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Order Types
Key Features |
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The FX Trading Station gives traders the ability to make 5 different types of orders: |
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| Entry Order |
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| This option allows a trader to buy or sell at a price different from the current price. Use this to automatically open a trade for you when the price you designate is reached, whether your computer is on or not. There are two types of Entry Orders: |
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| Stop Entry |
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This is an order to make an At Best market order when the market touches a specific price. Use it when you want to enter the market at a less-favorable price than the current price (higher price if buying, lower if selling).
Why might you want a worse price? Example: The EUR/USD is currently 1.36415. You believe that the price reaching 1.40000 will confirm a continued upward trend and a profitable trade. You also think that if it does not reach 1.40000, the price will fall. You therefore want to buy only if the price reaches 1.40000, and you do so with a Stop Entry Order to Buy at 1.40000. |
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| Limit Entry |
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| This is an order to enter the market at a better price than the current one. Limit Orders are only filled at a designated price. When buying, lower prices are better, and when selling, higher prices are better. (Since FXCM No Dealing Desk execution* allows you to place orders anywhere, you can even use limit entries to place orders inside the spread to gain incremental price improvements.) |
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| To make either a Stop or a Limit Entry Order, click on the "Entry Button" at the top of the trading station, and choose the parameters of your order in the Create an Entry Order box. |
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| OCO Orders |
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| OCO stands for "One Cancels the Other." It simply means that if one part of the order is executed, the other part will be automatically canceled. On the FX Trading Station, Entry Orders will appear under the "OCO Orders" tab. Traders can link protective stop-loss and limit entry orders as OCO. Learn More. |
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| *Please note FXCM Micro in its discretion may or may not offset individual transactions unlike transactions in most FXCM Standard accounts. For additional information, click here. |
