Mengapa Fifo Dalam Forex Trading

Aturan Kepatuhan NFA 2-43b. DEFINISI Aturan Kepatuhan NFA 2-43b. A Aturan 2009 yang diterapkan oleh organisasi pengaturan mandiri industri forex AS, National Futures Association NFA, mengenai perdagangan forex oleh perusahaan forex yang diatur AS melarang lindung nilai dengan mewajibkan Beberapa posisi yang dimiliki oleh pasangan mata uang yang sama diimbangi dengan basis FIFO pertama masuk dan keluar juga melarang penyesuaian harga terhadap pesanan pelanggan yang dieksekusi kecuali untuk menyelesaikan keluhan atas permintaan pelanggan atau dalam kasus pelanggaran langsung tertentu. Memproses transaksi, dan perubahan ini harus ditinjau ulang, disetujui dan didokumentasikan oleh NFA Compliance Rule 2-43b. Trader mengacu pada Aturan 2-43b sebagai aturan FIFO Para pendukung peraturan mengatakan bahwa hal itu meningkatkan transparansi bagi pelanggan dan membawa forex. Praktek perdagangan lebih sesuai dengan ekuitas dan pasar berjangka Perubahan memaksa banyak perusahaan forex untuk mengubah platform perdagangan mereka karena perangkat lunak lama memungkinkan pengguna untuk memilih wh Perintah yang ingin mereka tutup, sehingga tidak sesuai dengan peraturan FIFO Di bawah peraturan baru, masih mungkin untuk menempatkan stop dan limit order, tapi sekarang harus dimasukkan secara berbeda. Hal ini juga memungkinkan untuk menghindari perubahan sama sekali dengan memindahkan satu S forex account ke perusahaan di negara lain di mana aturan trading forex berbeda. OANDA menggunakan cookies untuk membuat website kita mudah digunakan dan disesuaikan dengan pengunjung Kami Cookie tidak dapat digunakan untuk mengidentifikasi Anda secara pribadi Dengan mengunjungi situs web kami, Anda menyetujui penggunaan OANDA s Cookies sesuai dengan Kebijakan Privasi Kami Untuk memblokir, menghapus atau mengelola cookies, kunjungi Membatasi cookies akan mencegah Anda mendapatkan keuntungan dari beberapa fungsi dari situs web kami. Download Aplikasi Seluler kami. Buka Akun. Penawaran dengan FIFO. OANDA harus mengikuti Kebijakan peraturan forex tentang bagaimana Anda menutup perdagangan Anda. Mulai 30 Mei 2011, OANDA memperkenalkan First In First Out FIFO, sebuah kebijakan perdagangan forex yang sesuai dengan National Futures Association NFA Peraturan Jika Anda menyimpan beberapa posisi terbuka dengan ukuran dan pasangan mata uang yang sama, kebijakan perdagangan baru ini mungkin berarti perubahan penting pada bagaimana Anda mengelola perdagangan ini. Apa itu FIFO dan apa artinya perdagangan saya. Dalam perdagangan forex, FIFO adalah Persyaratan bahwa Anda harus menutup perdagangan terbuka pertama atau tertua ketika ada beberapa perdagangan terbuka dari pasangan yang sama dan nilai yang sama. Apa yang akan terjadi saat saya mencoba menutup perdagangan. Anda dapat mengetahui perdagangan mana yang paling lama di tabel Trades saat Anda menyortir Dengan nomor tiket, perdagangan yang lebih tua memiliki jumlah tiket yang lebih rendah. Perdagangan perdana memiliki jumlah tiket yang lebih rendah. Anda masih bisa mencoba untuk menutup perdagangan apapun, namun Anda akan diberi tahu jika perdagangan pasangan mata uang dan ukuran unit yang paling tua perlu ditutup. Pertama Anda akan diberi pilihan untuk menutup perdagangan tertua tersebut. Berikut ini adalah cara kerja antarmuka baru. Di tabel Trades, Anda masih bisa mengklik perdagangan yang ingin Anda tutup. Jendela tiket perdagangan muncul, memungkinkan Anda memodifikasi atau menutup Perdagangan Secara default , Itu diatur untuk menutup perdagangan. Ketika Anda mengklik Submit. Jika perdagangan adalah perdagangan tertua dari pasangan mata uang yang sama dan ukuran unit, Anda menerima konfirmasi itu ditutup. Jika perdagangan bukan perdagangan tertua dari pasangan mata uang yang sama Dan ukuran unit, sebuah pesan memberitahu Anda bahwa perdagangan tidak dapat ditutup Anda diberi pilihan untuk menutup perdagangan tertua, atau membatalkan permintaan tersebut. Tip Jika Anda ingin melihat kerugian atau keuntungan yang belum terealisasi pada perdagangan tertua sebelum Anda pergi Di depan dan menutupnya, klik Cancel untuk kembali ke tabel Trades dan tinjau posisi terdahulu Anda. Apa NFA. National Futures Association NFA adalah organisasi independen yang mengatur industri berjangka AS Secara hukum, semua dealer forex AS harus terdaftar Retail Penjual Mata Uang Asing yang dilengkapi dengan Komisi Perdagangan Berjangka Komoditi AS CFTC RFEDs juga harus menjadi Anggota Dealer Forex FDM dari nomor registrasi National Futures Association OANDA dengan NFA adalah 0325821.First In First Out FIFO Example. Examp Le 1 Multiple Open Trades dari pasangan yang sama dengan jumlah unit yang sama. Dalam contoh empat perdagangan terbuka ini, Anda hanya bisa menutup tiket 1234567890 Ini adalah perdagangan tertua Pertama Dari empat perdagangan semua memiliki ukuran yang sama 10.000 unit Jika Anda mencoba Untuk menutup salah satu dari tiga tiket lainnya, Anda akan diminta untuk menutup tiket tertua, 1234567890. Dalam contoh ini, Anda hanya bisa menutup tiket 1234567890. Contoh 2 Multiple Open Trades dari pasangan yang sama dengan jumlah unit yang berbeda. Contoh empat perdagangan terbuka, Anda memiliki pilihan untuk menutup tiket 1234567890 atau 1234567891 Ticket 1234567890 adalah yang tertua Pertama di dalam unit perdagangan 5.000 unit Ticket 1234567891 adalah perdagangan 10.000 unit tertua Jika Anda mencoba untuk menutup salah satu dari dua tiket lainnya, Anda akan Diminta untuk menutup tiket yang lebih tua terlebih dahulu. Dalam contoh ini, Anda memiliki pilihan untuk menutup tiket 1234567890 atau 1234567891. Commodity Futures Trading Commission CFTC membatasi leverage yang tersedia bagi pedagang forex ritel di Amerika Serikat untuk 50 1 pada pasangan mata uang utama dan 20 1 untuk semua yang lain OANDA Asia Pacific menawarkan leverage maksimum sebesar 50 1 untuk produk FX dan batasan untuk leverage yang ditawarkan pada CFD berlaku. Maksimum leverage untuk klien OANDA Canada ditentukan oleh IIROC dan dapat berubah untuk informasi lebih lanjut. Lihat bagian kepatuhan peraturan dan kepatuhan kami.1996 - 2017 OANDA Corporation Semua hak dilindungi undang-undang OANDA, fxTrade dan OANDA s fx keluarga merek dagang dimiliki oleh OANDA Corporation Semua merek dagang lain yang muncul di Situs Web ini adalah milik dari pemiliknya masing-masing. Perdagangan yang tidak terpakai di Kontrak valuta asing atau produk off-exchange lainnya dengan margin membawa tingkat risiko tinggi dan mungkin tidak sesuai untuk semua orang Kami menyarankan Anda untuk mempertimbangkan dengan hati-hati apakah perdagangan sesuai untuk Anda mengingat keadaan pribadi Anda Mungkin Anda kehilangan lebih dari yang Anda investasikan Informasi Di situs ini umum, kami menyarankan agar Anda mencari saran keuangan independen dan memastikan Anda sepenuhnya mengerti E risiko yang terlibat sebelum perdagangan Perdagangan melalui platform online membawa risiko tambahan Lihat bagian hukum kami di sini. Taruhan spread keuangan hanya tersedia untuk pelanggan OANDA Europe Ltd yang berada di CFD Inggris atau Republik Irlandia, kemampuan lindung nilai MT4 dan rasio leverage melebihi 50 1 tidak tersedia untuk penduduk AS Informasi di situs ini tidak ditujukan kepada penduduk negara dimana distribusinya, atau penggunaannya oleh siapapun, akan bertentangan dengan peraturan atau peraturan setempat. OANDA Corporation adalah Merchant Futures Commission yang terdaftar dan Valuta Asing Ritel Dealer dengan Komisi Perdagangan Berjangka Komoditi dan merupakan anggota National Futures Association No 0325821 Silakan merujuk ke NFA s FOREX INVESTOR ALERT bila sesuai. OANDA Canada Corporation ULC accounts tersedia bagi siapa saja yang memiliki rekening bank Kanada OANDA Canada Corporation ULC diatur Oleh Organisasi Regulasi Industri Investasi Kanada IIROC, yang mencakup IIROC Nline advisor check database IIROC AdvisorReport, dan akun pelanggan dilindungi oleh Canadian Investor Protection Fund dalam batas yang ditentukan. Brosur yang menjelaskan sifat dan batasan cakupan tersedia berdasarkan permintaan atau at. OANDA Europe Limited adalah perusahaan yang terdaftar di Inggris nomor 7110087, dan Memiliki kantor terdaftar di Lantai 9a, Tower 42, 25 Old Broad St, London EC2N 1HQ Diotorisasi dan diatur oleh Financial Conduct Authority No 542574.OANDA Asia Pacific Pte Ltd Co Reg No 200704926K memegang Izin Layanan Pasar Modal yang dikeluarkan oleh Otoritas Moneter Singapura dan juga mendapat lisensi dari International Enterprise Singapore. OANDA Australia Pty Ltd diatur oleh Australian Securities and Investments Commission ASIC ABN 26 152 088 349, AFSL No 412981 dan merupakan penerbit produk dan atau layanan di situs ini. Penting bagi Anda untuk mempertimbangkan Pernyataan Ketentuan Pengabdian Produk FSG saat ini Persyaratan Akun PDS dan apapun Dokumen OANDA lain yang relevan sebelum membuat keputusan investasi finansial Dokumen-dokumen ini dapat ditemukan di sini. OANDA