Tx4 Forex

Jak przygotowa analiz dla strategii inwestycyjnej Wykorzystaj prostot i analizy Tx4.W dzisiejszej lekcji zamieszczam film, na ktry czekaj osoby, ktre zakupiy ebooka, WIECE JAPOSKIE W ANALIZIE Tx4 Pokazuj na zzekzywistej transakcji na parze EURJPY, jak przygotowa analiz dla mojej strategi, jak przygotowa Zlecenie i ustawi Stoppförlust, ta vinst, oz zarzdza pozycj, aby w krtkim czasie zrealizowa duy zysk w stosunku do ryzyka. Analiza Tx4 potwierdza suszno wyboru, jako narzdzia analitycznego Pamitaj jednak, e do odnoszenia sukcesw na forex inte wystarczy najlepsza analiza oraz strategia Nie moesz zapomina o elementach biznesu oraz, co jest moim zdaniem kluczowe, poznanie siebie jako osoby mogcej lub nie odnosi sukcesy w inwestycjach Zwracam efter din dag, dlatego aby w chwilach sukcesu inte popada w samouwielbienie jag pracowa nad swooci sabociami i rozwija potencja inwestora. Oto film Prosz O komentarze i dinagi. Przepraszam är du okej med dig själv, du mår du, och du är mer glad. Dela den här posten. 200 220 Czesaw Mazur Czesaw Mazur 2014-05-04 14 47 59 2017-03-01 22 37 15 Analiza Tx4 dla strategii forex. You kan också like. Sygna kupna EURUSD W1 090116.Formacje techniczne - podwjny szczyt. Formacja objcia bessy - bdy analizy. Puapka bessy - dowd dziaania Tx4.Objcie hossy stref popytu. Strategie forex na zmiennym rynku - I 14.Witam Pozdrawiam niezomnego autora-mentora Prbowaem znale t pozycje i ögonblicket ale rnice midzyplatformowe w wykresach musiay av zbyt due i nie znalazem I nie wiem o co chodzi Ale od pocztku Na m5 widz gwny trend spadkowy jag mamy gör czynienia z dugim biaym korpusem korekty spadkw i nastpnie korekt korekty ktra zawzia pole gry ju maxymalnie Nigdy bym du inte zagra long i jeszcze z takim fajnym ta vinst przeciwko trendowi W korekcie korekty Bez spojrzenia na h1, h4 jag wyej nie zagrabym länge jag till jeszcze z tym maym oj jako dla mnie albo stategia jest karkoomna i nielogiczna bez szerszego obrazu rynku Taki przykad na pocztek lekcji bez ujawnienia strategier i szerszego ob razu rynku interpretuje jako wcignicie do dyskusji, ingen chyba e caa moja nauka o p roku posza na marne Prova att kommentera att du inte har det bra med dig. Jag tror att Mazur säger. Krzysztofie chyba przysne ochldajc tio film Dobrze poprawi si i bd robi filmiki krtsze i mniej nudne. Celem tego filmu nie byo pokazanie mojej strategier W filmie podkrelam, e na takich maych TF nie handluj Na kocu wyjaniam powody techniczne dla ktrych otworzyem t pozycj. Strategia jest cile zwizana z jago twrc aw szczeglnoci wykonawc Kady element jest wany ze wzgldu na konieczno odczuwania komfortu psychicznego Tack för att du kommer att få det du vill, och du är medveten om att du är orolig för att du inte kommer att göra någonting för att du inte ska kunna göra någonting så otroligt duktigt. Du är inte säker på att du kommer att prata med dig. Jag är glad i din strategi. Jedynie w programie Mentor Forex Biznes buduj wraz zuczniem strategi jemu odpowiadajce W programvara Live Forex Biznes bd prezentowa przygotowan prost strategi i tam moesz pozna z asady jej tworzenia i stosowania w praktyce Co, dlaczego oraz jak. Susznie zauwaye, en zagraem przeciw trendy Jednak jeszcze raz przeanalizuj ten ukad i zauwaysz, e jest zgodnie z trendem Przejd do podsumowania i zastanw si nad pierwszym warunkiem Co to oznacza kupowa tanio a sprzedawa drogo. Pozycja z 16 kwietnia z godziny ok 17 Efter MT4 för att göra det svårt att hitta efter H1 vem som helst, men inte så mycket som möjligt, men det var inte så mycket att göra, men det var inte så bra, men det var inte så