prices. The sheer volume and order flow has enabled FXCM to build strong execution relationships with 14 of the world's largest banks, who have given the company over $800 million in foreign exchange credit lines. As a result, FXCM receives and is able to pass on the benefits of size to our clients. FXCM maintains tight dealing spreads and quotes aggressively at all times.** FXCM has a proven track record of reliability and success with over 1,500,000 trades executed each month via the FX Trading Station. The FX Trading Station represents an evolution of Foreign Exchange trading. The FX Trading Station combines power and functionality, providing rapid trade execution from streaming two-way prices. In 2004, FXCM was awarded "Best Retail Platform for E-FX" by FX Week. FXCM provides online margin foreign exchange trading services to private clients around the world. Clients have 24-hour online access to the foreign exchange markets through the FXCM Trading Station. The foreign exchange markets trade actively on a continuous basis from Sunday afternoon at Asia Market open through Friday night when the US Market closes for the week (EST) which provides unlimited opportunities to engage in an actively moving market. FXCM clients have the benefits of trading on streaming quotes on fixed spreads under normal market conditions. The fixed spreads can be as narrow as 3 pips on select currency pairs with high liquidity in normal market conditions. FXCM also provides competitive pricing and market access with the highest level of client support. Over 500 professionals support FXCM clients with service in 9 languages, 24 hours a day. **FXCM maintains fixed spreads during normal market conditions. Additionally, FXCM offers a "No Dealing Desk" execution option. Clients may be able to select this option or be placed on it at FXCM's discretion. The "No Dealing Desk" option does not provide fixed spreads, nor are there any guarantees regarding slippage

4 Introduction The FXCM Trading Station is a world-class online foreign exchange trading station designed to provide clients with comprehensive market information and a high level of execution. FXCM feeds real-time streaming prices into the FXCM Trading Station. These prices update dynamically tick by tick with the slightest market move. They are not simply indications of where the market is trading but actual executable prices where traders can buy or sell the currency pair. In an over-the counter market like foreign exchange, not all participants have equal access to competitive pricing. The larger and more creditworthy an institution is, the better its access to oth er m arket participan ts an d th e m ore com petitive it s pricin g. According to the financial data posted on the CFTC website*, FXCM is one of the largest non-bank FCMs that specialize in the Spot FX Market

5 Top Menu Bar Quote The quote button is a feature on the FX Trading Station that has been disabled. All quotes appearing in the dealing rates window on the FX Trading Station are executable at the market price displayed, and thus there is no need to request a quote from the dealer. Stop/Limit C lickin g on th e S top/lim it bu tton at th e top of th e trading screen cau ses th e S top O rder box to appear. Th is box allow s you to add a stop loss or en try order to an open position. Th e S top O rder box will default to the currency pair currently highlighted in the Open Positions window. (See S top/lim it on O pen Position s section ). Close C lickin g on th e C lose bu tton at the top of th e tradin g screen cau ses th e C lose O rder box to appear. This box allows you to close an open position at the current market price displayed in the Dealing R ates w in dow. Th e C lose O rder box w ill defau lt to th e curren cy pair cu rren tly h igh ligh ted in th e O pen Position s w in dow. (S ee C lose O pen Position s section ). Entry C lickin g on th e Entry bu tton at the top of th e tradin g screen cau ses th e Entry O rder box to appear. Th is box allow s you to en ter an order to buy or sell a cu rren cy pair at a fu tu re price. Th e Entry O rder box w ill defau lt to th e cu rren cy pair cu rren tly h igh ligh ted in th e D ealin g R ates w in dow. (S ee Placin g Entry O rders section). Report C lickin g on th e R eport bu tton at th e top of th e tradin g screen cau ses th e R eport Param eters box to appear. Th e R eport Param eters box allow s you to specify th e tim e period for w h ich you w ou ld like to view all account information. In addition to entering specific dates, you are also able to generate a report for all trade activity in th e accou n t by selectin g S in ce O pen in th e From box an d N ow in the To box. The report function allows you to view your account status and activity, on a daily, weekly, monthly or yearly basis. This report presents, in a format ideal for printing, key account information, such as records of floating positions and completed trades. Research C lickin g on th e R esearch button at th e top of th e trading screen allows you to access the Daily FX website. is designed to cater to both fundamentally and technically oriented traders. In addition to proprietary in form ation provided by FX C M s team of in house analysts, also provides technical and fundamental research from 8 premier banking institutions, profiles and in-depth information on each currency, proprietary indicators, and detailed technical studies including key technical levels and pivot points. FXCMTR C lickin g on th e FX C M TR bu tton w ill take you to th e FX C M Tradin g R oom

