Forex Ndd

Typer av forex meglere ECN - STP - NDD - DD. DD - Handlekurv En handlekurv megler er en markedsfører Markeds beslutningstakere tilbyr vanligvis faste spreads og kan velge å sitere over eller under faktiske markedspriser til enhver tid. Markeds beslutningstakere er alltid motparten av handelsmannen, som ikke handler direkte med likviditetsleverandørene. Markeds beslutningstakere blir betalt gjennom spredene, og de tar vanligvis også motsetninger til sine kunder før de dekker seg selv eller ikke med hensyn til likviditetsleverandørene. En NDD forex megler gir direkte tilgang til interbankmarkedet det kan være en STP eller STP ECN megler se nedenfor for STP og ECN megler definisjoner Med en ekte No Dealing Desk megler, er det ingen krav på priser, noe som betyr at du kan handle i løpet av Økonomiske kunngjøringer uten begrensninger Spreadene som tilbys er lavere, men de er ikke løst, slik at de kan øke betydelig når volatiliteten øker under store økonomiske kunngjøringer. En NDD-megler kan enten betale en provisjon på hver handel eller velge å øke spredningen. STP - Straight Through Processing I STP-modus er transaksjonene fullstendig datastyrt og umiddelbart behandlet på interbankmarkedet uten noen meglerintervensjon. ECN - Electronic Communication Network ECN meglere levere og vise sanntids bestillingsinformasjon med ordre som ble behandlet og de tilbudte bankene på interbankmarkedet. Derved forbedrer markedets gjennomsiktighet ved å gi informasjon til alle markedsdeltakere. ECN meglere gjør vanligvis pengene sine ved å belaste en provisjon på det handlede volum Med ECN meglere, blir alle transaksjoner behandlet direkte på interbankmarkedet i No Dealing Desk-modus. MTF multilaterale handelsfasiliteter En MTF-utveksling sikrer at kjøpere og selgere av finansielle instrumenter kan komme sammen i henhold til ikke-skjønnsmessige regler. En MTF er ikke regulert bytte, men det opererer under de samme regler MTF-regler er transparens og sikre et rettferdig handelssystem Mekler garanterer pris effektivitet og clearing av transaksjoner Sammenlignet med tradisjonell utveksling gir et multilateralt handelsanlegg større skjønn, raskere ordreutførelse og reduserte meglerkostnader. ECN NDD STP meglere. NDD STP meglere. Forfølgelse Risiko. Disse parene har et risikonivå forbundet med dem som ikke kan være iboende. Markedet for disse valutaene er svært illikvide, likviditet opprettholdes og leveres av en eller få eksterne kilder. Disse likviditetsproblemene inkluderer, men er ikke begrenset til, den manglende evne til å gå ut av posisjoner basert på mangel på markedsaktivitet, forskjeller i oppgitte priser og endelig utførelse eller en forsinkelse i utførelsen mens en motpart for din spesifikke transaksjon er identifisert. Med disse hensynene i tankene er det avgjørende at enhver næringsdrivende faktor dette til noen Handelsbeslutning Av denne grunn oppfordrer vi sterkt alle handelsmenn til å benytte avanserte bestilletyper til å redusere disse risikoer. LØSNINGER I UTFØRING. Deler i utførelse kan forekomme ved bruk av FXCM s No Dealing Desk forex-utførelsesmodell av ulike årsaker, for eksempel tekniske problemer med næringsdrivendes internettforbindelse til FXCM, en forsinkelse i ordrebekreftelse fra en likviditetsleverandør eller ved mangel på tilgjengelig likviditet for valutaparet som næringsdrivende forsøker å handle på grunn av inneboende volatilitet i markedene, er det avgjørende at handelsmenn har en fungerende og pålitelig internettforbindelse. Det er omstendigheter når næringsdrivendes personlige internettforbindelse kanskje ikke opprettholder en konstant forbindelse med FXCM-servere på grunn av mangel på signalstyrke fra en trådløs eller oppringt tilkobling En forstyrrelse i forbindelsesbanen kan noen ganger forstyrre signalet og deaktivere FXCM Trading Station, og forårsaker forsinkelser i overføringen av data mellom handelsstasjonen og FXCM-serveren En måte å kontrollere Internett-forbindelsen med FXCM-serveren er å pinge serveren fra datamaskinen. TIMEFRAME COMPLET ION OF TRANSACTION. FXCM forsøker å behandle bestillinger innen millisekunder, men det er ingen nøyaktig tidsramme for ordrebehandlingen. SIDER FULLSTILLING AV TRANSAKSJON. Når en klient foretar en bestilling, verifiserer FXCM først kontoen for tilstrekkelig margin. Ordren matches deretter med anførselstegn fra likviditetsleverandører En sikringsordre sendes deretter til likviditetsleverandøren for utførelse. Til slutt er klientens ordre fylt og åpne lukkede stillinger oppdatert. EXCEPTIONS FULLSTILLING AV TRANSAKSJON. Det kan være unntak fra den typiske transaksjonen, for eksempel forsinkelser på grunn av unormal ordrebehandling eller funksjonsfeil med interne eller eksterne prosesser I slike tilfeller informerer FXCM klienter så raskt som mulig, avhengig av problemets kompleksitet. FXCMs mål er å varsle kunder om disse typer unntak så raskt som mulig, men tiden