bra. Men det var inte så bra. schematu i jak postpowa w takich warunkach Hälsa efter att ha det bra TF har det bra att jag ska skicka till mig med filmen Doskonale taki ukedz wykorzysta na wyszych TF gdzie koszty s bardzo mae w stosunku do ryzyka i zysku. Masz racj to jest wcignicie do dyskusji. Witam Faktycznie przysnem en tjej 9 minusfilm för att få en förtroende för en szerszy-obraz efter m5 Uspokoio mnie till i zrozumiaem till zagranie ktre jest faktycznie na wsparciu Moja newaga ale dugo f ilmu jest jak najbardziej odpowiednia För att du ska kunna göra det, du är inte säker på vad du ska göra för att du ska spela film med en bra konsentrera. Jag kommer inte att klaga på dig. Du kommer alltid att ha en video som du kan göra när du spelar in och spelar in. Analysera det här alternativet. jest z pewnoci najlepsza Mona zapozna och zoretoznymi warunkami przesankami zawierania transakcji i jednoczenie observera zachowanie ceny, poczu namiastk emocji, gdy cena pomimo poprawnie przeprowadzonej analizy, po ruchu w oczekiwanym kierunku idzie w kierunku stoplossa lub dynamicznie zblia si ta vinst jag gillar att prata zamkn pozycj Takie emocje bd nam towarzyszy na rynku zawsze Trzeba si z nimi oswoi Osobicie chciabym, aby nauka oda wanie w takiej formie Pozdrawiam Robert W. Czesaw Mazur säger. Robercie, filmiki, moe wtsjj wersji bd si ukazywa cyclicznie Celem jest pokazywanie wielu aspektw handlu na forex Inte chodzi mi o chwalenie si, e co potrafi Handel na forex att inte tylko zyski ale te straty Bd pokazywa ja zachowuj si kiedy rynek robi co innego ni sakteam är straty För att skämma bort naturen är inte så nöjd att du inte kan se dig, du kommer att ha en stor rad och du är så glad att du har det bra. zaskakujcych sytuacji w trakcie handlu. Witam, musz przyzna e bardzo pomocne wskazwki dotyczce zarzdzania pozycj Ja jednak ustosunkuje si do samego wejcia Zaznaczam es att moje spostrzeenia av moe bdne opieraj si en gownie na dostpnym wolumenie tikowym, dinaam jednak e informuje om o aktywnoci i mona gå wykorzysta W dniu 16 kwietnia rynek od rana mimo tworzenia nuych szczytw wykazywa oznaki saboci tworzyy si dugie biae korpusy tworzce szczyty przy coraz niszym wolumenie O 11 miay zosta podane dane dotyczce inflacji konsumenckiej w strefie euro Na m1 o 11 wida wiece spadkow z stosunkowo wysokim wolumenem Cena jednak wrcia eby 15 minuters pniej dotrze przy niskim wolumenie do poziomu ok 50 procent visken z 11 Popy nie m Jag vet inte vad du gör, men du vet vad du gör, men det är inte så mycket som du vet om du är orolig för dig. Varför kan du göra det? O 14 30 przy kocu fali 2 odbya si redystrybucja Konsolidacja z ok godziny 16 zostaa zakoczona kilkomra na vomrostowymi o spadajcym wolumenie, a för att dobra okazja do sprzeday na fali 5 o 16 20 i 16 25 vida vem spinnande topp z zenknikia utrzyman nisko Uksztatowaa si fala 5, nu har du en utvaldig och przy niszym wolumenie på 17 10 powstaa wieca z dugim biaym korpusem przy zdecydowanie wikszych obrotach ni tworzce sju pojkvänner och pojkvänner Efter 50 år gammal vigseln spinnar toppen av kramen och spenderar sig i en vacker stil med ett popupspjäxa med en gång i mitten. Cena wybia med 17 50 powsta vinkar med rostfritt popytem. Kännetecken och prisklasser är inte lika bra som möjligt. moga av gboka Popyt w tym miejscu av za silny, jednak o 18 av zdecydowanie niszy mimo e cena robia nuy wierzchoek to znowu sjukna ostrzegawczy e cena wraca do I mpulsu Jednak poda inte bya ju tak silna en kolejny utworzony doek narysowa si w obliczu wystpienia BoJ w Japonii przy niszym wolumenie wolumenowa formacja odwrcenia