Thread: Trading Station Whats New FAQ - April 2011 Update

Trading Station II What’s New FAQ

We are excited to announce new order types for FXCM LLC accounts!

FXCM LLC accounts use a First In First Out (FIFO) trading methodology due to US regulations. You can now add FIFO compliant stops and limits while creating market and entry orders.

Please click on the appropriate link below to view the answer to your question.

Trading Station Update

• Will my existing platform settings (charts, layouts, changes etc.) save? Click Here
• I experienced issues updating the Trading Station II platform. How do I fix it? Click Here

Stops and Limits on Market Orders

• How do I place stops and limits on market orders? Click Here
• How do I change the price for waiting stop/limit orders? Click Here
• How do I set a stop/limit to close out all exposure on a currency pair? Click Here
• How do I set a stop/limit to partially close a position? Click Here
• Where do stops and limits display? Click Here
• I have multiple stop or limit orders, which one will trigger first? Click Here
• Why do I have multiple stop/limit orders waiting but only one open position? Click Here
• Why do my waiting stops/limits total to more than my open net positions? Click Here
• What happens to stops or limits if I close existing open positions? Click Here
• What’s the fastest way to place a market order with a stop and limit? Click Here

Stops and Limits on Entry Orders

• How do I place a stop/limit on entry orders? Click Here
• How do I change the price for stop/limits on waiting entry orders? Click Here
• How do I change the price of stop/limit orders from the MarketScope Charts? Click Here
• What happens after my entry order is triggered? Click Here
• What are the benefits of placing stop/limits with entry orders? Click Here
• What’s the fastest way to place an entry order with a stop and limit? Click Here

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Will my platform settings (charts, layouts, changes, etc.) save?

Yes, your platform settings will be the same after you update the Trading Station II platform.

If you would like to save your current platform and chart settings, simply click on View > Profile > Save Profile.

After you name your profile, click "Save". You can access your saved profile from the View navigation menu.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

I experienced issues updating the Trading Station platform. How do I fix it?

The best solution is to uninstall and then reinstall the latest version of the Trading Station II. To uninstall, simply remove the Trading Station II from your Control Panel and then download the latest version. Download Now

For a visual guide, please follow these steps:

1. From your computer desktop, click "Start" and select "Control Panel".

2. From the "Control Panel" window, click on "Add or Remove Programs".

3. Navigate to FXCM Trading Station and click "Change/Remove". A dialog box will appear to confirm that you would like to uninstall the Trading Station platform. Click "Yes". You can close the "Add or Remove Programs" window once complete.

4. To download the FXCM Trading Station II platform, click here.



5. Continue through the installation process and finish the installation.

After the download is complete, the FXCM Trading Station icon will display on your desktop.

Congratulations! You can now log into your FXCM account from the new FXCM Trading Station II platform and place trades.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

How do I place stops and limits on market orders?

To place a stop and limit on a market order from the "Dealing Rates" window:

1. Right click on the buy or sell price for the symbol you want to trade and select “Create Market Order” from the drop-down menu.

2. A Create Market Order window will appear. Update the details (symbol, sell/buy, amt (k), and rate) for your market order, and then click "Advanced".

3. An option to add a stop and limit will appear. Check “Stop” to place a stop loss or “Limit” to place a limit and update the rate(s).

4. Click "OK" to create the market order.

5. After the market order is processed, the new position will display in the "Summary" window. The stop and limit will display as pending “Stop/Limit” orders in the "Orders" window.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

How do I set a stop/limit to partially close a position?

You can partially close positions by adding multiple stop/limit orders when creating trades. Adding stops/limits when creating trades allows you the flexibility to scale out of positions.

If you want to have different stops/limits to partially close positions, then you can create multiple trades.

For example, let’s say we are going to buy 150k EUR/USD at market and we want to have 2 different stop loss orders – a 100k stop at 1.4000 and a 50k stop at 1.4050. To create stop/limit orders to partially close the total 150k exposure, the trader would place 2 separate market orders:

• Trade 1: Buy 100K EUR/USD at 1.4100 with a stop at 1.4000.
• Trade 2: Buy 50K EUR/USD at 1.4100 with a stop at 1.4050.

Please note, stops and limits attach to your net (total) positions. Even though you create stops and limits when creating individual orders, stops and limits cannot be attached directly to individual positions

What will happen when I partially close a position?

Let’s look at an example that takes advantage of the new stop/limit functionality by placing two trades, ticket 1, placed first, and ticket 2, placed second.