for varselet avhenger avhenger av kompleksiteten til problemet under vurdering. Trafikkstasjon Hvis unormal markedsordrebehandling oppstår, vil Ordren vil bli uthevet i rødt, og statuskolonnen vil indikere utført eller behandlet i bestillingsvinduet I disse tilfellene er ordren i ferd med å bli utført, men er ventet til FXCM mottar bekreftelse fra likviditetsleverandøren at de oppgitte prisene er fortsatt tilgjengelig I perioder med tungt handelsvolum er det mulig at en kø av ordrer vil dannes. En økning i innkommende ordre kan noen ganger skape forhold hvor det er en forsinkelse fra likviditetsleverandørene i bekreftelse av visse bestillinger. Metatrader 4 mt4 Hvis unormal markedsordre behandling skjer, vil bestillingsvinduet forbli åpent på handelsplattformen og reflektere behandlingsfeil. I disse tilfellene er ordren i ferd med å bli utført, men er ventet til FXCM mottar bekreftelse fra likviditetsleverandøren om at de oppgitte prisene fortsatt er tilgjengelige. perioder med tungt handelsvolum, er det mulig at en kø av ordre vil danne den økningen i innkommende ordrer kan noen ganger skaper forhold hvor det er en forsinkelse fra likviditetsleverandørene i bekreftelse av bestemte ordrer. RESERVELSESORDNINGER. Markedsvolatilitet skaper forhold som gjør det vanskelig å utføre bestillinger til den angitte prisen på grunn av et ekstremt høyt antall ordrer. På det tidspunktet ordrer er i stand til å eksekveres, vil budsprisen som en likviditetsleverandør er villig til å ta stilling til, være flere pips unna. I tilfeller der likviditetspuljen ikke er stor nok til å fylle en rekkefølge på rekkevidde, vil ordren ikke bli utført For Limit Entry eller Limit bestillinger, vil bestillingen ikke bli utført, men i stedet tilbakestilles til bestillingen kan fylles. Husk at både Limit Entry og Limit ordrer garanterer pris, men garanterer ikke utførelse. Avhengig av den underliggende handelsstrategien og de underliggende markedsforholdene kan forhandlere være mer opptatt av med utførelse mot den mottatte prisen. VIDEREDE SPREADS. Det kan være tilfeller når sprer utvides utover det typiske spredet. Spread er en funksjon av markedet liquidi tyder på, og i perioder med begrenset likviditet, åpent marked eller ved overdragelse klokken 17.00 ET, kan spredene øke som følge av usikkerhet i prisretning, oppgang i markedsvolatilitet eller mangel på markedslikviditet. Det er ikke uvanlig å se spreads utvide seg spesielt rundt rollover Trading rollover er typisk en veldig stille periode i markedet siden forretningsdagen i New York har nettopp avsluttet, og det er fortsatt noen timer før den nye virkedagen begynner i Tokyo. Å være oppmerksom på disse mønstrene og tar hensyn til dem når du handler med åpne ordrer eller plasserer nye handler rundt disse tider, kan forbedre din handelserfaring. Dette kan oppstå under nyhetshendelser, og spreads kan øke vesentlig for å kompensere for den enorme volatiliteten i markedet. De utvidede spreads kan bare vare noen få sekunder eller så lenge noen få minutter FXCM oppfordrer handelsmenn til å utvise forsiktighet når de handler rundt nyhetshendelser og alltid være oppmerksomme på deres accou Netto egenkapital, brukbar margin og markedseksponering Utvidede sprekker kan påvirke alle posisjoner i en konto, inkludert sikrede posisjoner som er omtalt nedenfor. HANGER ORDERS. I perioder med høyt volum kan hengende ordrer forekomme. Dette er en tilstand hvor en ordre er i ferd med å utføre men kjøringen er ikke bekreftet Ordren vil bli uthevet i rødt, og statuskolonnen vil angi kjørt eller behandlet i ordrevinduet I disse tilfellene er ordren i ferd med å bli utført, men er ventet til FXCM mottar bekreftelse fra likviditetsleverandøren at de oppgitte prisene fortsatt er tilgjengelige. I perioder med tungt handelsvolum er det mulig at en kø av ordrer vil danne. Økningen i innkommende ordre kan noen ganger skape forhold hvor det er en forsinkelse fra likviditetsleverandørene i bekreftelse av bestemte bestillinger . Avhengig av hvilken type bestilling som er plassert, kan utfallene variere. I tilfelle av en rekkevidde på markedet som ikke kan fylles i spesifikasjonen Fied Range, eller hvis forsinkelsen er bestått, vil bestillingen ikke bli utført. Ved en Markedsordre vil alle forsøk gjøres for å fylle bestillingen til neste ledig pris på markedet. I begge situasjoner er statuskolonnen i Ordrevinduet vil typisk indikere utført eller behandles. Handelen vil bare ta et par øyeblikk for å flytte til vinduet med åpne posisjoner Avhengig av ordnetypen, kan plasseringen faktisk blitt utført, og forsinkelsen skyldes ganske enkelt tung internettrafikk. Husk at det bare er nødvendig å legge inn noen ordre en gang. Flere oppføringer i samme rekkefølge kan sakte eller låse datamaskinen din eller utilsiktet åpne uønskede stillinger. Hvis du ikke har tilgang til FXCM Trading Station for å administrere kontoen din, kan du når som helst kan