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Thread: FXCM Trading Station II FAQ

  1. #61
    Brad Gleason at FXCM's Avatar
    Brad Gleason at FXCM is offline DailyFX Administrator
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    Thank you for your post MikeTye!

    Yes, there is a way to do this on UK accounts. You would need to do this before you’ve entered a position. Here is an example. You can open a 10K EUR/USD and set a stop/limit on the window, by clicking on the ‘advanced’ button. Then, you open another 10K EUR/USD order, and set the appropriate stop/limit on that ticket.

    I am already in a trade, and need to set individual stops/limits, what do I do?

    In this case, it is going to be difficult to do so. Since most all UK accounts have hedging enabled, you can’t simply enter an opposing order to close half the trade, at the desired price. The best option is to close part of the position, when your desired price is reached. You can set a mobile alert by clicking here, to notify you when markets are, let’s say, 10 pips away from your desired stop or limit price.

    Thank you again for your post, and if you have any further questions, please email me or post them here!
    Thank you for being a part of our trading community!

    Want to discuss how our resources can help you reach your trading goals? Add your post to join the conversation or feel free to contact me directly at brad@dailyfx.com

    We look forward to hearing from you!

    FXCM Online Support

  2. #62
    xenu is offline Registered User
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    How do you open seperate tickets?

    My system uses multiple time frames. I want to open separate eur/usd tickets, each with its own stop and limit.

    The FXCM Trading Station II lumps each eur/usd purchase into one ticket. I searched through the tutorials but cannot find any information on this matter. My account is a demo.
    Last edited by xenu; 01-01-2011 at 01:07 PM.

  3. #63
    Brad Gleason at FXCM's Avatar
    Brad Gleason at FXCM is offline DailyFX Administrator
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    Thank you for your post xenu, and welcome to our forum!

    That is a great question, and one that we get rather often. If you currently live outside of the United States, there is a very simple solution here. Please open a UK demo by clicking here.

    If you live inside the United States, it is going to require a few additional steps, but I will outline them here as simply as possible. To summarize, US law mandates FIFO (first-in, first-out) ticket management. This means that if you opened one EUR/USD long trade last week, and a separate one yesterday, and now you want to close one of them, by law, we have to close the one from last week first. This is why trades are ‘grouped’ together on the platform, to make this easier for you to manage, by setting net-stops and net-limits in the Summary window:



    How can I work around this limitation?

    There are a few options for you to implement. You can wait for the order to be triggered and then place the stop and limit (net) on that position. In this case, it is likely that you may be asleep, working or simply away from a computer, and are unable to manage the trade. Here is the first option. You can absolutely set a mobile alert to notify you at, let’s say, 10 PIPs away from the entry order. This will notify you via SMS (text) message that your entry price is near, and you can manage the trade accordingly. Once notified, you can manage the trade on your computer, the mobile platform or simply call the trade desk.

    I am too busy to do that, or I don’t have a mobile phone, what else can I do?

    We do have an additional work-around for this situation. You can enter an OCO (One cancels other) order to act as a stop and limit on your trade. Here is an example of what that would look like.

    EUR/USD market price is 1.3900
    You set an Entry order to BUY EUR/USD at 1.4000
    You then right click on the ticket, and enter an OCO order to SELL at 1.4400 (acting as a 400 PIP limit) and another SELL order at 1.3800 (acting as a 200 PIP stop).

    Here is what that would look like on the Trading Station II:

    First, input the buy at 1.40000



    Then, you input the stop at 1.38000


    Then, you input the limit at 1.44000


    Then, in the orders window, right click on one of the tickets and select ‘Complex OCO’


    This is the Complex OCO window


    Click on the stop at 1.38000 and add it to the OCO order by clicking on ‘Add’


    Click on the limit at 1.44000 and add it to the OCO order by clicking on ‘Add’


    When you see both the stop at 1.38000 and limit at 1.44000 in the OCO Order window, click OK


    You will see the Entry order to buy at 1.40000 and stop (at 1.38000) and limit (1.44000) in the Orders window.


    That looks great! But what is the catch?

    Here is the risk in this situation. Let’s say that we are wrong in this trade, and the EUR/USD does not go up, rather goes down. If this is the case, and EUR/USD goes to 1.3800 or below, there will be a short position entered on your account (which is where you intended your stop to be). This would delete the SELL at 1.4400 (which was linked to the 1.3800 SELL, which is now a live trade). The good news is that the 1.4000 BUY would still exist, and act as a 200 PIP stop on the 1.3800 SELL.