• Trade 1: Buy 100K EUR/USD at market with a stop at 1.4000.
• Trade 2: Buy 50K EUR/USD at market with a stop at 1.4050.

Since our stops and limits attach to the net positions, the Summary Window shows our total exposure:

The stop/limit orders will display in the Orders Window, totaling 150k if you add up both waiting stop and limits:

Let’s close out 60k of the net positions with a market order. The net positions will reduce from 150k down to 90k.

After 60k of our 150k net positions is closed, the 100k stop/limit order automatically updates to 90k and matches the net positions in the Summary Window. Something you will notice is that the sum of waiting stops/limits in the Orders Window, totaling 140k, is greater than the net positions of 90k.

Why do my waiting stops/limits total to more than my open net positions?

Waiting stops/limits can total to more than net positions because they are attached to your net positions, not to individual trades. For this reason, as you change your open exposure, your stops and limits will update so that each individual stop/limit is equal to or less than the total of net positions.

Stops and limits only reduce net positions and will never add to your net positions (will never create new trades).

If all net positions are closed for a specific currency pair, then all waiting stops or limits on that currency pair are automatically removed.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

Where do stops and limits display?

Stops and limits display as waiting orders in the "Orders" window.

• Market Orders: If the stop and limit are waiting from a market order, then the stop and limit display as a “Stop/Limit” in the "Orders" window.
• Entry Orders - If the stop and limit are attached to a waiting entry order, then the stop and limit display under the stop or limit column for the individual entry order.

After the entry order is triggered, the stop and limit will update as a pending “Stop/Limit” order in the "Orders" window.

• Trader Tip: You can collapse or expand orders to make it easier to view waiting orders in the "Orders" window. Just click on the negative (-) or plus (+) sign above the order details!

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

I have multiple stop/limit orders, which one will trigger first?

The stop or limit order that is closest to the market price will be the first stop/limit order to trigger. If a stop or limit order is triggered, the oldest open position(s) will be closed first to comply with First In First Out (FIFO) trading rules.

For example, a trader places two seperate market orders when the price is 1.4100—a buy 150k EUR/USD market order with a stop at 1.4050 and a buy 50k EURUSD market order with stop at 1.4000. The market price is currently 1.4075

The trades will display in the trading station as:

• Summary Window: Buy 200k EUR/USD at average buy of 1.4100.
• Orders Window:

o Stop 1: Stop to close 150k EUR/USD at 1.4050.
o Stop 2: Stop to close 50k EUR/USD at 1.4000.

Since stop orders for buy positions limit risk if the price goes down, the stop order to close 150k EUR/USD at 1.4050 will trigger first because the order rate of 1.4050 is closer to the market rate of 1.4075.

Example: If the market price to sell EUR/USD declines from 1.4075 to 1.4050, the stop to close 150k EUR/USD at 1.4050 is triggered and becomes a market order to close out 150k of the total 200K EUR/USD open positions.

After 150k of the buy EUR/USD position is closed by the stop order, the trading station updates to:

• Summary Window: Buy 50K EUR/USD at average buy of 1.4100.
• Orders Window:

o Stop 2: Stop to close 50k EUR/USD at 1.4000.

Once all open positions are closed for that specific currency pair, then all waiting stop/limit orders for that currency pair will be automatically deleted.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!
Return to FAQ

Why do I have multiple stop/limit orders waiting but only one open position?

Keep in mind that stop/limit orders will remain as waiting orders until all open positions are closed for that currency pair or until each stop/limit order is removed. The stop/limit order that will trigger first is the order that is closest to the current market price to close the position. If a stop or limit order is triggered, the oldest open position(s) will be closed first to comply with First In First Out (FIFO) trading rules. After all open positions are closed for a specific currency pair, the remaining stop/limit orders for that currency pair will be deleted.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

What happens to stops or limits if I close existing, open positions?

There are several examples of what happens to stop or limit orders depending on whether the positions on a currency pair are partially closed or if the entire net position is closed.

• If open positions are partially closed: Waiting stops or limits will reduce in size to be no larger than the existing net positions for that currency pair. All pending stops or limits will still display. Please keep in mind that stops and limits attach to your net (total) positions and the sum of waiting stops and limits may still be higher than net open positions.

• If total open positions are closed: All pending stops or limits on that currency pair are automatically removed.

How will stops and limits work when I manually close part of my net (total) positions?

Let’s look at an example that takes advantage of the new stop/limit functionality by placing two trades, ticket 1, placed first, and ticket 2, placed second.

• Trade 1: Buy 100K EUR/USD at market with a stop at 1.4000.
• Trade 2: Buy 50K EUR/USD at market with a stop at 1.4050.