ringe handelsdisken direkte på 1 212-201-7300 Se en fullstendig liste over internasjonale kontaktnumre. UTGJELDET PRIS. Gråt ut prissetting er en betingelse som oppstår når forex-likviditetsleverandører som leverer priser til FXCM ar Hvis jeg ikke aktivt lager et marked for bestemte valutapar, og likviditeten derfor reduserer FXCM, vil ikke forsiktig gråte priser, men det kan til tider oppstå en kraftig økning i forskjellen i spredningen på grunn av tap av tilkobling med en leverandør eller på grunn av en kunngjøringen som har en dramatisk effekt på markedet som begrenser likviditet. Slik gradering ut av priser eller økte spreads kan føre til marginsamtaler på en handelsmannskonto. Når en ordre er plassert på et valutapar påvirket av gråtoner, vil PL midlertidig blinke til null til paret har en omsettelig pris, og systemet kan beregne PL-balansen. Evnen til sikring tillater at en næringsdrivende holder både kjøp og salgsposisjoner i samme valutapar samtidig. Traders har muligheten til å gå inn i markedet uten å velge en bestemt retning for et valutapar Selv om sikring kan redusere eller begrense fremtidige tap, forhindrer det ikke at kontoen blir utsatt for ytterligere tap helt i Forex markedet en forhandler er i stand til å sikre fullt ut sikring av antall, men ikke for pris. Dette er på grunn av forskjellen mellom kjøps - og salgspriser, eller spredningen Effektiv, 02.12.2012, vil FXCM-forhandlere bli pålagt å sette opp margin for den ene siden Den større siden av en sikret posisjon Marginekrav kan overvåkes til enhver tid i det enkle handlingsrenten vinduet Selv om evnen til sikring er en tiltalende funksjon, bør handelsmenn være oppmerksomme på følgende faktorer som kan påvirke sikrede posisjoner. Minimere Margin. A margin Det kan hende at samtaler kan oppstå selv når en konto er fullt sikret, siden spredningen kan øke, slik at den gjenværende marginen i kontoen reduseres. Dersom den resterende marginen ikke er tilstrekkelig til å opprettholde eventuelle åpne posisjoner, kan kontoen opprettholde et marginalanrop, lukke eventuelle åpne posisjoner på kontoen Selv om man opprettholder en lang og kort stilling, kan han gi inntrykk av at hans eksponering mot markedsbevegelsen er begrenset, hvis ikke tilgjengelig tilgjengelig margin exi sts og spreads utvides for en viss tid, kan det sikkert resultere i en marginal samtale på alle stillinger. ROLLOVER COSTS. Rollover er samtidig lukning og åpning av posisjon på et bestemt tidspunkt i løpet av dagen for å unngå oppgjør og levering av den kjøpte valutaen Denne termen refererer også til interessen, enten belastet eller anvendt på en handelsmanns konto for stillinger holdt over natten, noe som betyr etter klokken 17.00 ET på FXCMs plattformer Tidspunktet hvor stillinger er stengt og gjenåpnet, og overdragelsesavgiften belastes eller kreditert, blir ofte referert til som Trade Rollover TRO. Det er viktig å merke seg at overgangskostnader vil være høyere enn overgangstidspenninger Når alle posisjoner er sikret i en konto, selv om den totale nettoposisjonen kan være flat, kan kontoen fortsatt opprettholde tap som følge av til spredningen som oppstår når overgangen oppstår Spredninger under overgang kan være bredere sammenlignet med andre tidsperioder på grunn av at likviditetsleverandører øyeblikkelig kommer frakoblet til s enle dagens transaksjoner Behandle stillinger i henhold til rollover og forstå implikasjonene av sprer som utvides med hensyn til utførelse med eksisterende åpne posisjoner eller nye stillinger. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Vekslingsfrekvenser eller pipkostnader defineres som verdien gitt til en pipbevegelse for et bestemt valutapar Denne kostnaden er valutabeløpet som vil bli oppnådd eller tapt med hver pipbevegelse av valutaparens rente og vil bli denominert i valutaverdien av kontoen der paret blir handlet På FXCM-plattformene kan pipekostnaden for alle valutaparene bli funnet ved å velge Vis, etterfulgt av Dealerende visninger, og deretter ved å klikke Enkle priser for å bruke avmerkingsmerket ved siden av det. Hvis enkle priser allerede har et merke ved siden av det, ser du det handelstakten i den enkle visningen er like enkelt som å klikke på fanen Simple Dealing Rates i handelstakstvinduet Når det er synlig, viser den enkle satsen visningen p ip-kostnad på høyre side av vinduet. INVERTED SPREADS. When du handler forex med FXCM ved hjelp av en No Dealing Desk-utførelsesmodell, handler du på prismateriell som tilbys av flere likviditetsleverandører, pluss FXCMs mark-up I sjeldne tilfeller kan disse fôrene bli forstyrret. Dette kan bare vare et øyeblikk, men når det gjøres, blir spredninger omvendt. I disse sjeldne tilfeller anbefaler FXCM at klienter unngår å plassere på markedsordrer. Mens det kan være fristende å sette frihandel, Vær oppmerksom på at prisene ikke er ekte, og at din faktiske fylling kan være mange pips vekk fra den viste prisen. Dersom handelene utføres til priser som ikke faktisk tilbys av FXCMs likviditetsleverandører, forbeholder FXCM seg retten til å reversere slike handler, som de anses ikke som gyldige handler. Ved å plassere ordrer på markedet eller ikke handle i løpet av disse øyeblikkene, kan handelsfolk unngå risikoen forbundet med de ovennevnte scenariene. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. Handelsdisken åpner på søndager mellom kl. 00.00 ET og kl. 15.00 ET Handelsdisken stenger på fredager kl. 55.00 ET. Vær oppmerksom på at bestillinger som er lagt på forhånd, kan fylles inn til kl. 00.00 ET, og at forhandlere plasserer handler mellom klokken 16.00 og 17.00 ET ET kan ikke avbryte ordrer i avventing av utførelse. Dersom en Market GTC-ordre sendes rett i markedet, er det mulig at det ikke kan utføres til søndag på markedet. Vær forsiktig når du handler rundt fredag ​​s marked, lukk og faktor alle informasjon beskrevet ovenfor i enhver handelsavgjørelse. Åpne eller lukkede tider kan endres av Handelsdisken fordi den stoler på at prisene blir tilbudt av likviditetsleverandører til FXCM Utenom disse tidene er de fleste av de store verdensbankene og finanssentrene lukket. Mangelen av likviditet og volum i helgen hindrer gjennomføring og prisleveranse. PRIS OPPDATERING FØR ÅPEN. Kort tid før åpent oppdaterer Handelsdepartementet priser for å reflektere dagens markedspris i preparatio n for det åpne På dette tidspunktet handles og handler over helgen utsatt for henrettelse. Kurser i løpet av denne tiden kan ikke kjøres for nye markedsordrer. Etter det kan handelsmenn legge inn nye handler, og avbryte eller endre eksisterende ordrer. Søndags åpning Prisene kan eller ikke være de samme som fredagens sluttpriser. Til tider er prisene på søndagsåpningen nært hvor prisene var fredagstengt. På andre tidspunkter kan det være en betydelig forskjell mellom fredag ​​s nær og søndag s åpen Markedet kan ha gap hvis det er en betydelig nyhetsmelding eller en økonomisk begivenhet som endrer hvordan markedet ser på verdien av en valuta. Traders som holder posisjoner eller ordrer over helgen, bør være fullt komfortable med markedets potensial for gap. ORDER EXECUTION. Limit Ordrer blir ofte fylt til ønsket pris eller bedre Hvis den forespurte prisen eller en bedre pris ikke er tilgjengelig i markedet, vil bestillingen ikke bli fylt Hvis den forespurte prisen på en Stoppordre nås på t Han er åpen for markedet på søndag, ordren vil bli en markedsordre. Inntaksordre fylles på samme måte som Limit-ordre. Stoppordre fylles på samme måte som Stops. WEEKEND RISK. Traders som frykter at markedene kan være ekstremt volatile over helgen kan det gå eller at potensialet for helgesikring ikke passer for sin handelsstil, kan ganske enkelt lukke opp ordre og stillinger fremover i helgen. Det er viktig at handelsmenn som holder åpne stillinger over helgen, forstår at potensialet eksisterer for store økonomiske hendelser og nyhetsmeldinger for å påvirke verdien av dine underliggende posisjoner. Gitt volatiliteten uttrykt i markedene, er det ikke uvanlig at prisene skal være et antall pips vekk på markedet åpent fra markedet. Vi oppfordrer alle handelsmenn til å ta dette i betraktning før du tar en handelsavgjørelse. MARGIN Ringer og lukker ut. Mindre samtaler utløses når bruksmarginen din faller under null Dette skjer når du flyter tap reduserer kontoen din egenkapital til et nivå som er mindre enn marginkravet. Resultatet av eventuelle marginalanrop er etterfølgende likvidasjon med mindre annet er angitt. Ideen om marginalhandel er at marginen din fungerer som en trofast innskudd for å sikre den større fiktive Verdi av posisjonen Margenhandel tillater handelsmenn å beholde en posisjon som er mye større enn den faktiske kontobeløpet. FXCM s Trading Station har marginselskapsmuligheter, som gir mulighet for bruk av løftestang. Selvfølgelig kommer handel på margin med risiko, da innflytelse kan virke mot deg så mye som det virker for deg Hvis konto egenkapitalen faller under marginkrav, vil FXCM Trading Station utløse en ordre for å lukke alle åpne posisjoner Når posisjoner er over-leverte eller omsetningstap pådrar seg til det punktet at det ikke er nok egenkapital til å opprettholde dagens åpne posisjoner og bruksmarginen for kontoen faller under null, vil et marginalanrop oppstå, og alle åpne posisjoner vil bli stengt ut li quidated. Please husk at når kontoens bruksmargin faller under null, blir alle åpne posisjoner utløst for å lukke. Likvidasjonsprosessen er utformet for å være helt elektronisk. Selv om marginalanropsfunksjonen er utformet for å lukke posisjoner når egenkapitalen faller under marginkrav kan det forekomme at likviditeten ikke eksisterer med den nøyaktige marginalrenten som følge av at egenkapitalen kan falle under marginkrav når ordre er fylt, til og med til det tidspunkt hvor egenkapitalen blir negativ. Dette gjelder særlig under markedssvikt