6 provides insight and tips on how to approach the market as well as a complete suite of professional trading tools similar to those used by institutional trading desks now available free to all FXCM live account holders. Chat C lickin g on th e C h at bu tton at the top of th e tradin g screen allow s you in stant, 24-hour access to a live FXCM representative. These trained representatives are able to answer any questions regarding the FX Trading Station, account details, technical support, customer support, FX resources or the FX market in general. There is no fee to use this service. Chat is available 24 hours a day, 7 days a week and offers service in multiple languages. Distinguishing Features of the FX Trading Station Market Orders Placing a market order is quick and efficient. Simply click on the price where you would like to buy/sell the currency pair. This will bring up a market order box and once you click on OK the order will be filled. Rapid order execution Immediate trade confirmation Real-Time P/L tracking Trade confirmations are immediate. In the open positions window you will find all the information you need regarding your open trade including the open price and real-time profit/ loss on the position in both pips and dollar terms

7 Trailing Stops Stop and limit orders can be placed on open orders by simply clicking on the stop/limit column on the open ticket. These orders can be modified or cancelled at any time. Traders also have the option of setting a trailing stop-loss order that will electronically adjust itself as the market rate moves in the direction of your open position. The trailing stop feature allows traders to lock in profits without having to monitor the market. Precise execution of stop/limit orders Trailing Stops feature Margin Watcher All account information is updated on a tick-by-tick basis giving traders a complete view of their account activity. Traders have the ability to select the degree of leverage they wish to use. Margin requirements are fixed for both intra-day trading and for positions held overnight. Based on each trader's margin requirement, the FXCM Trading Station will calculate in real time both the funds needed to maintain current positions (Used Margin) and the funds available for available for taking new positions (Usable margin). If the equity in the account drops below the margin required to maintain the open positions, a margin call will occur and some or all open positions will be closed by the dealing desk at the market price

8 24 Hour Reporting Clients can generate detailed account statements on demand from the FX Trading Station. The reports can contain up-to-second account information or be customized to reflect activity between any two given dates. These reports are comprehensive and include the details of each specific trade. In order to receive a hard copy record, the client simply clicks on the print function. 24-hour access Detailed information on every trade Select time parameters 3 possible formats: HTML, Microsoft Excel, and Adobe PDF Rates Advanced Dealing Rates Window The FXCM Trading Station contains live executable quotes for 22 currency pairs. Each currency qu ote box in th e Advanced Dealing Rates w in dow show n above con tain s in form ation abou t a specific currency pair, as defined by the currency pair abbreviations at the top of the box. For example, EUR/USD represen ts th e Euro/U.S. D ollar

9 The first currency in the pair is referred to as the Base Currency The second currency in the pair is the Counter Currency The price you see for each currency pair is the exchange rate for that pair. The exchange rate refers to the amount of the counter (second) currency that can be exchanged for one unit of the base (first) currency. Example: EUR/USD is , then US Dollars can be exchanged for 1 Euro. Buying and Selling Each currency quote box contains both a buy (i.e. offer or ask) and a sell price (i.e. the bid). When trading on the FXCM platform you trade directly with a market maker, cutting out commissions, and paying only the spread. The spread is the difference between the rate where you can sell a currency pair and the rate where you can buy a currency pair. When the rate for a currency pair increases this means that the base currency in the pair is getting stronger (as it now takes more of the counter currency to get one of the base currency) and the counter currency in the pair is getting weaker. When the rate for a currency pair decreases, this means that the base currency in the pair is getting weaker (as it now takes less of the counter currency to get one of the base) and the counter currency in the pair is getting stronger. Traders who expect the rate for a currency pair to increase would buy or enter a long position and traders who expect the rate for a currency pair to decrease would sell or enter a short position. Examples: Buying The EUR/USD is currently trading at I am expecting the Euro to strengthen against the US Dollar causing the rate for EUR/USD to move higher. To express this opinion with a trade I would click the buy rate and enter a long position in EUR/USD. Selling The EUR/USD is currently trading at I am expecting the Euro to weaken against the US Dollar causing the rate for the EUR/USD to move lower. To express this opinion with a trade I would click the sell rate and enter a short position in EUR/USD. High and Low Also displayed in the currency quote box is the high and low prices since 17:00 EDT/EST (New York Time) at the end of the days market session. The high shown is the highest buy price reached since 17:00 EDT/EST (New York Time) and the low is the lowest sell price reached since 17:00 EDT/EST (New York Time)