Japan Co Ltd Instrumen Keuangan Pertama Jenis I Business Director Biro Keuangan Lokal Kanto Kin-sho Nomor 2137 Institute Financial Futures Association nomor 1571.Trading FX dan Atau CFD pada margin berisiko tinggi dan tidak sesuai untuk semua orang Kerugian dapat melebihi investasi. Memperhatikan peraturan baru NFA FIFO peraturan masuk pertama keluar pertama. NFA Aturan 2-43 b NFA baru-baru ini memberlakukan Peraturan 2-43 b yang secara efektif menghilangkan Lindung nilai dengan memaksa broker untuk menutup perdagangan dengan basis FIFO Pertama Di Awal FIF NFA telah menambahkan klarifikasi mengenai peraturan tersebut, yang menyatakan bahwa pelanggan dapat menginstruksikan broker mereka untuk melakukan off-set seperti posisi berukuran. Beberapa pedagang telah menyatakan kekhawatiran bahwa peraturan tersebut akan berdampak negatif. Perdagangan mereka di luar batasan jelas pada lindung nilai Posisi penulis adalah, FIFO akan menambahkan lapisan kompleksitas namun tidak boleh berdampak negatif pada pedagang. Turns. The Multiple Strategy Perdagangan Perdagangan ke arah yang sama Bukanlah hal yang aneh jika pedagang terlibat dalam beberapa strategi dalam akun yang sama pada pandangan pertama, peraturan tersebut akan tampak menghalangi strategi yang telah dibuka terlebih dahulu. Setelah diperiksa lebih dekat, hal ini tidak Kasusnya. Contoh Harga Perdagangan EUR USD adalah hipotetis. Contoh 1 Pra FIFO. Trade 1 Strategi Jangka Panjang Perdagangan Panjang Masuk 1 4287 Hentikan 1 4000 Batasan 1 4500.Trade 2 Strategi Jangka Panjang Perdagangan Panjang Masuk 1 4350 Stop 1 4250 Limit 1 4475. Dalam contoh ini, Perdagangan 2 akan berhenti sebelum Trade 1 mencapai batasnya Sebelum pemberhentian FIFO Trade 2 s di 1 4250 akan diterapkan langsung ke Trade 2.Trade 2 Net PL adalah 1 4250 1 4350 -0 0100 -100 Pips. Trade 1 Melanjutkan untuk mencapai batas di 1 4500.Trade 1 Net PL adalah 1 4500 1 4287 0 0213 213 Pips. Total PL dari kedua posisi adalah 113 Pips. Trade 1 Strategi Jangka Panjang Perdagangan Panjang Masuk 1 4287 Stop 1 4000 Limit 1 4500. Perdagangan 2 Strategi Jangka Pendek Perdagangan Panjang Masuk 1 4350 Stop 1 4250 Limit 1 4475. Dalam contoh ini Le, Perdagangan 2 mencapai titik henti sebelum Perdagangan 1 mencapai batasnya Menurut FIFO, Perdagangan 1 sekarang harus ditutup terlebih dahulu. Trade 1 Net PL adalah 1 4250 1 4287 -0 0037 -37 Pips. Tergantung pada bagaimana broker menangani pemberhentian yang tersisa. Dan limit order, ini akan secara efektif meninggalkan Trade 2 dengan Limit aslinya namun Trade 1 s Stop Trade 1 s Limit juga bisa berada di sini. Pada titik ini, trader sekarang harus melihat Trade 2 sebagai pengganti Trade 1 Trade 1 menjadi Perdagangan 2 ketika Perhentian Trade 2 terpukul Jika Perdagangan 2 diizinkan untuk menggantikan Perdagangan 1 dan mencapai batasnya seperti pada Contoh 1 PL adalah sebagai berikut. rade 2 Net PL adalah 1 4500 1 4350 0 0150 150 Pips. Total PL Dari kedua posisi tersebut adalah 113 Pips. Untuk ini untuk bekerja, para pedagang HARUS menghapus Batas Perdagangan 2 yang asli dari 1.4475, jika tidak, mereka akan melihat tingkat Laba Bersih lebih rendah daripada jumlah pengaturan perdagangan Pre-FIFO yang asli. Begitu para pedagang bekerja melalui sampel ini. Beberapa kali penerapan perpindahan perdagangan akan menjadi jelas dan implementasinya harus dilakukan Atively lurus ke depan Silakan verifikasi dengan broker Anda bagaimana berhenti akan ditangani pada platform Anda Aturan baru ini akan mempengaruhi OCO satu membatalkan yang lain dan pedagang tidak boleh berasumsi bagaimana sisa pemberhentian dan batasan akan diterapkan Aplikasi dapat bervariasi dari broker ke broker. Mengupas Hedge. NFA s Posisi mengenai lindung nilai adalah bahwa ia tidak memberikan keuntungan ekonomi ini juga merupakan posisi penulis Aturan FIFO yang baru menghilangkan kemampuan trader untuk melakukan lindung nilai posisi, yang memiliki dampak sekunder mencegah trader untuk menggunakan beberapa strategi dalam akun yang sama. Keterbatasan, pedagang dapat secara efektif menduplikat strategi lindung nilai dan atau beberapa strategi dalam satu akun hanya dengan bersikap netral tanpa posisi terbuka kapan pun model mereka akan memberi sinyal pada lindung nilai atau posisi lawan yang baru diperlukan. Pada contoh di bawah ini, kami meninjau dampak terbuka Posisi pada 100.000 akun hipotetis Pips yang dimenangkan atau hilang diasumsikan bernilai sepuluh dolar per pip Posisi awal diasumsikan sebagai Entri EUR USD yang panjang, tidak ada penyesuaian untuk penyebaran dampak transaksional. Contoh 1 Perdagangan Baseline tidak dilindung nilai dan posisinya dibiarkan terbuka melalui keseimbangan tindakan harga. Contoh 2 Perdagangan Lindung Nilai dilindung nilai menjelang akhir sampel tindakan harga Contoh 3 Perdagangan Netral ditutup saat diperlukan posisi lindung nilai atau posisi yang berlawanan. Bila model pedagang akan memberi sinyal pada akhir lindung nilai atau posisi yang berlawanan, mereka hanya akan masuk kembali ke pasar dengan harga saat ini. Perlu dicatat bahwa pendekatan ini Tidak menimbulkan biaya transaksi yang lebih tinggi dan mungkin benar-benar mengurangi dampak roll-over yang cenderung menguntungkan broker. Pilihan alternatif lain bagi pedagang yang ingin melanjutkan lindung nilai dengan broker yang diatur oleh NFA. Ya, diperlukan pembukaan 2 akun dengan broker atau dua broker yang sama. Broker yang berbeda Dengan cara ini trader akan dapat Menjual mata uang pada satu akun dan sekaligus Beli mata uang lain, mencapai efek lindung nilai yang sama Ada faktor yang perlu diingat trader akan Perlu memonitor kesehatan akun perdagangan dan mentransfer dana pada waktunya dari akun yang tumbuh menjadi menyusut agar bisa menyeimbangkan keuntungan dan kerugian dan menghindari margin call. Pertama, First Out - FIFO. BREAKING DOWN First In, First Out - FIFO. FIFO digunakan untuk tujuan asumsi aliran biaya Karena barang diproduksi maju ke tahap pengembangan selanjutnya dan karena persediaan jadi barang jadi terjual, biaya yang terkait dengan produk tersebut harus diakui sebagai biaya. Nilai dolar dari total persediaan menurun karena hal ini terjadi karena Persediaan telah dihapus dari kepemilikan perusahaan Biaya yang terkait dengan persediaan dapat dihitung dengan berbagai cara, salah satunya adalah metode FIFO. FIFO Logistics. As persediaan barang disiapkan untuk dijual, mereka diberi biaya Hal ini dapat terjadi melalui pembelian Inventarisasi biaya produksi melalui pembelian bahan dan penggunaan tenaga kerja Biaya yang ditugaskan ini didasarkan pada urutan produk yang digunakan, dan untuk FIFO, didasarkan pada apa yang tiba lebih dulu Misalnya, jika 100 barang dibeli untuk 10 dan 100 barang lagi dibeli berikutnya untuk 15, FIFO akan menetapkan biaya pengiriman barang pertama 10 Setelah 100 item terjual, yang baru Biaya barang akan menjadi 15, terlepas dari pembelian inventaris tambahan yang dilakukan. Metode FIFO mengikuti logika bahwa untuk menghindari keusangan, perusahaan akan menjual barang inventaris tertua terlebih dahulu dan mempertahankan barang inventaris terbaru Meskipun metode penilaian persediaan aktual digunakan. Tidak perlu mengikuti arus persediaan aktual melalui perusahaan, entitas harus dapat mendukung mengapa ia memilih penggunaan metode penilaian persediaan tertentu. Metode FIFO vs Metode Penilaian Lainnya. Situasi ekonomi biasa melibatkan pasar inflasi dan kenaikan harga. Dalam situasi ini, jika FIFO menetapkan biaya biaya pokok yang tertua, biaya tertua ini secara teoritis akan dihargai lebih rendah daripada persediaan terbaru yang dibeli di cur Harga sewa meningkat Biaya yang lebih rendah ini menghasilkan pendapatan bersih yang lebih tinggi Selain itu, karena persediaan terbaru dibeli dengan harga yang lebih tinggi, saldo persediaan akhir meningkat. Alternatif ke FIFO. Metode penilaian persediaan yang berlawanan dengan FIFO adalah LIFO dimana item terakhir di Adalah yang pertama keluar Dalam ekonomi inflasi, ini menghasilkan biaya pendapatan bersih yang kempes dan saldo akhir yang lebih rendah dalam persediaan bila dibandingkan dengan FIFO Metode persediaan biaya rata-rata memberikan biaya yang sama untuk setiap item. Hal ini menghasilkan laba bersih dan saldo persediaan akhir antara FIFO dan LIFO Akhirnya, pelacakan persediaan khusus digunakan bila semua komponen yang terkait dengan produk jadi diketahui. Jika semua potongan tidak, penggunaan metode apa pun dari FIFO, LIFO, atau biaya rata-rata yang sesuai. Risiko Eksekusi. Pasangan ini memiliki tingkat Risiko yang terkait dengan mereka yang mungkin tidak melekat Pasar untuk mata uang ini sangat tidak likuid, dengan likuiditas dipertahankan dan disediakan oleh satu, atau f Sumber eksternal lainnya Kekhawatiran likuiditas ini termasuk namun tidak terbatas pada, ketidakmampuan untuk keluar dari posisi berdasarkan kurangnya aktivitas pasar, perbedaan harga yang dikutip dan eksekusi terakhir yang diterima, atau penundaan eksekusi sementara pihak