    The solution I would suggest would be to set a mobile alert to notify you when prices reach, let’s say, 1.3850, so you can reassess the viability of your trade, and manage accordingly.

    Please do keep in mind that at any time, you can contact FXCM and place/manage trades.

    Can I do this with multiple trades?

    Yes, you can manipulate the size of each trade in order to meet your needs; repeating this process as many times as your trade strategy requires.

    What about these new regulations?

    At this point, we are still working on the stop and limit functionality on US accounts. The limitations are due to the NFA ruling that trades must be managed First in- First out (FIFO). As described above is the current functionality, however if this does change, we will notify our clients as soon as possible.

    Thank you again for your post, and if you have any other questions, please let us know!
    Thank you for being a part of our trading community!

    Want to discuss how our resources can help you reach your trading goals? Add your post to join the conversation or feel free to contact me directly at brad@dailyfx.com

    We look forward to hearing from you!

    FXCM Online Support

  4. #64
    wanabetrader is offline Member
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    Fill or Kill orders

    What is a fill or kill order (FOK) and what is its relationship with an Immediate or Canceled (IOC) order?

  5. #65
    Brad Gleason at FXCM's Avatar
    Brad Gleason at FXCM is offline DailyFX Administrator
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    IOC and FOK orders now available

    We are now offering IOC and FOK market order types. These are available for market orders only, and you can choose them by clicking on the ‘advanced’ button on the create market order window.

    What is IOC and FOK?

    IOC stands for Immediate or Cancel. This means that you want as much of the order executed at the best available price (or range, if you select ‘market range’) as possible, and cancel the rest. Here is an example of selecting IOC on the market orders window:



    FOK stands for Fill or Kill. This means that you want 100% of the order executed at the best available price (or range, if you select ‘market range’), and if 100% is not available, you do not want any of the order executed at all. Here is an example of selecting FOK on the market orders window:



    If you have additional questions about the platform updates, please post your question and we will reply with an answer!
    Thank you for being a part of our trading community!

    Want to discuss how our resources can help you reach your trading goals? Add your post to join the conversation or feel free to contact me directly at brad@dailyfx.com

    We look forward to hearing from you!

    FXCM Online Support

  6. #66
    Rafmed's Avatar
    Rafmed is offline Member
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    Lightbulb Marketscope

    My question is,
    When i open my FXCM account in the morning, example 7 or 8am aest.
    i can't put a trade on till its 9am aest. (My Platform doesn't let me, it says that it market is closed)
    if the market is open 24/Hours a day 6 day a week.
    i should be able to place a trade any time i wish.. yes of course except over the weekend.

    raf

  7. #67
    Rob at FXCM's Avatar
    Rob at FXCM is offline DailyFX Administrator
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    Hi Rafmed,

    Thanks for the post! Allow me to take a look at your question...


    When does FXCM trading open and close each week?

    FXCM trading opens on Sunday at 5:15pm EST (New York). This translates to Monday at 9:15am AEDT (Australian Eastern Daylight Time) which is also the time your platform began to accept trades. FXCM's trading week is open 24 hours a day, 5 days a week.

    FXCM trading closes on Friday at 4:00pm EST (New York). This translates to Saturday at 8:00am AEDT (Australian Eastern Daylight Time).

    So this means you will be able to trade from 9:15am on Monday up until 8:00am Saturday morning in your local time of AEDT.


    When is the best time to trade in a 24 hour market?

    A 24 hour is great but there are definitely pros and cons when it comes to trading specific pairs during specific trading sessions. DailyFX Instructor Tom Long discusses how trading changes throughout a 24 hour day by looking at the changes in volume traded and the changes in what markets are open throughout the day in this article entitled, Forex Market Hours. It is a great place to start to understand all the dynamics of a 24 hour market.


    Let me know if you have any further questions, Rafmed. I am here to help!


    Rob


    Quote Originally Posted by Rafmed View Post
    My question is,
    When i open my FXCM account in the morning, example 7 or 8am aest.
    i can't put a trade on till its 9am aest. (My Platform doesn't let me, it says that it market is closed)
    if the market is open 24/Hours a day 6 day a week.
    i should be able to place a trade any time i wish.. yes of course except over the weekend.

    raf
    Last edited by Rob at FXCM; 01-18-2011 at 12:00 PM.
    Add your post to join the conversation or contact me directly at rob@fxcm.com!

  8. #68
    Trims is offline Member
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    Problem with Tradestion 2

    Hi

    Is there currently a problem with the TS2 server? Yesterday my traded station started act very sluggishly freezing and then not responding. Today it was the same but much worse. I have reloaded it and put less charts up but it is the same. My internet connect is good. I have just checked using my laptop and it is having the same problems, completely seperate system and no changes since I last used it 3 days ago.