10 Simple Dealing Rates Window B y ch an ging th e dealin g rates w in dow to sim ple m ode, traders can view addition al in form ation such as margin requirement (explained on page ----), rollover amounts (explained on page ---), and the dollar value of a pip (explained on page ----) for each currency pair. To view th e S im ple D ealin g R ates w in dow : C lick on Tradin g C h oose D ealin g R ates A n oth er Tab w ill open u p, click on Look an d Feel Th en click on S im ple R ates

11 Sell This is the SELL (bid) price Meaning the price where you can sell the currency pair (and where FXCM, as the market maker, will buy). This price is dynamic and will fluctuate tick-by-tick with the slightest market move. Buy This is the BUY (ask) price Meaning the price where you can buy the currency pair (and where FXCM, as the market maker, will sell). This price is dynamic and will fluctuate tick-by-tick with the slightest market move. High The high is the highest bid rate since 5:00pm EST of the previous day. Low The low is the lowest the offer rate has touched since 5:00pm EST of the previous day. IntrS and IntrB This stands for Interest Rate Buy and Interest Rate Sell. (Explained on page ----) This is the amount in dollars per lot that you will pay/receive for positions that are rolled over. At 17:00 EST/EDT, all open positions are automatically rolled over to the next settlement date. If you have no open positions at 17:00 EST/EDT, even if you executed transactions during the previous 24 hours, there will be no rollover of positions. U n der th e IntrB (Interest R ates B u y) colu m n, The amount in U.S. dollars per 1 lot buy position is provided. If there is a minus sign next to the number, the amount will be subtracted. U n der th e IntrS (In terest R ates S ell) colu m n, The amount in U.S. dollars per 1 lot sell position is provided. If there is a minus sign next to the number, the amount will be subtracted. (Please be aware that your account must be set to 2% margin or higher in order to earn interest on positions held past 17:00 EST/EDT.) Pip Cost The Pip Cost gives you the pip value for each currency in real time. On the standard account, the approximate pip value is $10 per pip, and on the Mini account, the pip value is approximately $1 per pip. Standard account - $ 10 per PIP Mini account - $ 1 per PIP All of the currency pairs where the USD is not the base currency, i.e., EUR/USD, AUD/USD, GBP/USD, NZD/USD will have a fixed pip value of $10/$1 per pip. All other currency pairs have a fluctuating pip value. MMR The amount reflected in this column indicates the margin required to open a one lot position. You have the ability to select within parameters the degree of leverage you wish to use. Example 100K Account If the margin requirement is set at 1%, then the margin required to open a one lot (100K) position is $1000. If the margin requirement is set at 2%, then the margin required to open a one lot (100K) position is $