lawan untuk transaksi spesifik Anda diidentifikasi. Pertimbangan ini dalam pikiran adalah penting bahwa setiap faktor pedagang ini ke dalam setiap keputusan perdagangan Untuk alasan ini, kami sangat menganjurkan semua pedagang untuk menggunakan jenis pesanan tingkat lanjut untuk mengurangi risiko ini. DELAYS IN EXECUTION. Delays in execution dapat terjadi dengan menggunakan FXCM's No Dealing Desk forex Model eksekusi karena berbagai alasan, seperti masalah teknis dengan koneksi internet trader ke FXCM sebagai penundaan konfirmasi pesanan dari penyedia likuiditas atau dengan kurangnya likuiditas yang tersedia untuk pasangan mata uang yang diperdagangkan oleh trader karena adanya volatilitas yang melekat pada Pasar, sangat penting bahwa pedagang memiliki koneksi internet yang andal dan dapat diandalkan Ada keadaan baik Koneksi internet pribadi trader mungkin tidak menjaga koneksi konstan dengan server FXCM karena kurangnya kekuatan sinyal dari koneksi nirkabel atau dialup. Gangguan pada jalur koneksi terkadang dapat mengganggu sinyal dan menonaktifkan FXCM Trading Station, menyebabkan Penundaan pengiriman data antara stasiun perdagangan dan server FXCM Salah satu cara untuk mengecek koneksi internet Anda dengan server FXCM adalah dengan melakukan ping ke server dari komputer Anda. ORDER CADANGAN. Market volatility menciptakan kondisi yang membuat sulit untuk melakukan perintah pada saat yang diberikan. Harga karena volume perintah yang sangat tinggi Pada saat pesanan dapat dieksekusi, tawaran meminta harga di mana penyedia likuiditas bersedia mengambil posisi mungkin beberapa pip jauhnya. Jika kolam likuiditas tidak cukup besar. Untuk mengisi order Market Range, order tidak akan dieksekusi Untuk Limit Entry atau Limit orders, order tidak akan dieksekusi tapi reset sampai ordernya bisa. Diisi Ingat, baik Limit Entry dan Limit orders menjamin harga namun tidak menjamin eksekusi Tergantung pada strategi trading yang mendasari dan kondisi pasar yang mendasari trader mungkin lebih memperhatikan eksekusi versus harga yang diterima. WIDENED SPREADS. Mungkin ada kejadian ketika spread melebar. Di luar spread tipikal Spread adalah fungsi likuiditas pasar dan pada periode likuiditas terbatas, di pasar terbuka, atau pada saat rollover pada pukul 5:00 ET, spread dapat melebar dalam menanggapi ketidakpastian ke arah harga, sebuah kenaikan dalam volatilitas pasar, Atau kurangnya likuiditas pasar Tidak jarang melihat spread melebar terutama di seputar rollover Trade rollover biasanya merupakan periode yang sangat sepi di pasar, sejak hari kerja di New York baru saja berakhir, dan masih ada beberapa jam sebelum bisnis baru. Hari dimulai di Tokyo Mengetahui pola-pola ini dan mempertimbangkannya saat berdagang dengan pesanan terbuka atau menempatkan perdagangan baru sekitar waktu-waktu ini Dapat meningkatkan pengalaman trading Anda Hal ini dapat terjadi selama acara berita dan spread dapat melebar secara substansial untuk mengimbangi sejumlah besar volatilitas di pasar Spread yang melebar mungkin hanya bertahan beberapa detik atau selama beberapa menit FXCM sangat menganjurkan para trader untuk Hati-hati saat berdagang di seputar acara berita dan selalu waspada terhadap ekuitas akun mereka, margin yang dapat digunakan dan eksposur pasar Spread yang melebar dapat mempengaruhi semua posisi di akun termasuk posisi lindung nilai yang dibahas di bawah ini. HANGING ORDERS. Selama periode volume tinggi, pesanan gantung mungkin terjadi. Ini adalah kondisi dimana perintah sedang dalam proses eksekusi tapi eksekusi belum dikonfirmasi Urutan akan disorot dalam warna merah, dan kolom status akan menunjukkan eksekusi atau pemrosesan, di jendela pesanan Dalam kasus ini, pesanan dalam Proses dieksekusi, namun masih tertunda sampai FXCM menerima konfirmasi dari penyedia likuiditas bahwa harga yang dikutip adalah sti Akan tersedia Selama periode volume perdagangan yang berat, ada kemungkinan antrian pesanan akan terbentuk. Kenaikan pesanan masuk terkadang dapat menciptakan kondisi di mana ada penundaan dari penyedia likuiditas dalam mengkonfirmasikan pesanan tertentu. Tergantung pada jenis pesanan yang ditempatkan, Hasil dapat bervariasi Dalam hal urutan Market Range yang tidak dapat diisi dalam kisaran yang ditentukan, atau jika penundaan telah berlalu, pesanan tidak akan dieksekusi Dalam kasus pesanan di Market, setiap usaha akan dilakukan untuk mengisi Order pada harga yang tersedia berikutnya di pasar Dalam kedua situasi, kolom status di jendela pesanan biasanya akan menunjukkan eksekusi atau pemrosesan Perdagangan hanya akan memakan waktu beberapa saat untuk pindah ke jendela posisi terbuka Tergantung pada jenis pesanan, posisi mungkin Sebenarnya telah dieksekusi, dan penundaannya hanya karena lalu lintas internet yang deras. Ingatlah bahwa hanya perlu memasukkan pesanan apapun sekali Beberapa entri dengan urutan yang sama dapat memperlambat atau mengunci Komputer Anda atau secara tidak sengaja membuka posisi yang tidak diinginkan. Jika sewaktu-waktu Anda tidak dapat mengakses FXCM Trading Station untuk mengelola akun Anda, Anda dapat menghubungi Meja Perdagangan secara langsung di 1 212-201-7300 Melihat daftar lengkap nomor kontak internasional. GREYED OUT PRICING. Greyed out pricing adalah kondisi yang terjadi ketika penyedia likuiditas valas yang mensponsori harga FXCM tidak secara aktif membuat pasar untuk pasangan mata uang tertentu dan likuiditas sehingga menurunkan FXCM tidak sengaja mengeluarkan harga abu-abu Namun, kadang-kadang, kenaikan yang parah pada Perbedaan spread dapat terjadi karena hilangnya konektivitas dengan provider atau karena adanya pengumuman yang memiliki efek dramatis pada pasar yang membatasi likuiditas. Harga abu-abu di antara harga atau spread yang meningkat dapat menyebabkan margin call pada akun trader. Pesanan ditempatkan pada pasangan mata uang yang terpengaruh oleh harga yang diklik, PL akan sementara berkedip sampai nol sampai pasangan tersebut memiliki harga yang dapat diperdagangkan dan sistemnya dapat calcu Akhir keseimbangan PL. Kemampuan untuk melakukan lindung nilai memungkinkan pedagang memegang posisi beli dan jual dalam pasangan mata uang yang sama secara bersamaan. Pedagang memiliki kemampuan untuk memasuki pasar tanpa memilih arah tertentu untuk pasangan mata uang. Meskipun lindung nilai dapat mengurangi atau membatasi kerugian di masa depan. Ini tidak mencegah akun untuk dikenai kerugian lebih lanjut sama sekali. Di pasar forex seorang pedagang dapat sepenuhnya melakukan lindung nilai berdasarkan kuantitas tetapi tidak dengan harga Hal ini karena perbedaan antara harga beli dan jual, atau spread yang efektif, 02 Desember. 2012, pedagang FXCM akan diminta untuk memberikan margin untuk satu sisi sisi yang lebih besar dari posisi yang dilindung nilai Persyaratan margin dapat dipantau setiap saat di jendela dealing rate sederhana Sementara kemampuan untuk melakukan lindung nilai adalah fitur yang menarik, para pedagang harus menyadari Faktor berikut yang dapat mempengaruhi posisi yang dilindung nilai. Memperkirakan Margin. Margin call mungkin terjadi bahkan ketika akun dilindung nilai sepenuhnya, karena spread dapat melebar, menyebabkan Margin yang tersisa di rekening berkurang Jika margin yang tersisa tidak mencukupi untuk mempertahankan posisi terbuka, akun dapat mempertahankan margin call, menutup posisi terbuka di akun Meskipun mempertahankan posisi panjang dan pendek mungkin memberi kesan kepada pedagang bahwa dia Eksposur terhadap pergerakan pasar terbatas, jika margin yang tersedia tidak mencukupi dan menyebar melebar untuk jangka waktu tertentu, hal itu mungkin akan menghasilkan margin call pada semua posisi. ROTLOVER COSTS. Rollover adalah penutupan sekaligus pembukaan posisi secara bersamaan. Titik tertentu pada siang hari untuk menghindari pelunasan dan pengiriman mata uang yang dibeli Istilah ini juga mengacu pada bunga yang dikenakan atau diterapkan ke rekening trader untuk posisi yang dimiliki semalam, artinya setelah jam 5 sore ET di Platform FXCM Waktu di Posisi mana yang ditutup dan dibuka kembali, dan biaya rollover didebet atau dikreditkan, biasa disebut dengan Trade Rollover TRO Penting untuk dicatat bahwa Tagihan rollover akan lebih tinggi daripada akrual rollover Bila semua posisi dilindung nilai dalam akun, meskipun keseluruhan posisi bersih mungkin datar, akun tetap dapat mempertahankan kerugian karena spread yang terjadi pada saat rollover terjadi. Spread selama rollover mungkin lebih lebar bila Dibandingkan dengan periode waktu lainnya karena penyedia likuiditas sesaat offline untuk menyelesaikan transaksi hari ini. Silahkan kelola posisi sesuai dengan rollover dan pahami implikasi pelebaran spread sehubungan dengan eksekusi dengan posisi terbuka atau perintah posisi baru. BURSA EFEK BIAYA PIP BIAYA. Fluktuasi nilai tukar, atau biaya pip, didefinisikan sebagai nilai yang diberikan pada pergerakan pip untuk pasangan mata uang tertentu. Biaya ini adalah jumlah mata uang