Leaving
a Forex Order - Conditional Orders
The dealing system
includes sophisticated order entry and tracking which is located under
the Position Management screen. These orders are very useful to implement
various forex trading strategies.
To place a forex
order, complete the appropriate sections:
- Select a Currency
Pair: choose a currency pair from the drop down list.
- Choose an
Order Type:
- Single:
single Stop Loss or Limit order, with your choice of end of day
or good' til canceled (GTC) expiration.
- One
Cancels the Other (OCO): Two-legged order whereby the
second leg is canceled if the first leg is executed.
- If
Then: Two-legged order whereby the second single order
is placed only upon execution of the first single order.
- If
Then / OCO: Two legged order whereby the OCO order is
placed only upon execution of the first single order.
- Choose the
Expiration: Choose one of the following:
- End of
day (EOD):
Order will expire at 17:00 ET at the end of the trading day you
placed it.
- Good Til'
Canceled (GTC):
Order will remain active until you highlight it and click the cancel
button.
- Select "'Buy"
or "Sell" from the drop down list.
- Select the
number of lots from the drop down list of currency pairs.
- Choose the
Order Basis: either "Limit" or "Stop Loss."
- Enter the
Order Rate: The rate at which the order will be executed. You
may enter in ANY rate other than the current spot rate. Fill this
in manually. Note: If you have specified a default number of pips
away for stop loss orders, this field will automatically populate
with your default. This user-configurable default can be set or edited
in the Log On window.
- Confirm the
order: When all the fields are completed and you have checked
your order to make sure it's correct, click "Confirm" and your forex
order will appear in the Order Management screen. To Abort the
order: Choose "Abort" to cancel the pending order and return
to the order management window. **If you click "Abort" before clicking
"Confirm", you will return to the order management window and no order
will be placed.
IMPORTANT:
Forex orders remain open until they are triggered or canceled. If you
close out a forex position manually, you must cancel any order(s) relating
to that position.
One
Cancels Other (OCO) orders:
The lower half of
the form will be highlighted. Enter both sides of the OCO order as directed.
Remember, if one side of your OCO is filled, the other is automatically
canceled.
If-Then
order:
The lower half of
the form will expand for the second leg of the If Then order. Place
either your single Then order in this section. Remember, canceling
any part of an If Then order will result in the entire order being canceled.
If
Then / OCO order:
The lower half of
the form will expand for the OCO leg of the If Then order. Place your
OCO order in this section. Remember, canceling any part of an If
Then order will result in the entire forex trading order being canceled.
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