    Any ideas?

    Gordon

  9. #69
    Join Date
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    Trailing Stop

    Maybe I overlooked it in another post, but there are so many to read through. Being that it is a simple question, why not ask.

    I just set up a Demo Account and when I entered a trade, there was no option for a trailing stop. Am I missing something or does this have something to do with the FIFO rules?
    Brian
    -Good things come to those who are persistent.

  10. #70
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    Quote Originally Posted by brianborn1968 View Post
    Maybe I overlooked it in another post, but there are so many to read through. Being that it is a simple question, why not ask.

    I just set up a Demo Account and when I entered a trade, there was no option for a trailing stop. Am I missing something or does this have something to do with the FIFO rules?
    Found the answer in case anyone else needs to know. Trailing stops is not allowed in the United States.
    Brian
    -Good things come to those who are persistent.

  11. #71
    Rob at FXCM's Avatar
    Rob at FXCM is offline DailyFX Administrator
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    Hi Trims,

    Thanks for using the Forum! Allow me to answer your question.

    Why is my platform moving sluggishly and sometimes freezing?

    We have not had any issues with our servers last week or this week. The symptoms you've described usually indicates that there are traces of an older version of Trading Station II on your computer that are causing these issues/errors.

    To resolve this problem, please uninstall TSII, perform a registry edit, and re-install TSII. Instructions on how to do this can be found in this forum post:

    Uninstall/Registry Edit/Re-install

    Please let me know once you have performed this task on both your machines or if you have any questions about any of the steps. I am here to help! Thanks, Trims!


    Rob

    Quote Originally Posted by Trims View Post
    Hi

    Is there currently a problem with the TS2 server? Yesterday my traded station started act very sluggishly freezing and then not responding. Today it was the same but much worse. I have reloaded it and put less charts up but it is the same. My internet connect is good. I have just checked using my laptop and it is having the same problems, completely seperate system and no changes since I last used it 3 days ago.

    Any ideas?

    Gordon
    Add your post to join the conversation or contact me directly at rob@fxcm.com!

  12. #72
    rjmah319 is offline Member
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    Live Trader Chat

    Id Like to suggest a "Live Trader Chat" A tab like the "news" tab. When we click on the "Live Trader Chat" tab right on our Trading Station II platform it shows a list of the currency pairs. When I click on EURUSD for example. A chat window opens, just like the chat window for support. And I am then inside the EURUSD chat room with other traders. Trading live. People can chat live with other traders and share chart patterns they see. Going long or short, right now.
    It would eliminate the "lag" of the forum. It would be a blast to chat with other traders from around the world live as we trade.
    I really hope someone considers this addition to the platform. I know it can be done. your already doing it with live chat with support.

  13. #73
    Shuan Salim is offline Member
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    How do I save my chart?

    Hello,

    Whenever I draw my trendlines, support, resistances and then close my chart it all goes away whenever i open the same chart for the same currency pair. I've tried to find how to save it but haven't had success with it.

    Any suggestions?

  14. #74
    rjmah319 is offline Member
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    Quote Originally Posted by Shuan Salim View Post
    Hello,

    Whenever I draw my trendlines, support, resistances and then close my chart it all goes away whenever i open the same chart for the same currency pair. I've tried to find how to save it but haven't had success with it.

    Any suggestions?
    If you actually close your chart with the "X" on the chart tab its going to close it forever. if you open a chart and return to that pair you just closed, all your work will be gone. You have to leave it open. You can however switch from pair to pair on that same chart tab and your work will remain. Until you close it with the "X" or remove your work manually.
    If you like a "layout" indicators, MA's and other things you add to a chart, you can go to "file" then "layouts" and "save layout".
    On the "marketscope" "file" is top left. On your platform front page "file" is under the "charts" button.

  15. #75
    Shuan Salim is offline Member
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    Quote Originally Posted by rjmah319 View Post
    If you actually close your chart with the "X" on the chart tab its going to close it forever. if you open a chart and return to that pair you just closed, all your work will be gone. You have to leave it open. You can however switch from pair to pair on that same chart tab and your work will remain. Until you close it with the "X" or remove your work manually.
    If you like a "layout" indicators, MA's and other things you add to a chart, you can go to "file" then "layouts" and "save layout".
    On the "marketscope" "file" is top left. On your platform front page "file" is under the "charts" button.
    Thank you for the reply. Really appreciate it!

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