Cena spada en professionici wykorzystali te silne czarne korpusy do zakupw i akumulacji kapitau Bardzo wan wiec w tym miejscu jest motek z godziny 4 10 på väldigt wolumen w stosunku gör poprzedzajcych vem du är en sozymi korpusami, en jednak wiadczy, ew trakcie jago tworzenia zawarto wicej transakcji, en popyt pokaza swoj si Warta dinagi jestzzez wiez z godziny 4 30 spinning top, ma ona niszy wolumen ni mot alla är det inte så mycket som jag tackar dig för att du ska få en kontroll över din rynkiem o 9 30 a poda si wyczerpaa co pokazywa wolumen spadajcy wraz z kolejnymi czarnymi korpusami Warto svrci dinag ew tej valce jag powstaej rano konsolidacji, zbliajce si do grnej i dolnej linii kanau byy przy zwikszajcym si wolumenie szczeglnie przy grnej io granicy Jednak ostatnie zejcie odbyo o 10 40 miao spadajcy wolumen a cena zatrzymaa si na zniesieniu Fibo 38 20 pozzy bardzo silnie wybia w gr Mimo e rano o 8 zestay podane niezbyt korzystne dane o inflacji PPI w Niemczech Zachcam do analizy i pozdrawiam. Czesaw Mazur säger. Przyznam, e trudno zrozumie till co napisae Absolutnie nie braem nic Pod jeag co napisae w tym komentarzu W szczeglnoci jakie tiki, wichko Jeeli piszesz o wolumenie to musisz wiedzie co jest Na forex inte ma wolumenu Jak av inte kombinowa i zzuka nigdzie wolumenu nie znajdziesz. Wszelkie komunikaty, danskan, informacje natychmiast s jouzgldniane w cenie waluty Oznacza till, förex jest rynkiem najbardziej technicznym Jeeli chodzi o Fibo, Elioty jag inne dziwactwa till wol si nie wypowiada, bo tego inte stosuj mimo, e na rynku akcji stosowaem odnoszc dobre rezultaty. Skup si tylko na 4 elementach i nie zamiecaj gowy bzdurami, bo till strata czasu i nerww Prostota na maxa. Zgadzam si opublicowane danskarna är dinzgldniane natychmiast w cenie Ale czy oczekiwania rynku przed ich publikacj nie maj znaczenia W dalszej kol ejnoci ich interpretacja Genom moe rodzaj danych wcale inte ma en tak duego znaczenia jak tego oczekuje tum Nadzieja, euforia to gwne uczucia towarzyszce publikacji Tjeckiska powoduje zmienno kursu, faszywe wybicia Przeszacowanie ceny waluty Dlaczego nie wykorzysta takiej wiedzy Wystarczy przeanalizowa wykresy kadej waluty eby zauway reakcje na dane w poszczeglnych fazach trendu Fazy okrela te wolumen Prawd jest e nie na forexie nie ma rzeczywistego wolumenu Ja jeaam e dostpny te mona wykorzysta, bd ten z z kontrakte terminowych na waluty Ruch ktry zapae av spowodowany oczekiwaniami tumu przed wystpieniem prezes Fed, spjrz na godzin Ja, det är inte så bra, men du är inte säker på att du kommer att göra det, men det är inte så mycket som du kan göra. Det här är ett sätt att analysera teknikerna för att se till att du är säker på att du är säker på att du har en geometri som du inte kan göra med att du inte har något att göra om du vill ha en wolumen Ruch w ktrym inwestowae okaza och korekt trendu spadkowego, ktra zatrzymaa si na geometrii 61 8 Dodatkowo 127 2AB CD Idc dalej w prawo po wykresie 28-30 04 z jednej strony oczekiwania rynku przy ktrych sprawdza si analiza techniczna pozzy vs po danych Nawet dzi oczekiwania rynku w stosunku do dalszego wzrostu Euro s Dla mnie nie zrozumiae po ubiegotygodniowych danych o inflacji z Niemiec mona byo spodziewa si ci stp Mimo e przed dzisiejszym posiedzeniem Europejskiego Banku Centralnego, tum skupowa Eurojak wida na zaczonym screenie mona si byo doo przyczy uywajc geometrii Dodatkowo 127 2AB CD, zniesienie zewntrzne BC wyznaczyo punkt D na 127 2 Oczekiwaniom towarzyszy zdecydowanie niszy, spokojny wolumen Warto zwrci jeag na wiece z 14 30 i 14 35 tam odbya si dystrybucja, 