eller volatile perioder FXCM anbefaler at handelsmenn bruker Stop-ordrer for å begrense nedadrettingsrisiko i stedet for å bruke marginalanrop som en endelig stopp. Det anbefales sterkt at kundene opprettholder riktig beløp i deres kontoer til enhver tid. Marginekrav kan være endret basert på kontostørrelse, samtidige åpne posisjoner, handelsstil, markedsforhold, og etter eget valg av FXCM. Metatrader 4.Please Legg merke til at MT4-brukere er underlagt ulike marginalanropsprosedyrer Når en marginalanrop utløses på kontoen, vil individuelle stillinger bli likvidert til den gjenværende egenkapitalen er tilstrekkelig til å støtte eksisterende posisjon s. Ved avgjørelse av hvilke stillinger som vil bli individuelt likvidert, vil den største tapsposisjonen bli lukket først under likvidasjon. SKRIVPRISSEVISNINGER VIST PÅ PLATFORMEN. Det er viktig å skille mellom indikative priser som vises på diagrammer og omsettelige priser som vises på plattformene, for eksempel Handelsstasjon og MetaTrader. 4 Indikative anførselstegn er de som tilbyr en indikasjon på prisene i markedet og hastigheten som de endrer. Disse prisene er hentet fra en rekke bidragsytere som banker og clearingfirmaer, som kanskje eller ikke reflekterer hvor FXCMs likviditetsleverandører lager priser. Indikative priser er vanligvis svært nær å håndtere priser, men de gir bare en indikasjon på hvor markedet er Executable quote s sikre finere utførelse og dermed en redusert transaksjonskostnad Fordi spotforexmarkedet mangler en enkelt sentralveksling hvor alle transaksjoner utføres, kan hver forex-forhandler sitere litt forskjellige priser. Derfor blir alle priser vist av en tredjeparts kartleverandør, som ikke ansetter Markedsførerens prisvekst vil gjenspeile indikative priser og ikke nødvendigvis faktiske salgspriser hvor handler kan utføres. MOBILE TRADING PLATFORMS. There er en rekke inneboende farer ved bruk av mobil trading teknologi som duplisering av ordreanvisninger, ventetid i prisene og andre problemer som er et resultat av mobil tilkobling. Priser som vises på mobilplattformen er bare en indikasjon på kjørbare priser og kan ikke gjenspeile den faktiske utførte prisen på bestillingen. Mobil TS II benytter offentlige kommunikasjonsnettverkskretser for overføring av meldinger FXCM skal ikke holdes ansvarlig for alle forhold som du opplever ce en forsinkelse i prisnotering eller manglende handel med nettverkskretsoverføringsproblemer eller andre problemer utenfor direkte kontroll av FXCM Transmissionsproblemer inkluderer, men er ikke begrenset til styrken til mobilsignalet, mobilitetstiden eller andre problemer som kan oppstå mellom deg og en hvilken som helst Internett-leverandør, telefonleverandør eller en annen tjenesteleverandør. Det anbefales sterkt at kundene kjenner seg til funksjonaliteten til FXCM Mobile Trading Station før du administrerer en live-konto via bærbar enhet. MOBILTABLET APPLICATION. FXCMs Trading Station Web-plattform har blitt modifisert for å kjøre på mobil - og nettbrett-enheter Den mobile plattformen for nettbrett-enheter kalles Trading Station Mobile og har samme handelsfunksjoner som Trading Station Web De samme tilkoblingsrisikoen som er beskrevet ovenfor angående vår Mobile TS II gjelder for bruk med enhver søknad som er tilgjengelig for tablet trading. Dealing Desk Forex Execution Trading Risiko. Høyrisiko Investering. Trading valutakurs på margen gir høy risiko hvor tap kan overstige innskudd og kan ikke være egnet for alle investorer Før du bestemmer deg for å handle disse produktene som tilbys av FXCM Markets, Limited FXCM, bør du nøye vurdere dine mål , økonomisk situasjon, behov og erfaringsnivå FXCM er et fritatt selskap som er registrert hos Bermuda Registrar of Compliance med sin registrerte kontoradresse på Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda FXCM kan gi generell kommentar uten hensyn til din mål, økonomisk situasjon eller behov Generelle råd gitt eller innholdet på dette nettstedet er ikke ment å være personlig rådgivning og bør ikke tolkes som sådan. Muligheten er at du kan opprettholde et tap som overstiger dine innskuddsfonde, og derfor bør du ikke spekulere med kapital som du ikke har råd til å miste. Du bør være oppmerksom på alle risikoene forbundet med handel med ma rgin FXCM anbefaler at du søker råd fra en uavhengig finansiell rådgiver. FXCM MARKEDSAVTALER. Nye meninger, nyheter, undersøkelser, analyser, priser eller annen informasjon på dette nettstedet er gitt som generell markedskommentar og utgjør ikke investeringsrådgivning. FXCM vil ikke akseptere ansvar for tap eller skade, inkludert uten begrensning til eventuelle tap av fortjeneste, som kan oppstå direkte eller indirekte fra bruk av eller avhengighet av slik informasjon. INTERNET TRADING RISKS. Det er risiko forbundet med å utnytte en internettbasert avtale-gjennomføring handelssystem, inkludert, men ikke begrenset til, feil på