Since our stops and limits attach to the net positions, the Summary Window shows our total exposure:

The stop/limit orders will display in the Orders Window, totaling 150k if you add up both waiting stop and limits:

Let’s close out 60k of the net positions with a market order. The net positions will reduce from 150k down to 90k.

After 60k of our 150k net positions is closed, the 100k stop/limit order automatically updates to 90k and matches the net positions in the Summary Window. Something you will notice is that the sum of waiting stops/limits in the Orders Window, totaling 140k, is greater than the net positions of 90k.

Why do my waiting stops/limits total to more than my open net positions?

Waiting stops/limits can total to more than net positions because they are attached to your net positions, not to individual trades. For this reason, as you change your open exposure, your stops and limits will update so that each individual stop/limit is equal to or less than the total of net positions.

Stops and limits only reduce net positions and will never add to your net positions (will never create new trades).

If all net positions are closed for a specific currency pair, then all waiting stops or limits on that currency pair are automatically removed.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

What’s the fastest way to place a market order with a stop and limit?

One-Click Trading is the fastest way to place an order. Just one click and you are in the market!

To take advantage of One-Click Trading with stops and limits, follow these simple steps:

1. Click on the "Trading Settings" button from the navigation bar of the Trading Station II platform.

2. A "Trading Settings" window will display. Select One-Click and check “Stop” to place a stop loss or “Limit” to place a limit.

3. Click "OK" to apply "One-Click" trading.

4. The first time you enable One-Click Trading, a disclaimer will appear. Read the disclaimer, click the box that says “I Accept the terms of this agreement” to agree, and click "OK".

One-Click trading is now enabled. A red “1” icon will appear at the top of the Trading Station II platform and inside of the "Dealing Rates" window.

How do I place a trade with One-Click?

From the "Dealing Rates" window:

1. Click on the buy or sell price for the correct symbol inside the "Dealing Rates" window.
• For example, if you want to buy EUR/USD, click on the buy price.

2. The trade will update to the "Open Positions and "Summary" windows.

If you have additional Trading Station II, please post your question on this thread and we will reply with an answer!

Return to FAQ

How do I place stops and limits on entry orders?

To place a stop and limit on an entry order, follow these easy steps from the "Dealing Rates" window:

1. Right click on the buy or sell price for the symbol you want to trade and select “Create Entry Order” from the drop-down menu.


2. A Create Entry Order window will appear. Update the details (symbol, sell/buy, amt (k), and rate) for your entry order, and then click "Advanced".


3. An option to add a stop and limit will appear. Check “Stop” to place a stop loss or “Limit” to place a limit and update the rate(s).

4. Click "OK" to create the entry order.

5. The Entry Order will display in the "Orders" window. The stop column and limit column will display any orders attached to the entry order.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

How do I change the price for stop/limits on waiting entry orders?


To change stop/limit orders on a waiting entry order from the "Orders" window:

1. Right click on the individual entry order and select “Stop/Limit” from the drop-down menu.

2. A Stop/Limit window will appear. Update the details for your stop or limit, and then click "OK".

3. The stop and limit column will update with the rates for stop/limits attached to the waiting entry order.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!
[B]
Return to FAQ

How do I change the price of stop/limit orders from the MarketScope Charts?

To change the price of stop/limit orders from the MarketScope Charts:

1. Right click on the stop or limit label, and click “Change Entry Order” from the drop-down menu.

2. A “Change Entry Order" window will appear. Change the price (rate) for the stop/limit order and click "OK" to update the stop/limit order.

3. The stop or limit label will update with the new stop/limit distance (in pips).

You can repeat the steps above to change the other leg of the waiting stop/limit order.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!


Return to FAQ

What happens after my entry order is triggered?

Once your entry order is triggered, the "Summary" window will update with the new position and the stop and limit orders will become waiting orders in the "Orders" window. Stop and limit orders act as OCO (One Cancels Other) orders. If one leg of the stop or limit is triggered, then the other leg of stop or limit order is automatically removed.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ

What are the benefits of placing stops and limits with entry orders?

Stop and limit orders allow you to manage risk and take profit levels when you use entry orders to take advantage of future trading opportunities. If an entry order is triggered, then the stops and limits will act as the stop loss or profit target to manage open positions.

There are many strategies used to trade with entry orders. To fine-tune your strategy or ask questions to the DailyFX education team, please visit the DailyFX Course page.

If you have other Trading Station II questions, please post your question on this thread and we will reply with an answer!

Return to FAQ