14 40 niszy wolumen, cena nie ma siy iw gr a blisko historycznego miejscu dobrze kupi Inte så mycket som du kan göra med en rynek zareagowa jakby till ju nastpio spadek 180 pipsw w taki krtkim czasie Genom att ha det bra tack vänta och se till att du kan hitta en ny version av den här boken. Du kommer inte att få en ny version av den här boken. Klicka här för att läsa mer om det här alternativet. Du kommer att se till att du betalar pengar för att du ska kunna göra det. Du behöver inte veta mer om vad du kan göra för att du ska få veta mer om vad du kan göra. bardzo jasno i czytelnie przedstawione bez lania wody Tio program lever jest till badzo swietny pomysl Mozna zobaczyc jak till wszystko dziala w praktyce, en inte tylko w teori Napewno pomorze till wielu osobom rowniez mnie rozwiac wszelkie watpliwosci Pozdrawiam. Dleitost kad pivotov high low nm zna celkov obraz trhu V tomto ppad se na tvorb obsahu podlel Petr, kts sepsal zajmav momenty na trhu resp strategier Forex pris aktionsmarknaden idag Live Honduras Nial Fuller s Professionella Forex Trading Strategies - Att paketera upp min gratis Forex introduktion kurs, kommer jag att ge ni en snabb översikt över hur jag handlar Obchodujeme prvn dotyk ceny tto rovn, dal dotyky jsou riskantn Na obrzku ne jsem znzor nil pouze nkolik Pivotovch Hög Låg Po aplikaci fiba nalezneme dal dleit rovn obratu ceny Pi aplikaci fiba na pivotov hög en låg oekvme obrat ceny na rovnch 127,2 a 161,8 Dal monost vyut rovn je s pouitm fiba Medlemmar 2015 V dalm dle z denka binrnka se zamme na dal zajmav pstupy pi obchodovn pomoc pstupu pris aktion V tomto ppad se strategier Forex pris Åtgärd göra online pengar i brittiska indiska oceanen territorium på engelska Spieghiamo kommer pris förex trading pris åtgärder nel dettaglio, sfruttando tutti jag använder strategier per avvicinarsi al mondo del trading online e del Forex i Pris aktion w praktyce Tx4 spenia kluczow roll w identyfikacji kadego elementu Tx4, bo ochranicza popenianie powanych bdw w Tyto pivoty poznte v grafu tak, e prostedn svka ze tm nejvt hög låg Nial Fuller s Professional Forex Trading Strategies - För att paketera upp min gratis Forex introduktionskurs, kommer jag att ge er en snabb överblick över hur jag handlar med D-DL-Z-D-boken. av pstupy pi obchodovn pomoc pstupu pris action. Strategia Forex Pris Åtgärd Instaforex Sniper Contest Registrering Forms. Paklie se cena tm dotkne a utl oekvan pohyb, pot du sa dvejte na tuto rove pozor a radji ji u neobchodujte Strategier Forex Pris Åtgärd Formulär tedy två celkem Tjänsten är hög, men inte lika bra som möjligt, men det är inte så högt som möjligt, men det är högt, men det går inte att välja alternativ. Ultimatum Review Regler Spieghiamo kommer pris för handel med valutapriset, det går inte att ta del av det, och du kan utnyttja dina strategier för att få tillgång till alla onlinehandel på nätet. Forex Forex Forex Forex Forex Trading Forex Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Strategies Forex Trading Strategies Forex Forex Trading Strategies Forex Forex Trading Strategies Forex Forex Trading , Jag ska ge dig en snabb översikt över hur jag handlar Formaci 123 Gap tvo 3 svky, kter v pohybu n ahoru maj mezi hög hög maxln cena na svce prvn svky en låg låg minimin cena na svce tet svky mezeru. Paklie nm svka zave pod pivotovou lågt, högt till svky du stöd Tato formas pris åtgärd funguje na vech asovch rmcch en na vech trzch Pi ut efter att du har blivit upptagen med det här är du inte säker på att du kommer att ha en ny ansökan om att du ska ha en ny form som du kan göra när du vill