12 Mini Account If the margin requirement is set at 0.5%, then the margin required to open a one lot (10K) position is $50. If the margin requirement is set at 1%, then the margin required to open a one lot (10K) position is $100. Time Every time an exchange rate changes, a time stamp is placed next to the currency pair. The time is recorded in Eastern Standard Time. A time stamp of 14:00 would mean the last update occurred at 2:00 PM Eastern Standard Time. Trading Functionality Open a position at the current market rate: The simplest way to place an order to be executed at the current market rate is by left clicking on the exchange rate within the dealing rates window for the currency pair you wish to buy or sell. After left clicking on the exch ange rate for th e cu rren cy pair, a m arket order box w ill appear. In the market order box there are 5 parameters which can be set prior to sending the order to the trading desk: Select the account you are dealing for, this is only applicable if you are trading in more than one account. Select a currency pair. This will default to the currency pair that is highlighted in the Dealing Rates Window, or select another currency from the drop down box Select sell or buy Select the amount you are buying or selling, trades are made in increments of 100,000 of th e base curren cy represen ts 1 lot, or 1 0 0,0 0 0 u n its of th e base cu rren cy is 2 lots, or 200,000 and so forth. Under At Market, select the range of rates you are willing to accept. Orders will be executed at the first rate the market reaches that is within the range specified here. Most traders will w an t to leave th is at 0 unless they fall in to th e possibility of th eir order com in g in at an offmarket price. To activate the stop or lim it featu re, click th e A dvan ced bu tton on the box to the left of the w ord S top or Lim it. For m ore in form ation on stop an d lim it orders see page C lick th e O K bu tton after all th e selection s h ave been m ade to execute th e trade. A fter O K h as been selected th e trade w ill appear in th e O pen Position s w in dow, w h ich con firm s th e execution of the order

13 Other Ways Positions can be opened: Right-click on th e appropriate rate an d select th e Create a Market Order com m an d from th e pop-up menu that appears. C lick on th e Buy button at th e top of th e tradin g screen. C lick on th e Trading h eadin g located at th e top of th e screen an d select Dealing Rates an d th en Create a Market Order Placing an Order Away From the Current Market Rate In addition to allowing the placement of orders at the current market rate, the FXCM Trading Station also allows orders to be placed at a price above or below the current market rate. These orders are referred to as Entry orders, and are only executed if the market rate reaches the rate specified in the order. There are two types of entry orders on the FXCM platform, which are Stop Entry orders and Limit Entry orders. A Limit Entry order is an order to buy below the current market rate, or an order to sell above the current market rate. A Stop Entry order is an order to buy above the current market rate, or an order to sell below the current market rate

14 Examples: If the current market price in EUR/USD is and a trader wishes to place an order to sell if the market moves to , he or she would place a limit entry order. If the current market price in EUR/USD is and a trader wishes to place an order to buy if the market moves to , he or she would place a stop entry order. To place an en try order left click on th e Entry bu tton at th e top of the tradin g screen. A fter clickin g th e E ntry bu tton, the C reate an E n try O rder B ox w ill appear. There are five parameters which can be set prior to sending an entry order to the trading desk. The first four are the same ones that appear in the M arket O rder B ox as ou tlin ed on page Account Currency Buy/Sell Amount The difference is that for an entry order you set a specific level to trigger the execution of the trade. O n ce th e order is accepted, it w ill be listed in th e Orders w in dow of th e platform w h ere it w ill remain as a waiting order until the market moves to the rate specified in the order, or the order is cancelled. Once the trade is executed, the position w ill disappear from th e Orders w in dow an d reappear as an open position in th e Open Positions w in dow. Modify an Entry Order Once an entry order has been placed, the order rate can be modified by right clicking on any part of the order in the orders window an d selectin g ch an ge order rate A fter selectin g ch an ge order rate as ou tlin ed above, th e ch an ge order rate box w ill appear. Here the order ID and new order rate can be specified

15 C lick on th e OK button after all th e m odification s have been made. Once the trade is completed, the updated information will be reflected in the Orders window. It is important to note that only the exchange rate can be changed for an existing entry order. If you wish to change the order size or currency specified in an entry order, you must cancel the existing order and enter a new one. Canceling an Entry Order To can cel an existin g en try order, righ t click on any part of th e orders w in dow an d select rem ove order. A fter selectin g rem ove order as outlined above, you will be asked to confirm that you wish to delete the selected orders. C lick Yes to can cel th e trade or N o to m ake n o ch an ges to th e order. O n ce th e Yes bu tton is clicked, th e order w ill be deleted from th e Orders window and officially removed. Adding Stops and Limits to Open Positions Stop and Limit Orders are orders which are tied to an open position, or order and set to automatically close a position when the market reaches a specified rate. Normally a stop order is used to automatically close an open position before additional losses are incurred and a limit order is used to automatically lock in trading profits. If a position is opened by buying a currency pair, the stop order will always be placed below the current market price, and a limit order will always be placed above the current market price. If a position is opened by selling, the stop order will always be placed above the current market price and the limit order will always be placed below the current market price