yang akan diperoleh atau hilang dengan setiap pergerakan pipi suku bunga mata uang dan akan didenominasi dalam Denominasi mata uang dari akun dimana pasangan tersebut diperdagangkan Pada Platform FXCM, biaya pip untuk Semua pasangan mata uang dapat ditemukan dengan memilih View, diikuti oleh Dealing Views, dan kemudian dengan mengklik Simple Rates untuk menerapkan tanda centang di sebelahnya Jika Harga Sederhana sudah memiliki tanda centang di sebelahnya, melihat tingkat transaksi dalam tampilan sederhana adalah seperti Mudah seperti mengklik tab Simple Dealing Rates di jendela dealing rates Begitu terlihat, tampilan suku bunga sederhana akan menampilkan biaya pip di sisi kanan jendela. BEBERAPA SPREADS. Ketika Anda melakukan trading forex dengan FXCM menggunakan eksekusi No Dealing Desk Model, Anda memperdagangkan umpan harga yang disediakan oleh beberapa penyedia likuiditas, ditambah marka FXCM Dalam kasus yang jarang terjadi, umpan ini dapat terganggu Hal ini mungkin hanya berlangsung beberapa saat, namun bila terjadi, spread menjadi terbalik Selama ini Kadang-kadang, FXCM menyarankan agar klien menghindari penempatan pada pesanan Pasar Meskipun mungkin tergoda untuk melakukan perdagangan bebas, ingatlah bahwa harganya tidak nyata dan isi aktual Anda mungkin jauh dari harga yang ditampilkan. Perdagangan dieksekusi pada tingkat yang tidak benar-benar ditawarkan oleh penyedia likuiditas FXCM, FXCM memiliki hak untuk membalikkan perdagangan semacam itu, karena perdagangan tersebut tidak dianggap sah Dengan menempatkan pesanan Market Range atau tidak melakukan perdagangan selama saat-saat ini, para pedagang dapat menghindari risiko yang terkait dengan Di atas skenario. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. Meja perdagangan dibuka pada hari Minggu antara pukul 5:00 ET dan 5 15 PM ET Meja perdagangan tutup pada hari Jumat pukul 4 55 PM ET Harap dicatat bahwa pesanan yang ditempatkan sebelum dapat diisi sampai pukul 5:00 Pm ET dan bahwa pedagang yang melakukan perdagangan antara pukul 16:55 dan 17:00 ET mungkin tidak dapat membatalkan pesanan yang tertunda. Jika Order Market GTC diajukan tepat di pasar, kemungkinan ada kemungkinan tidak akan dilaksanakan sampai hari Minggu Di pasar terbuka Harap berhati-hati saat berdagang di sekitar pasar Jumat dekat dan faktorkan semua informasi yang dijelaskan di atas ke dalam keputusan perdagangan. Waktu buka atau tutup mungkin diubah oleh Meja Perdagangan karena itu Bergantung pada harga yang ditawarkan oleh penyedia likuiditas ke FXCM Di luar jam-jam ini, sebagian besar bank dunia utama dan pusat keuangan ditutup Kekurangan likuiditas dan volume selama akhir pekan menghambat eksekusi dan pengiriman harga. PRICES UPDATING SEBELUM TERBUKA. Sebelum Terbuka, Meja Perdagangan menyegarkan tarif untuk mencerminkan harga pasar saat ini dalam persiapan untuk terbuka Pada saat ini, perdagangan dan pesanan yang diadakan selama akhir pekan tunduk pada eksekusi Kutipan selama ini tidak dapat dieksekusi untuk pesanan pasar baru Setelah terbuka, para pedagang mungkin Tempatkan perdagangan baru, dan batalkan atau modifikasi pesanan yang ada. Harga pembukaan hari pembukaan mungkin atau mungkin tidak sama dengan harga penutupan hari Jumat. Kadang-kadang, harga pada pembukaan hari Minggu mendekati harga di hari Jumat tutup. Di lain waktu, Mungkin ada perbedaan yang signifikan antara penutupan hari jumat dan buka hari Minggu Pasar mungkin mengalami kesenjangan jika ada pengumuman berita atau peristiwa ekonomi yang signifikan yang mengubah bagaimana pasar dilihat. E nilai mata uang Pedagang yang memegang posisi atau pesanan selama akhir pekan harus benar-benar merasa nyaman dengan potensi pasar untuk membuka celah. PERUSAHAAN EXECUTION. Limit pesanan sering diisi dengan harga yang diminta atau lebih baik Jika harga yang diminta atau harga yang lebih baik tidak Tersedia di pasar, pesanan tidak akan terisi Jika harga yang diminta dari Stop order tercapai saat pasar terbuka pada hari Minggu, pesanan akan menjadi Market Order Limit Entry order diisi dengan cara yang sama seperti Limit orders Stop Entry Pesanan dipenuhi dengan cara yang sama seperti Stops. WEEKEND RISIKO. Pengganti yang takut bahwa pasar mungkin sangat tidak stabil selama akhir pekan, gapping itu mungkin terjadi, atau potensi risiko akhir pekan tidak sesuai untuk gaya trading mereka, mungkin hanya menutup Perintah dan posisi menjelang akhir pekan Adalah penting bahwa para pedagang yang memegang posisi terbuka akhir pekan ini memahami bahwa potensi tersebut ada untuk peristiwa ekonomi besar dan pengumuman berita untuk mempengaruhi nilai y Posisi kami yang mendasari Mengingat volatilitas yang ditunjukkan di pasar, tidak jarang harga menjadi sejumlah pips di pasar terbuka dari pasar. Kami mendorong semua trader untuk mempertimbangkan hal ini sebelum membuat keputusan perdagangan. PANGGILAN MUTI DAN TUTUP KELUAR. Panggilan marjin dipicu ketika margin yang Anda kenakan turun di bawah nol Hal ini terjadi ketika kerugian mengambang Anda mengurangi ekuitas akun Anda ke tingkat yang lebih rendah dari persyaratan margin Anda Oleh karena itu, hasil dari setiap margin call adalah likuidasi berikutnya kecuali jika ditentukan lain. Gagasan tentang margin Trading adalah margin Anda bertindak sebagai tolok ukur yang baik untuk mengamankan nilai nosional yang lebih besar dari posisi Anda. Margin trading memungkinkan trader memegang posisi yang jauh lebih besar daripada nilai akun FXCM yang sebenarnya. Market Station memiliki kemampuan manajemen margin, yang memungkinkan penggunaan Leverage Tentu saja, trading pada margin hadir dengan risiko karena leverage dapat bekerja melawan Anda sama seperti bekerja untuk Anda Jika ekuitas akun f Semua di bawah persyaratan margin, FXCM Trading Station akan memicu sebuah perintah untuk menutup semua posisi terbuka Bila posisi telah dilipat terlalu banyak atau kerugian diperdagangkan terjadi sampai pada titik dimana ekuitas tidak mencukupi untuk mempertahankan posisi terbuka saat ini dan marjin penggunaan akun turun di bawah Nol, margin call akan menghasilkan dan semua posisi terbuka akan ditutup dilikuidasi. Harap diingat bahwa ketika margin yang digunakan pada akun turun di bawah nol, semua posisi terbuka dipicu untuk ditutup Proses likuidasi dirancang agar sepenuhnya elektronik. Meskipun the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate As a result, account equity can fall below margin requirements at the time orders are filled , even to the point where account equity becomes negative This is especially true during market gaps or volatile periods FXCM recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop. It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of FXCM. Metatrader 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account, individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an i ndication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidity providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provide d, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile TS II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading St ation Web platform has been modified to run on mobile and tablet devices The mobile platform for tablet devices is called Trading Station Mobile and has the same trading features as Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. Dealing Desk Forex Execution Trading Risks. HIGH RISK INVESTMENT. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD FXCM may provide general commentary without regard to your objectives, financial situation or needs General advice given, or the content of this website are not intended to be personal advice and should not be construed as such The possibility exists that you could sustain a loss in excess of your deposited funds You should be aware of all the risks associated with trading on margin FXCM recommends you seek advice from an independent financial advisor. FXCM MARKET OPINIONS. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice FXCM will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. INTERNET TRADING RISKS. There are risks associated with utilising an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection Since FXC M does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet FXCM employs backup systems and contingency plans to minimise the possibility of system failure, which includes allowing clients to trade via telephone. DEALING DESK FOREX EXECUTION MODEL. FXCM also offers forex execution via a Dealing Desk execution model In this model, FXCM s compensation may not be limited to our standard markup and our interests may be in direct conflict with yours FXCM faces market risk as a result of entering into trades with you FXCM may take steps to mitigate its risk arising from market making more effectively by, at our sole discretion and at any time and without previous consent, transferring your underlying account to our NDD execution offering FXCM may also choose to transfer your account to our No Dealing Desk NDD offering should the equity balance in your account exceed the maximum 20,000 currency units in which the account is denominated Account equity is defined as the balance of your account plus the floating P L of your open positions. Dealing Desk execution and trading is not conducted on an exchange FXCM is acting as a counterparty in these transactions and, therefore, acts as the buyer when you sell and the seller when you buy As a result, FXCM s interests may be in conflict with yours Unless otherwise specified in your written agreement or other written documents FXCM establishes the prices at which it offers to trade with you The prices FXCM offers might not be the best prices available and FXCM may offer different prices to different clients If FXCM elects not to cover its own trading exposure, then you should be aware that FXCM may make more money if the market goes against you. The currency pairs listed below are available on the Dealing Desk execution offering FXCM does not guarantee that quotes, prices, or spreads will always be better on one form of execution as compared to the other Customers should consider many factors when deciding which execution type best suits their needs e g conflict of interest, trading style or strategy, etc. FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate However, there are times when, due to an increase in volatility, orders may be subject to slippage Slippage most commonly occurs during fundamental news events or periods of high volatility Instances such as trade rollover 5pm EST is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day For more information on why rollover occurs, see the section on Rollover Costs During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive. The volatility in the market ma y create conditions where orders are difficult to execute For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price The trader s order would then be filled at the next available price for that specific order FXCM provides a number of basic and advanced order types to help clients mitigate execution risk One way to mitigate the risk associated with slippage is to utilize the Market Range Max Deviation for MT4 users feature on FXCM s Platforms The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range Zero indicates that no slippage is permitted By selecting zero on the Market Range, the trader is requesting his order to be executed only at the se lected or quoted price, not any other price Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed In this scenario the order will be filled at the best price available within the specified range For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists If the order cannot be filled within the specified range, the order will not be filled Please note, Market Range orders specify a negative range only If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price Stop orders guarantee execution but do not guarantee a particular price. When trading Forex via FXCM s dealing desk execution model, FXCM is the final counterparty to these transactions Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty FXCM is able to make auto execution available by limiting the max trade size of all orders to 2 million per trade. DELAYS IN EXECUTION. A delay in execution may occur using a dealing desk model for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the currency pair that trader is attempting to trade Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection There are circumstances when the trader s personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection A disturbance in the connection path can sometimes interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server One way to check your internet connection with FXCMs server is to ping the server from your computer. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. When a client makes an order, FXCM first verifies the account for sufficient margin The order is then matched against quotes from liquidity providers A hedge order is then sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price at which FXCM s Trading Desk is willing to take a position may be several pips away. In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be executed For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received. WIDENED SPREADS. There may be instances when spreads widen beyond the typical spread Spreads are a function of market liquidity and in periods of limited liquidity, at market open, or during rollover at 5 00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of market liquidity It is not uncommon to see spreads widen particularly around rollover Trade rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience This may occur during news events and spreads may widen su bstantially in order to compensate for the tremendous amount of volatility in the market The widened spreads may only last a few seconds or as long as a few minutes FXCM strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure Widened spreads can adversely affect all positions in an account including hedged positions discussed below. HANGING ORDERS. During periods of high volume, hanging orders may occur This is a condition where an order is in the process of executing but execution has not yet been confirmed The order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay in confir ming certain orders. Depending on the type of order placed, outcomes may vary In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed In the case of an At Market order, every attempt will be made to fill the order at the next available price in the market In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of inter national contact numbers. GREYED OUT PRICING. Greyed out pricing is a condition that occurs when FXCM s Trading Desk is not actively making a market for particular currency pairs and liquidity therefore decreases FXCM does not intentionally grey out prices however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on a currency pair affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair simultaneously Traders have the ability to enter the market without choosing a particular direction for a currency pair Although hedging may mitigate or limit future losses it does not preven t the account from being subjected to further losses altogether In the forex market a trader is able to fully hedge by quantity but not by price This is because of the difference between the buy and sell prices, or the spread Effective, 02 December 2012, FXCM traders will be required to put up margin for one side the larger side of a hedged position Margin requirements can be monitored at all times in the simple dealing rates window While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. DIMINISHING MARGIN. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account Although maintaining a long and short position may give the trader the impression that his exposure to the market s movement is limited, if insufficient available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency This term also refers to the interest either charged or applied to a trader s account for positions held overnight, meaning after 5 p m ET on FXCM s Platforms The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO It is important to note that rollover charges will be higher than rollover accruals When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs Spreads during rollover may be wider when compared to other time per iods because of FXCM s Trading Desk momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair This cost is the currency amount that will be gained or lost with each pip movement of the currency pair s rate and will be denominated in the currency denomination of the account in which the pair is being traded On the FXCM Platforms, the pip cost for all currency pairs can be found by selecting View, followed by Dealing Views, and then by clicking Simple Rates to apply the checkmark next to it If Simple Rates already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the Simple Dealing Rates tab in the dealing rates window Once visible, the simple rates view will display the pip cost on the right-hand side of the window. INVERTED SPREADS. When trading Forex with FXCM s dealing desk executi on model, all quotable prices are provided by our Trading Desk FXCM s Trading Desk may rely on various third party sources for the prices that it makes available to clients In the event that a manifest misquoted price is provided to us from a source that we generally rely on, all trades executed on that manifest misquoted price may be revoked, as the manifest misquoted price is not representative of genuine market activity These manifest misquoted prices can lead to an inversion in the spread. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The trading desk opens on Sundays between 5 00 PM ET and 5 15 PM ET The trading desk closes on Fridays at 4 55 PM ET Please note that orders placed prior may be filled until 5 00 p m ET and that traders placing trades between 4 55 p m and 5 00 p m ET may be unable to cancel orders pending execution In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday market open Please u se caution when trading around Friday s market close and factor all the information described above into any trading decision The open or close times may be altered by the Trading Desk because it relies on prices being offered by third party sources Outside of these hours, most of the major world banks and financial centres are closed The lack of liquidity and volume during the weekend impedes execution and price delivery. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, trades and orders held over the weekend are subject to execution Quotes during this time are not executable for new market orders After the open, traders may place new trades, and cancel or modify existing orders. Sunday s opening prices may or may not be the same as Friday s closing prices At times, the prices on the Sunday open are near where the prices were on the Friday close At other times, there ma y be a significant difference between Friday s close and Sunday s open The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap. ORDER EXECUTION. Limit orders are often filled at the requested price or better If the price requested or a better price is not available in the market, the order will not be filled If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order Limit Entry orders are filled the same way as Limit orders Stop Entry orders are filled the same way as Stops. WEEKEND RISK. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the we ekend It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close We encourage all traders to take this into consideration before making a trading decision. MARGIN CALLS AND CLOSE OUTS. Margin calls are triggered when your usable margin falls below zero This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position Margin trading allows traders to hold a position much larger than the actual account value FXCM s Trading Station has margin management capabilities, which allow for the use of leverage Of course, trading on margin comes with risk as leverage may work against you as much as it works for you If account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions and the account s usable margin falls below zero, a margin call will result and all open positions will be closed out liquidated. Please keep in mind that when the account s usable margin falls below zero, all open positions are triggered to close The liquidation process is designed to be entirely electronic. Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative FXCM recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop. It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of FXCM. METATRADER 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and deala ble prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidity providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile TS II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform for tablets is called Trading Station Mobile and has the same trading features as Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. CFD Execution. HIGH RISK INVESTMENT. Trading Contracts for Difference CFD S on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD FXCM may provide general commentary without regard to your objectives, financial situation or needs General advice given, or the content of this website are not intended to be personal advice and should not be construed as such The possibility exists that you could sustain a loss in excess of your deposited funds You should be aware of all the risks associated with trading on margin FXCM recommends you seek advice from an independent financial advisor. FXCM MARKET OPINIONS. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice FXCM will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. INTERNET TRADING RISKS. There are risks associated with utilising an internet-based deal-execution trading syste m including, but not limited to, the failure of hardware, software, and internet connection Since FXCM does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet FXCM employs backup systems and contingency plans to minimise the possibility of system failure, which includes allowing clients to trade via telephone. CFD EXECUTION MODEL. Contract for Difference products are generally subject to dealing desk execution FXCM reserves the right to switch a client s execution to No Dealing Desk without prior consent from client, for any reason, including but not limited to, the product being traded, trading style of client, or volume traded FXCM does not generally execute CFD orders with an external counterparty FXCM is the final counterparty for most CFD positions which you undertake Please note that as the final counterparty FXCM may receive compensation beyond our standard fixed mark-up FXCM makes prices for the CFD instruments it offers to its clients Although these prices may be indicative of the underlying market for the product being traded, they do not represent the actual prices of the underlying asset on the physical market or exchange where it is listed. As dealer, FXCM accumulates exposure for the products we deal to you As such, FXCM may take steps to mitigate risk accumulated during the market making process Therefore, FXCM provides automatic execution of all orders submitted for execution up to a certain amount In the event that you exhibit behaviours that prevent FXCM from mitigating exposure, we may, in our sole discretion remove you from participation of auto execution Removal from auto execution means that each order will be confirmed by a dealer before it is processed to ensure that we are able to mitigate any market risk. In the case that FXCM provides execution for CFD s thr ough a straight through processing, or No Dealing Desk execution model, FXCM passes on to its clients the best prices that are provided by one of FXCM s liquidity providers with a fixed mark-up for each product In this model, FXCM does not act as a market marker and is reliant on liquidity providers for pricing and there are certain limitations to liquidity that can affect the final execution of your order. For more information on the CFD execution model, read the CFD FAQs. FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage Slippage most commonly occurs during fundamental news events or periods of limited liquidity Instances such as trade rollover 5pm EST is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day For more information on why rollov er occurs, see the section on Rollover Costs During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive. Examples of specific order instructions include. Good Til Cancelled GTC Orders - Your entire order will be filled at the next available price s at the time it is received. Immediate or Cancel IOC Orders - All or part of your order will be filled at the next available price with the remaining amount cancelled should liquidity not exist to fill your order immediately. Fill or Kill FOK Orders - The order must be filled in its entirety or not at all. The volatility in the market may create conditions where orders are difficult to execute For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price The trader s order would then be filled at the next price available price for that specific order Similarly, given FXCM s models for execution, sufficient liquidity must exist to execute all trades at any price. FXCM provides a number of basic and advanced order types to help clients mitigate execution risk One way to mitigate the risk associated with slippage is to utilize the Market Range Max Deviation for MT4 users feature on FXCM s Platforms The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range Zero indicates that no slippage is permitted By selecting zero on the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed In this scenario the order will be f illed at the best price available within the specified range For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists If the order cannot be filled within the specified range, the order will not be filled Please note, Market Range orders specify a negative range only If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price Stop orders guarantee execution but do not guarantee a particular price Therefore, stop orders may incur slippage depending on market conditions. When trading Forex via FXCM s dealing desk execution model, FXCM is the final counterparty to these transactions Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty FXCM is able to make auto execution available by limiting the max trade size of all orders to 2 million per trade. In addition to the order type, a trader must consider the availability of the instrument prior to making any trading decision As in all financial markets, some instruments within that market will have greater depth of liquidity than others Ample liquidity allows the trader to seamlessly enter or exit positions, near immediacy of execution, and minimal slippage during normal market conditions However, certain products have more liquid markets than others. DELAYS IN EXECUTION. A delay in execution may occur for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the instrument that the trader is attempting to trade Due to inherent volatility in the markets, it is imperative that tra ders have a working and reliable internet connection There are circumstances when the trader s personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection A disturbance in the connection path can sometimes interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server One way to check your internet connection with FXCMs server is to ping the server from your computer. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD E xecution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price may be several pips away. There may be cases where a Market Range order is not executed due to a lack of liquidity or the inability to act as counterparty to your trade For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received. Depending on the type of order placed, outcomes may vary In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed In the case of an At Market order, every attempt will be made to fill the order at the next available price in the market In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window Depen ding upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. Greyed out pricing is a condition that occurs when FXCM s Trading Desk or liquidity provider that supplies pricing to FXCM is not actively making a market for particular instruments and liquidity therefore decreases FXCM does not intentionally grey out prices however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity Such greying out of prices or increased spreads may result in ma rgin calls on a traders account When an order is placed on an instrument affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. The ability to hedge allows a trader to hold both buy and sell positions in the same instrument simultaneously Traders have the ability to enter the market without choosing a particular direction Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether FXCM traders are required to put up margin for one side the larger side of a hedged position Margin requirements can be monitored at all times in the simple dealing rates window While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. DIMINISHING MARGIN. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margi n in the account to diminish Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account Although maintaining a long and short position may give the trader the impression that his exposure to the market s movement is limited, if insufficient available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency This term also refers to the interest either charged or applied to a trader s account for positions held overnight, meaning after 5 p m ET on FXCM s Platforms The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO It is important to note that rollover charg es will be higher than rollover accruals When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs Spreads during rollover may be wider when compared to other time periods because of FXCM s Trading Desk or liquidity providers momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular instrument This cost is the currency amount that will be gained or lost with each pip movement of the instrument s rate and will be denominated in the currency denomination of the account in which the pair is being traded On the FXCM Platforms, the pip cost can be found by selecting View, followed by Dealing Views, and then by clicking Simple Rates to apply the checkmark next to it If Simple Rates already has a check mark next to it, vi ewing the dealing rates in the simple view is as easy as clicking the Simple Dealing Rates tab in the dealing rates window Once visible, the simple rates view will display the pip cost on the right-hand side of the window. INVERTED SPREADS. FXCM s Trading Desk may rely on various third party sources for the prices that it makes available to clients In the event that a manifest misquoted price is provided to us from a source that we generally rely, all trades executed on that manifest misquoted price may be revoked, as the manifest misquoted price is not representative of genuine market activity These manifest misquoted prices can lead to an inversion in the spread. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The hours for each CFD are determined by FXCM s Trading Desk based on the schedule for trading on the exchange for the underlying market, commodity, or asset. Please refer to the CFD Product Guide for specific hours for each instrument. FXCM aims to open markets as close to the posted trading hours as possible However, liquidity at or around market open close for any CFD instrument can be very thin FXCM may delay market open on specific instruments by several minutes to protect clients from quoted prices that are not representative of the true market price Traders are advised to use extreme caution during these periods and to utilize FXCM s basic and advanced orders types to mitigate execution risk Based on the illiquidity illustrated during these time periods traders using market orders can experience slippage, or gapping in prices that can have a material impact on your final execution price. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, trades and orders held over the weekend are subject to execution Quotes during this time are not executable for new market orders After the open, traders may place new trades, and cancel or modify existing order s. There is a substantial risk that stop-loss orders left to protect open positions held overnight may be executed at levels significantly worse than their specified pricemensurate with the opening closing of the market for the underlying instrument, CFD traders may experience gaps in market prices Due to the volatility expressed during these time periods, trading at the open or at the close, can involve additional risk and must be factored into any trading decision These time periods are specifically mentioned because they are associated with the lowest levels of market liquidity and can be followed by significant movements in prices for both the CFD, and the underlying instrument. ORDER EXECUTION. Limit orders are often filled at the requested price or better If the price requested or a better price is not available in the market, the order will not be filled If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order Limit Entry orders are filled the same way as Limit orders Stop Entry orders are filled the same way as Stops. WEEKEND RISK. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close We encourage all traders to take this into consideration before making a trading decision. MARGIN CALLS AND CLOSE OUTS. Margin calls are triggered when your usable margin falls below zero This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. FXCM process all liquidations for CFD products automatically Open and close times for the underlying reference market are determined by the exchange, or third party execution venue, and not by FXCM If the client s liquidation event is triggered during the period when the underlying reference market is closed, it may be necessary for the FXCM Trading Desk to wait until the underlying reference market re-opens before liquidation of the CFD positions can be finalized Depending on market conditions, this could mean that the final price the client receives is a significant number of points away from the price that triggered the client s liquidation If the clients account contains open positions for both CFD and forex at the time liquidation is triggered it is possible that only the client s forex positions will be liquidated This would only occur in situations where the underlying refe rence market for the client s CFD positions is closed, and the liquidation of the client s forex positions satisfies the liquidation requirement. METATRADER 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidi ty providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile TS II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. Please note some features of the FXCM Trading Station will not be available on the FXCM Mobile Trading Station Key differences include, but are not limited to, charting packages, daily interest rolls will not appear, and the maintenance margin requirement per financial instrument will not be available