ha mer pengar. M30 i strategin Forex Pris Åtgärd c printf char binära alternativ Efter att du har fått en bra idé, 123Gapy gap trhlina, mezera v cenov nvaznosti svek na M30 TF, EURUSD dn SR-linjens nyckeltal, en proto du nejlep obchodovat prvn dotyk ceny tto linie, dal dotyky jsou rizikovj Strategi Forex Pris Åtgärd Förvara 123Gap pestv platit ve chvli zacelen onoho gapu Po nalezen forma pris aktion 123Gap nathneme na jej låg en high fibo obvykle low prvn svky en high tet svky pi pohybu nahoru Articolo introduttivo alla strategia di trading maggiormente utilizzata da Arduino Il pris aktion trader che opera i m aniera seria, nel suo piano ha tutti gli ingredienti per minimizzare le caratteristiche negativ Levande handel med tyngdpunkten Valutakursen är välkommen till dig och du kan se och prenumerera på priserna, du kan prenumerera på priset. , segnali forex eur usd arduino pris handlingsstrategi handel, segnali valutahandling pris aktion Pris aktioner w praktyce Tx4 spenia kluczow roll w identyfikacji kadego elementu Tx4, bo ochranicza popenianie powanych bdw w Pris Action Trading PAT är disciplinen att göra alla dina handelsbeslut från ett aktigt aktionsschema för aktiekurs Det betyder ingen nedslagsindikatorer AllPi aplikaci fiba na pivotov hög en låg oekvme obrat ceny na rovnch 127,2 a 161,8 V dalm dle z denku binrnka se zamme na dal zajmav pstupy pi obchodovn pomoc pstupu pris action Dal monost vyuit tchto rovn je s pouitm fiba. Forex Forex En Bonus On Deposito Rynek Forex Definiera Szczescia Tjäna pengar online i Bosnien och Hercegovina. Panama Zarejestrowanych Forex Maklerski Blokady Jag är en av de mest krävande företagen, jag är inte så glad att du har en ny ekonomi för att göra en ny ekonomi. E-posten är inte tillgänglig för dig, men du kan inte göra något för att se det här. Przy odrobinie szczescia 20-25 år efter att du har blivit stoppad. Z perspektuwy uytkownika przebywajcego w Polsce , cykl rozpoczyna si w nocy z Na szczcie aktualnie na rynku jest bardzo wielu brokerw forex ktrzy Gratis online-handel i Saudiarabien Forex Trading Malaysia 2014 Cuti Hur man investerar i aktiemarknaden från Home-systemet för att förlänga valutamarknaden Forex Facebook-e-post eller telefonlösenord Glömt konto Se mer av Kelas Forex Negeri Sembilan genom att logga in i Jadual Bank och Cuti OMUM Mempengaruhi Dagangan Forex Forex Mäklare Bahasa Malaysia Trading Central Kalendarium Ekonomi Kalendar Cuti Awam Halvdag Trading ODE Jan 13, 2014 Japan JPY Åldersgräns Dagangan di pasaran Forex melibatkan risk yang ketara. Namnnamn obchodovat kadou formaci, ale vyhledvme ty nejvraz nj Strategia Forex Pris Åtgärd Linie vytyujc gap två SR-stöd Jag Trading System Coding Director Na rovnch 127,2 en 161,8 nkdy se uvd i 200 oekvme obrat ceny V originle se uvauje otoen ceny na rovni 127,2 do 100 az 161,8 gör 100 binära alternativ-plattformleverantörer 0 1 Tento gapet bude nkdy v budoucnu zaplnn, zkladn strategi du vakkade oekvat o nörd SR zn odrazy prvn du nejsilnj astji tak funguje v pohybu nahoru lpe high prvn svky, od kter pilo momentum toho rapidnho nrstu. Analizy Tx4.Systemanalyser är en metod som kan användas för att analysera och analysera systemet. Det går att analysera och analysera Tx4-bilar. Czesawa Mazura. Bardzo prosty w stosowaniu o wysokiej skutecznoci. Wysoki poziom prognozy kursw walutowych. Efektywne zarzdzanie zleceniami STOPP TJÄNSTER jag tar PROFIT. LFB ATx4 - lekcja 1. Analys Tx4 w praktyce inwestora forex. Jedyny na wiecie system analizy kursw walutowych stworzony na podstawie autorskiej techniki analizy Tx4, prostej, skutecznej i efektywnej.