maskinvare, programvare og internettforbindelse. Siden FXCM ikke kontrollerer signalstyrken, mottak eller ruting via Internett, konfigurasjon av utstyret eller pålitelighet av forbindelsen, kan vi ikke være ansvarlig for kommunikasjonsfeil, forvrengninger eller forsinkelser ved handel via internett FXCM benytter sikkerhetskopieringssystemer og beredskapsplaner for å minimere muligheten ty av systemfeil, som inkluderer at kundene kan handle via telefon. DEALING DESK FOREX EXECUTION. FXCM tilbyr også forex-utførelse via en Dealing Desk-utførelsesmodell. FXCM fungerer som markedsfører og er motparten til alle handler som en klient forplikter seg til i denne modellen , Kan FXCMs kompensasjon ikke være begrenset til vår standardoppdeling og våre interesser kan være i direkte konflikt med deg. FXCM tilbyr to Dealing Desk profiler en høyere innflytelse på 400 1 for kontoer med egenkapital som ikke overstiger 10 000 valutaenheter der kontoen er denominert og en lavere innflytelse på 200 1 for kontoer med egenkapital som overstiger 10 000 valutaenheter, men ikke 20 000 valutaenheter. FXCM står overfor markedsrisiko som følge av å inngå handel med deg. FXCM kan ta skritt for å redusere risikoen som oppstår ved å gjøre markedet mer effektivt av , etter eget skjønn, og når som helst og uten forutgående samtykke, overfører din underliggende konto til vår NDD-utførelse av NDD-utførelse som tilbyr FXCM kan også velge å overføre kontoen din til den lavere innflytelsen på 200 1 dersom egenkapitalen i kontoen din overstiger 10.000 valutaenheter eller til vårt NDD-tilbud, bør egenkapitalen i kontoen din overskride maksimalt 20.000 valutaenheter Konto egenkapital er definert som balansen i din konto pluss flytende PL på dine åpne posisjoner. Valutaparene som er oppført nedenfor, er tilgjengelige på utførelsesbudet for dealingskort. FXCM garanterer ikke at anførselstegn, priser eller spreads alltid vil være bedre i en form for utførelse i forhold til de andre kundene bør vurdere mange faktorer når du bestemmer hvilken utførelsestype som best passer til deres behov, f. eks. interessekonflikt, handelsstil eller strategi etc. FXCM har som mål å gi kundene den beste gjennomføringen tilgjengelig og for å få alle bestillinger fylt ut på forespørsel. Det er imidlertid tidspunkter når , på grunn av økt volatilitet, kan ordrer bli utsatt for glidning. Slippage forekommer oftest under grunnleggende nyhetshendelser eller perioder med høy volat ◆ For eksempel som handel rollover 17:00 EST er en kjent periode hvor likviditetsnivået har en tendens til å være begrenset, da mange likviditetsleverandører avgjør transaksjoner for den dagen. For mer informasjon om hvorfor overgang skjer, se avsnittet om Rollover-kostnader. I perioder som disse , bestillings type, kreves kvantitet og spesifikke bestillingsinstruksjoner kan påvirke den totale gjennomføringen du mottar. Volatiliteten i markedet kan skape forhold hvor bestillinger er vanskelige å utføre. Eksempelvis prisen du mottar i utførelsen av bestillingen din kan være mange pips vekk fra den valgte eller oppgitte prisen på grunn av markedsbevegelse I dette scenariet ser forretningen ut til å utføre til en viss pris, men i et splittet sekund kan markedet for eksempel ha flyttet betydelig vekk fra den prisen. Trader s ordre vil da bli fylt til neste ledige pris for den spesifikke bestillingen. FXCM gir en rekke grunnleggende og avanserte bestillingsformer for å hjelpe klienter til å redusere kjøringen risiko En måte å redusere risikoen forbundet med slippage er å utnytte markedsavviket Maksimal avvik for MT4-brukere på FXCMs plattformer Markedsområde-funksjonen tillater handelsmenn å spesifisere hvor mye potensielt slippe de er villige til å akseptere på en markedsordre ved å definere et område Zero indikerer at det ikke er tillatt å slippe ved å velge null på markedsområdet, forhandleren ber om at bestillingen skal utføres bare til den valgte eller oppgitte prisen, ikke noe annet. Traders kan velge å akseptere et større spekter av tillatt slippage til øke sannsynligheten for at bestillingen er utført I dette scenariet vil bestillingen bli fylt til den best tilgjengelige prisen innenfor det angitte området. For eksempel kan en klient indikere at han er villig til å bli fylt innen 2 pips av sin forespurte ordrepris. Systemet vil da fylle klienten innenfor det akseptable området i dette tilfellet, 2 pips hvis det foreligger tilstrekkelig likviditet Hvis bestillingen ikke kan fylles innenfor det angitte området, t hans ordre vil ikke bli fylt ut Vær oppmerksom på at Markedsområde-ordrer kun angir et negativt område Hvis en mer fortrinnsrente er tilgjengelig på tidspunktet for utførelsen, er ikke handlende begrenset av det angitte området for hvor mye positiv prisforbedring de kan motta. Ved utløp blir stoppordrer en markedsordre tilgjengelig for utførelse til neste tilgjengelige markedspris. Stoppordrer garanterer utførelse, men