16 It is important to note that if a position is opened by buying, then your position will be closed w h en th e sell rate reach es you r stop or lim it price. C onversely, if a position is open ed by selling, then your position will be closed when th e buy rate reach es you r stop or lim it price. Example: A trader has a buy position in EUR/USD which was opened at and the current market price is The trader wishes to have this position automatically closed at a loss if the sell price reaches or automatically closed for a profit if the sell price reaches To have this occur the trader sets a stop order on their open position at the rate of and a limit order on their open position at the rate of To place a stop or lim it on an open position left click u n der th e stop or lim it colu m n in th e open position window for the position you wish to add a stop or limit to as shown below: A fter left clickin g in th e stop or lim it colu m n of th e open positions window the stop/limit order box will appear. On the stop/limit order box there are three parameters which can be set prior to sending an order to the trading desk. Select the specific ticket number (as shown in the open positions window) of the trade where the stop or limit will be placed. Select either a stop or limit order Select the exchange rate at which the stop or limit should be triggered. ** C lick on th e New bu tton after all th e selections have been made to place the stop/limit order. Click the advanced button to place a trailing stop. (Trailing stops are explained on page ) **Stop/Limit and Entry orders must be at least 5 pips away from the current market price. Other Ways to add a Stop or Limit Order to an Open Position Right-click on the appropriate stop or limit box from the highlighted ticket and select the Stop/Limit com m and from th e pop -up menu. C lick on th e Trading h eadin g located on th e top of th e screen an d select Open Positions an d th en Stop/Limit

17 Click on th e Stop/Limit bu tton at th e top of th e tradin g screen. Modify/Delete a Stop or Limit Order To modify the rate for a specific stop or limit order, simply click on the stop or limit column (as outlined above) which will bring up the stop/order window and allow the rate to be changed. If you wish to delete the order simply click on the delete bu tton in th e stop/lim it order w in dow. Adding Stops and Limits to Entry Orders In addition to adding stops or limits to open positions, the FXCM Trading Station also allows you to add a stop or limit to an entry order. Unlike stop and limit orders of open positions, stop and limit orders added to entry orders only become active after the market price reaches the entry order rate and your entry order becomes an open position

18 Example: Let s say the cu rren t m arket price in E U R /U S D is A trader w ants to en ter a lon g position if the market reaches so he places an Entry Order to Buy EUR/USD at The trader then wishes to place a stop order for this trade at and a limit order to take your profit if the market reaches To make this happen he places a stop order on his entry order at the rate of and a limit order at If the market does not reach then his stop and limit orders will remain inactive. If the market reaches his entry order price of then his entry order will be executed and move down to the Open Positions Window and the stop order at and limit order at will become active. To add a stop or lim it to an entry order left click on th e stop or lim it colu m n of the orders window and follow the steps outlined on page ---- Trailing Stops The trailing stop feature allows traders to place a stop loss order which automatically updates to lock in profit as th e m arket m oves in the trader s favor. Trailing stops can be placed by clicking th e advanced button in th e C reate M arket O rder or S top O rder w indow. A fter ch eckin g th e Trailin g S top box in the market order or stop order window you will be prompted to enter an am ou n t for th e R ate M in. M ove w h ich determines how many pips the market must move in favor of the position before the stop order begins to trail. Example: A trader buys EUR/USD at and places a 50 pip stop at The trader th en ch ecks th e Trailin g S top box to activate a trailing stop and selects 30 as the value for the Rate Min. Move. The market then moves up by 30 pips to at which point the traders stop moves from to where it will stay until the market moves up by another 30 pips