It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to ma naging a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform is called Trading Station Mobile With the exception of OCO orders one-cancels-other , Trading Station Mobile for tablet devices has the same trading features as Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. FXCM MetaTrader 4 Execution. Individuals should review the information below carefully which details the differences regarding execution, trading features, and platform settings specific to the FXCM MT4 platform. Trade Execution. Orders to open and close trades, as well as take profit TP orders execute Fill or Kill These orders only execute if they can fill in their entirety at the requested price These orders cannot be broken up and filled at multiple prices. In the event that sufficient liquidity is not immediately available to execute a Fill or Kill order in its entirety, execution ceases. Stop Loss SL orders, and orders submitted due to margin call do not execute Fill or Kill These orders do fill in their entirety at the same price however, execution will not cease if sufficient liquidity is not immediately available Execution will continue until a price becomes available to fill the entire order. The maximum number of open orders is capped at 500 individual orders per account This restriction includes both open orders and pending orders The MT4 platform will display an error message if traders attempt to open more than 500 individual orders Stop Losses and Take Profits are exempt from this restriction. Margin Call. The margin call policy for FXCM MetaTrader 4 accounts is different from all other FXCM accounts When a margin call occurs, trades will be closed one by one until Free Margin is greater than zero. Interest rates are not displayed on the MetaTrader 4 Platform however, t raders will pay or accrue interest in accordance with the current FXCM rates To obtain the rollover rates traders can view them on the FXCM Trading Station II platform or call FXCM customer service for current rates Please be advised that interest rates are provided to FXCM by multiple liquidity providers Every effort is made to display rollover rates one day in advance on the FXCM Trading Station II However, during times of extreme market volatility, rates may change intraday. Any positions that are open at 5 p m ET sharp are considered to be held overnight, and are subject to rollover A position opened at 5 01 p m is not subject to rollover until the next day, while a position opened at 4 59 p m is subject to rollover at 5 p m ET. Expert Advisor. Expert Advisor s EA are automated trading tools that can perform all or part of a trading strategy While FXCM offers proprietary EAs, there are others developed by third parties FXCM does not vouch for the accuracy or reliability provided by th e EAs not in its control Traders utilizing an EA do so at their own risk Additionally, many EA s employ the use of micro lots and do not account for fractional pip pricing On the FXCM MetaTrader 4 platform the smallest lot size increment is 1k and fractional pips are used Prior to trading, please contact your EA provider to discuss the lot sizes used in the program and any potential issues that may arise from fractional pip pricing. Max Deviation. With FXCM MetaTrader 4, all orders execute using instant execution This MetaTrader 4 execution type enables the maximum deviation max deviation feature. The maximum deviation feature was designed to control slippage - both negative and positive - in the following way When creating an order, a number is specified in tenths of a pip 0 in the max deviation field This number is the maximum amount of slippage the order can receive If the market price moves beyond this amount while the order is executing, the order will cancel automatically This is ho w the maximum deviation feature was designed to function. FXCM trading policy allows for unlimited positive slippage on all order types Therefore, FXCM has developed a way to override the restriction that the maximum deviation feature places on positive slippage All orders placed on the FXCM MetaTrader 4 platform fill with the greatest amount of positive slippage possible. In the event that an order fills with positive slippage beyond the maximum deviation the platform logs a message in the Journal tab The message has the following format - Positive Slippage - is the positive slippage the order received beyond the maximum deviation. If the market price moves negatively beyond the maximum deviation, the order cancels automatically When this occurs, an Off Quotes message is displayed This is a standard MetaTrader 4 message notifying the user that an order canceled because the market price deviated beyond the order setting. Please note dependent upon market conditions, a lower maximum deviati on amount can increase the likelihood that an order will be rejected due to the market price moving outside of the maximum deviation. Pending Orders. You cannot use a pending order to close a trade or a portion of it Pending orders can only be used to open new trades For example, assume that an account is long 0 2 EUR USD A trader then creates a pending order to sell 0 1 EUR USD If the pending order price is reached, the order will trigger for execution However, because the pending order is attempting to trade in the opposite direction of the existing long trade, the pending order will automatically cancel, leaving the long trade unaffected. When closing a trade, MetaTrader 4 users can use stop loss and take profit orders as an alternative to pending orders. Cross-Platform Compatibility. FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station platforms Therefore, FXCM MetaTrader 4 account holders can place and manage trades and orders through the FXCM Tradin g Station platforms Account details for retail clients e g orders, trades, P L, margin, equity will match on all of these platforms and their statement of records However, please note that some functionality available on the FXCM Trading Station platforms may not be available on the FXCM MetaTrader 4 platform. FXCM MetaTrader 4.FXCM MetaTrader 4 allows for order sizes up to 50 million per trade Traders have the ability to trade incremental sizes multiple orders of 50 million for the same pair The FXCM MetaTrader 4 Platform does not show pip costs The potential exists for variations in pricing displayed between servers These differences do not have an impact on prices available for execution but can impact the prices used to trigger resting orders. FXCM MetaTrader 4 Server Information. Under rare circumstances it may be necessary to type in a server address when logging into FXCM MetaTrader 4 A list of FXCM s MT4 server names and addresses has been provided below So long as you download FX CM MetaTrader 4 here and install it on your computer or VPS, you will not need these server addresses. If you need to enter the server address when logging in, be sure to use the one that corresponds to the server name that your account is assigned to As an example, if your account s server name is MT4USDREAL01, you would use. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processin g or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occu rs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Risk Warning Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds The products may not be suitable for all investors Please ensure that you fully understand the risks involved. High Risk Investment Warning Trading foreign exchange and or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors The possibility exists that you could sustain a loss in excess of your deposite d funds Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience You should be aware of all the risks associated with trading on margin FXCM provides general advice that does not take into account your objectives, financial situation or needs The content of this Website must not be construed as personal advice FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning. Forex Capital Markets Limited FXCM LTD is an operating subsidiary within the FXCM group of companies collectively, the FXCM Group All references on this site to FXCM refer to the FXCM Group. Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority Registration number 217689.Tax Treatment The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the fu ture, or may differ in other jurisdictions. Copyright 2017 Forex Capital Markets All rights reserved. Northern Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD Company incorporated in England Wales No 04072877 with registered office as above. We use cookies to enhance the performance and functionality of our site, which ultimately improves your browsing experience By continuing to browse this site you are agreeing to our use of cookies You may change your cookie settings at any time Learn More. Your browser is out of date.