garanterer ikke en bestemt pris. Når handel med ForeX via FXCMs håndteringsmodell for håndtering av kontorer, er FXCM den endelige motparten til disse transaksjonene. , FXCM gir alle likviditet for alle valutapriser som strekker seg til sine kunder mens de handler som motpart FXCM er i stand til å gjøre automatisk utførelse tilgjengelig ved å begrense den maksimale handelsstørrelsen på alle bestillinger til 2 millioner per handel. I FORBINDELSE. kan oppstå ved hjelp av en håndteringsmodell av ulike årsaker, for eksempel tekniske problemer med forhandlerens internettforbindelse til FXCM eller mangel på ava ilable likviditet for valutaparet som handelsmannen forsøker å handle på grunn av inneboende volatilitet i markedene, er det avgjørende at handelsmenn har en fungerende og pålitelig internettforbindelse. Det er omstendigheter når næringsdrivendes personlige internettforbindelse kanskje ikke opprettholder en konstant forbindelse med FXCM-serverne på grunn av mangel på signalstyrke fra en trådløs eller oppringt tilkobling En forstyrrelse i forbindelsesbanen kan noen ganger forstyrre signalet og deaktivere FXCM Trading Station, og forårsaker forsinkelser i overføringen av data mellom handelsstasjonen og FXCM-serveren 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 aga inst 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 pri ces 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 ar e 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 particularl y 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 substantially 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 proce ss 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 confirming 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 international 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 pai r 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 prevent 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 hed ged 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 a nd 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 periods 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 Vie w, 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 execution 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 de sk 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 use 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 pr eparation 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 may 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 reac hed 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. 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 close d 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 ca ll 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 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 c aused 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 familiarize 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 CFDs on margin carries a high le vel of risk, and may not be suitable for all investors Before deciding to trade these products offered by FXCM Marktes, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience 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 content of this Website must not be construed as personal advice The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose 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 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 behav iors 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 through 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 vo lume, 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 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. 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 indicat es 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 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 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 ha ve 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 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 c onfirming 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. WIDENED SPREADS. CFD s are contracts whose underlying value is derived from the futures contract for the product being traded Differences in settlement are made through cash payments, rather than the delivery of physical goods or securit ies Under the dealing desk execution model, FXCM s trading desk makes prices for the CFD instruments it makes available to its clients For products that trade under the NDD model for execution, you are trading on price feeds that are being provided by multiple liquidity providers, plus FXCM s mark-up Spreads may widen due to news events when there is large amount of volatility in the market During time periods outside of the market hours for the underlying product being traded spreads maybe wider than what you are accustomed. 