19 Closing positions To close an open position -click directly on th e C lose price of th e ticket you w ish to close. Th is w ill brin g u p th e close position box w h ich h as two parameters you can set prior to sending the close order to the trading desk. Select the ticket that you wish to close. Select the amount you wish to close. If you wish to close only a portion of your position simply scroll down the list and select the amount you wish to close. Select the range of rates you are willing to accept; O rders w ill sim ply be execu ted at the first rate the market reaches that is within the range specified. At any time during the close position process, you can cancel the order by clicking on the Cancel bu tton. C lick th e Ok button after all the selections have been made to close the position. O nce th e position is closed it w ill disappear from th e Open Positions w in dow an d move into the C losed P osition s window until the close of that days trading at 16:00 London Time. Other Ways You can Close an Open Position Right-click on th e C lose box from th e h igh ligh ted ticket an d select th e C lose Position com m an d from the pop-up menu. C lick th e C lose button at th e top of th e tradin g screen

20 Left click the Tradin g option at the very top of th e screen an d select O pen Position s an d then C lose Position. Account Information The Accounts Window The accounts window of the FXCM Trading Station displays all pertinent account information and includes a real-time margin watching feature. Included in the accounts window from left to right is: Account Each account has a unique ID. If you have multiple accounts, for example you manages funds on behalf of several individuals, you will have multiple account IDs. The information for each account is maintained on a separate row. Balance This is the value of funds in the account without taking into consideration profits and losses on open positions. Equity Th is is th e floatin g valu e of funds in th e account, in clu din g pro fits and losses on open positions. If you w ere to close all open position s, th e accou n t s E qu ity w ou ld becom e th e accou n t s B alan ce, as th is floatin g valu e w ou ld th en be locked in. Day P/L D ay P/L in clu des th e profit an d loss for th e day s tradin g session from 17:00 New York Time. This will display only the trading activity, no deposits and withdrawals. This is a great risk management tool to allow you to keep track of your trading session profits without having to run reports. UsdMr (Used Margin) This is the amount of account equity currently committed to maintain open positions. Used Margin

21 can be th ough t of as the trader s deposit on the open position. Th e accou n t m u st m ain tain A T LEAST this amount for open trades to remain open. For example, in a 1% margin account, if you have $500,000 (5 lots) in open positions, you would have a $5,000 margin requirement. This amount would be reflected in the Used Margin Column. This amount will not change unless more positions are opened or existing positions are closed. UsblMr (Usable Margin) This is the amount of account equity that is not currently being committed to maintain open positions. Usable Margin should be thought of as 2 things: 1. The amount available to open NEW positions and 2. The amount that EXISTING positions can move against you before you receive a margin call and all positions are immediately closed at the next available price. Usable Margin + Used Margin = Equity. Usble Mr% The column titled % Usable Margin in the Accounts window shows the usable margin as a percentage of available equity. This enables you to track your margin in real time MC (Margin Call) In the margin call box, there will be a Y (yes) or N (no). If Y appears, the usable margin reached zero and open positions in the account were closed because there were insufficient funds. Please note: if this occurs, dealers have discretion over which open positions in the account will be closed. Multiple Accounts Window Traders with multiple accounts can choose to have all accounts display in the accounts window of the platform: Traders w ish in g to place th e sam e trade on m u ltiple accou n ts can h old th e ctrl key an d left click on the accounts they wish to trade which will allow traders to place the same trade on multiple accounts. The Summary Window The summary window of the FXCM Trading Station gives traders and overview of the average entry price and profit or loss for each currency pair traded