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 until FXCM s Trading Desk or liquidity provider provides confirmation that the quoted pric es 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 in confirming 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 i nadvertently 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 margin 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 trade r 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 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 th e 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 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, 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. 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 orders. 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 trade rs 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 reference 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 trig gered 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 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 pr oblems 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 familiarize 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 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. Features and Settings. 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 p rice 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, traders 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 tha t 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 the 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 how 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 pla ces 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 deviation 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 onl y 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 Trading 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 Markups. A 0 1 pip mark-up is added to spread for the use of MT4 The 0 1 pip is in addition to the regular mark-up FXCM adds to the spreads it receives from liquidity providers 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 FXCM 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. MetaTrader 4 Live Server. 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 quick ly 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 thes e 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. STP Forex brokers. S traight Through Processing STP forex brokers sent their customers orders directly to the liquidity providers banks or larger brokers without running them through a dealing desk This means that orders are filled without unnecessary delays, and that ideally, with STP execution there are no re-quotes. One of the big advantages of STP execution is that with it, the clients losses are not brokers profits - in fact, STP brokers make money by adding a small commission, or markup to the spread Whether a trader wins or loses, the broker gets the same markup, therefore there is no conflict of interest between the two parties This is a definite advantage to market makers when trading with a market making broker, your losses are the broker s gains STP brokers, on the contrary, benefit more from winning traders who trade more and the broker thus gets more commission markup fees. Some brokers only offer one liquidity provider, others give traders access to a deeper liquidity pool FXCM, for example, offers liquidity from more than 10 banks Obviously, the more liquidity providers there are, the better order executions. Similarly, No Dealing Desk NDD brokers offer traders access to the interbank forex market Again, here there are no delays in filling orders, no re-quotes, and no conflict of interest NDD forex brokers could of fer either STP or ECN execution. More forex brokers types ECN forex brokers and Forex Market Makers. STP Forex brokers. Related News. Roboforex s Cypriot Business Introduces STP Gateway for MT4 Servers. FIBO Group Axes Deposit Requirement for MT4 NDD Accounts. Vantage FX Launches RAW Account with Zero Spreads. SkyFX Now Offers STP Accounts to Forex Traders. X Financial Solutions xRisk Offers Intelligent Protection to FX Brokers. Latest forex brokers. Forex trading carries a high level of risk and may not be suitable for all investors Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it All information on is only published for general information purposes We do not present any guarantees for the accuracy and reliability of this information Any action you take upon the information you find on this website is strictly at your own risk and we will not be liable for any losses and or damages in connection with the use o f our website. All textual content on is copyrighted and protected under intellectual property law You may not reproduce, distribute, publish or broadcast any piece of the website without indicating us as a source does not claim copyright over the imagery used on the website, including brokers logos, stock images and illustrations. 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