22 Included in the Summary window from left to right is: Currency The Summary window sorts all open positions by currency pair rather than ticket number. When you have multiple positions open for the same currency pair, the Summary window will automatically compound these individual trades. This allows multiple tickets of the same currency pairs to be grouped together to display information regarding average open price and net P/L. P/L (Sell) The profit/loss (P/L) for each currency pair is tracked in real time in U.S. dollars. For short (Sell) positions, th e P/L S ell colu m n sh ow s th e profit/loss of the trade in U.S. dollars. A minus in fron t of th e P/L and G ross P/L in dicates th e position h as lost valu e. P/L (Buy) For long (Buy) positions, th e P/L B u y colu m n sh ow s th e profit/loss of th e trade in U.S. dollars. A minus in front of th e P/L an d G ross P/L in dicates th e position h as lost valu e. Because it is not possible to be both long and short the same currency pair at the same time on the FX Trading Station, the profit/loss for each currency pair will always be contained within eith er th e P/L S ell colu m n or P/L B u y colu m n. Amt S (K) and Amt B (K) This is the cumulative size of all open positions in the currency pair. The A m t S (K ) colu m n displays the number of lots you are currently short for a given currency pair. The A m t B (K ) colu m n displays the number of lots you are currently long for a given currency pair. 1 lot in the standard account is 100,000 units of the base currency. 1 lot in th e M in i accou nt is 1 0,0 0 0 u n its of th e base cu rrency in th e A m t K colu m n represents 100,000 units of currency (or 1 lot) in the standard 100K account. Because it is not possible to be both long and short the same currency pair at the same time on the FX Trading Station, the cumulative size for each currency pair will always be contained within either the: A m t S (K ) column (for short positions) P/L Buy colu m n (for lon g position s). Sell and Buy Th e Sell colu m n sh ow s th e cu rrent, real-time sell price for the currency pair in which you are short. Th e Buy colu m n sh ow s th e current, real-time buy price for the currency pair in which you are long. This is the price at which you could immediately add to a current long position. Margin All accounts are set to a default margin requirement of 0.5% on a Mini Account and 1% on a Standard Account. At the 1% margin level, the margin requirement is $1000 per 100,000 traded. Traders do have the option of trading using more or less leverage. The Trading Station will calculate in real time both the margin requirement and the remaining usable margin in your account. You can see them stated in the Accounts window of the Trading

23 Station under the columns UsdMr (used margin), and UsblMr (usable margin). If the UsblMr column reaches zero, a Margin Call will be triggered on the account, and all open positions will be liquidated. Example: Account 1234 has a balance of $25,000 and is on 1% margin requiring $1000 for each 100,000 in open positions. Account 1234 buys 300,000 USD/JPY and sells 500,000 EUR/USD. As the account has 800,000 in open positions this trader is required to have at least $8,000 in equity to margin these positions. As this trader has $25,000 in his account the most this trader can loose before triggering a margin call is about $17,000. Rollover Conventionally, 17:00 New York Time is considered the end of the international trading day, so when you hold open positions through 17:00 New York Time you have technically held them overnight. As a service to our clients, positions are automatically rolled over every day at 17:00 New York Time to prevent physical settlement. When rolling positions overnight, rollover interest is either added or subtracted from your account. Every currency you buy or sell has a certain overnight interest rate associated with it. The interest amount varies based on the interest rate differential between the two currencies you are buying and selling, and fluctuates day to day with the movement of prices. These rollover rates or swap rates are determined at the Interbank level based on money market rates. For instance, on any given day, the rollover can be $2.64 per lot for GBP/USD and $8.06 per lot for EUR/USD. Rollover fees are shown in dollars and are posted in the "INTR columns" of the Simple Dealing Rates Window every day at 12:00 New York Time. For day traders that never hold a position overnight through 17:00 New York Time, rollover will not affect trading. 17:00 New York Time, funds are automatically subtracted or added to accounts with open positions because of the automatic rollover. For accounts that have a margin requirement of 2% or more, funds are added to the account for positions in which the client is long the currency bearing the higher interest rate. Funds are deducted in the opposite circumstance. For accounts that do not have a 2% margin requirement, the rollover amount is deducted from the account for each position regardless of the account's holdings. Traders who are on 1% and hold overnight positions are doing so using FXCM capital and are therefore charged for this. A 1% margin is intended for day traders that close their position before the end of the day. Note: For positions that are open on Wednesday and held overnight, the amount added or subtracted to an account as a result of rolling over a position tends to be around three times the usual amount. This "3-Day" rollover accounts for settlement of trades through the weekend period. For a complete monthly rollover schedule, visit A lin k to th e cu rren t m on th s rollover schedule is located towards the bottom in the Currency Crosses Section

24 Reports The FXCM Trading Station offers up to the minute account statements. Account Statements can be accessed directly for the platform and run for time frames ranging from the date your account was opened through the current trading day. To generate a report left click the R eport button located at the top right of your screen: A fter clickin g on R eport bu tton, A Report Parameters window appears where you can choose the accounts and the time period you wish to view. C lickin g on R un report w ill execute a Report, as requested. Customize Your Trade Station Each window of the FXCM Platform can be customized to meet your personal specifications. There are several different kinds of modifications that can be made. Show or Hide Windows To show or hide any of the windows in the platform simply click on the boxes located at the top of th e tradin g screen. To h ide a screen, you m ay also click on th e X box in th e u p per right hand corner of the window. Change Window Screen To move a window, or adjust the window sizes, Simply click on the outer edge of the window and drag it to the size desired

25 Language To change the language on the FXCM Trading Station C lick on S ystem S croll dow n to Lan guage S elect th e lan gu age you w ish to view th e platform in. Once you have selected the language, you must restart the FXCM Trading Station for the changes to take effect. Colors, Sounds, and Fonts To customize the colors, sounds, or fonts on the trading screen, C lick on System at th e top of th e Tradin g S tation an d select Options. A n Options B ox w ill appear which will allow you to disable/enable different sounds on the Platform, customize the color settings, and enlarge or reduce the size and style of the labels used in the Platform

26 Sounds To change the sounds on the FXCM Trading Station: C lick on S ystem at th e top of th e Tradin g S tation A n d th en click O ption s ; O ptions B ox w ill appear S croll dow n to S ounds, on th e O ption s B ox A dd you r settin g of ch oice an d click O K

27 Colors To change the Colors on the FXCM Trading Station C lick on S ystem at th e top of th e Tradin g S tation click O ption s O ption s B ox w ill appear C lick on th e featu re you w an t chan ge C h oose you r color C lick O K

28 Fonts To change the Font on the FXCM Trading Station: C lick on S ystem at th e top of th e Tradin g S tation click O ption s O ption s B ox w ill appear C lick on the feature you wish to change Pick th e fon t C lick O K

29 News and Charts Traders wishing to access real-time charts and live streaming news relevant to the FX Market from the FXCM Trading Station can download the Market Scope Chart Plug-in and News Plugin from the FXCM website. Once downloaded, traders will be able to launch real-time charts and gain fresh up-to-the-minute information on fundamentals moving the FX Market directly off the platform. IFR News Plugin Free streaming market news, technical levels, and FX commentary via the FXCM trading platform 24-hours a day. IFR Forex Watch, Thomson Financial's premier institutional FX news and analysis service, provides the real time content for this service. FXCM News is not a delayed or abridged version of Th om son Fin an cial s IFR Forex W atch, but th e complete product suite, a $300 a month value. FXCM News updates itself with the latest news every time the user logs in providing clients with vital FX news that is both easy to access and to understand. In addition to receiving Squawk Box, you will also receive Technical Levels & Analysis pages, which are particularly useful for determining where the best entry and exit points are and the best conditions for market moves

30 How to open the News feature: 1. G o to Plu gin s at the top of th e FX Tradin g S tation. 2. Under News, place a check next to News Topics and News Squawk Box. This will allow you to view the news headlines and navigate through the topics relevant to each major currency along with other fundamental resources provided by Thomson Financial

31 Marketscope Charts Plugin In addition to the free Java based packages located on the FXCM website, FXCM has developed Marketscope, a premium real time charting package, which is available for free as an integrated feature on the FX Trading Platform. This proprietary charting package is a direct result of client feedback and combines power and functionality. The Marketscope charts employ data directly from the FXCM dealing desk, and dynamically update tick by tick. In addition to these features, this new chart plug-in gives you the ability to save multiple chart layouts for easy access, and over 40 technical studies. How to Bring Up a Chart: 1. Go to Plug-ins 2. U n der C h arts, click on create m arket-shots. This will enable you to make the chart that you want to. 3. Once the market-shots open up, you can fill out the choices to see the currency that you want to. ** K eep the D ate to u n ch ecked to bring up a real time chart 4. Click on OK and a chart will appear within the platform

32 Chart Mode The chart charts will initially appear as a line chart. To change chart types, right click on the chart and select the desired chart mode. Detaching Chart If you wish to detach a single chart which has already been produced, simply right click within the ch art an d click D etach