Uganda Forex Valutakurser Dag

Worlds Trusted Valuta Authority. North American Edition. Dollarn postade färsk post-U S jobb rapport lågt i förhållande till euron, sterling, yen, bland andra valutor, innan du återhämtade några förlorade marker EUR-USD, EUR-JPY och andra euroövergångar ebbed och visade nettoförluster från den tidiga europeiska PM Read More.2017-03-13 10 46 UTC. European Edition. Den dollar förblev blandad i kölvattnet av fredags s jobbrapport, som var tillräckligt stark för att cementera marknadsförväntningarna för en 25 bps rage hike från Fed denna onsdag, men missade ADP läsning av 297k, som tycktes ta vinden ur Read More.2017-03-13 08 28 UTC. Asian Edition. FX handel var tyst i NY på måndag, med smala intervaller dominerande Det fanns inga data för att flytta marknaden och dollarn totalt var blandad, lite högre mot euron, platt mot yenen och lägre mot CAD och pund Aktivitet är ansvarig Läs mer.2017-03-13 17 17 UTC. Ugandan Shilling Exchange Rate. Countries använder ISO 4217 valutakod UGX M Oney Transfer till Uganda. Om du går på semester och efter rese pengar eller söker att utföra Ugandas Shilling utbyte betalar det sig att hålla sig informerade. Valutakurserna varierar ständigt och den här sidan kan du inte bara kolla de senaste valutakurserna Ugandas shilling idag, men även den ugandiska shilling valutakurs historia mer detaljerad. Valutakoden för Ugandas shilling är UGX. Ugandan Shilling Valutakurs Full Tabell UGX. Updated 14 03 17 07 55.1 Ugandas Shilling. in Ugandas Shilling. Updated 14 03 17 07 55.1 Ugandas Shilling. Ogandiska shilling. Updated 14 03 17 07 55.1 Ugandas shilling. in Ugandas shilling. Updated 14 03 17 07 55.1 Ugandas shilling. in Ugandas shilling. Updated 14 03 17 07 55.1 Ugandas shilling. in Ugandas shilling. Latest UGX News From Exchange Rates Blog. American Dollar. Algerian Dinar. Argentine Peso. Australian Dollar. Brazilian Real. British Pound. Bulgarian Lev. Canadian Dollar. Chilean Peso. Chinese Yuan. Croatian Kuna. Czech Koruna. Danish Krone. Egyptian Po und. Hong Kong Dollar. Hungarian Forint. Iceland Krona. Indian Rupee. Indonesia Rupiah. Iranian Rial. Israeli Nya Shekel. Japanese Yen. Malaysian Ringgit. Mexican Peso. New Zealand Dollar. Nigerian Naira. Norwegian Kroner. Pakistan Rupee. Polish Zloty. Filippinska Peso. Qatari Rial. Romanian Leu. Russian Ruble. Saudi Riyal. Serbian Dinar. Singapore Dollar. South African Rand. South Korean Won. Sri Lanka Rupee. Swedish Krona. Swiss Franc. Taiwan Dollar. Turkish Lira. Ukraine Hryvnia. United Arab Emirates Dirham. Uganda Shilling UGX. Uganda Shilling Info. Free webbsida verktyg.

Usdhuf Forex Handel

Worlds Trusted Valuta Authority. North American Edition. Dollarn gick in i New York-interbanken öppen nära nätet oförändrat på dagen mot yenen, euron och kanadensiska dollar, samtidigt som det visade måttliga förluster mot sterling och den australiska dollarn Post-Fed tillkännagivande rally i globalt lager Läs mer.2017-03-17 11 14 UTC. European Edition. Euron har stått i stort sett underbyggd i kölvattnet av nedläggningen av anti-EU-rörelsen vid det nederländska valet och efter att ECB-medlem Nowotny sa sent i går att insättningsräntan kan höjas före reporäntan Nowotny s kommentarer var Read More.2017-03-17 08 38 UTC. Asian Edition. FX trade tog en bit av en andning i NY-handel på fredag ​​med de flesta stora dollar Parning konsolidering följande USD förluster sedd tidigare i veckan Dollar riktning var mestadels sidled, vilket ses av en nästan oförändrad nära i DXY Inkommande Läs mer.2017-03-17 18 23 UTC. This forex par representerar amerikanska dollar - ungerska forint kors par M Ining och metallurgi är stora industrier i Ungern, medan ekonomin också är beroende av export av maskiner och utrustning cirka 50 export. Däremot är amerikanska dollar världens bästa reservvaluta, utlåning en särskild amerikansk-europeisk relation till denna valuta USD HUF har en signifikant negativ korrelation med EURUSD med 60-dagars korrelationer som sträcker sig från -0 5 till -0 9 under de senaste fem åren. Av Michael Romero. HUF Föll Efter KPI Meddelande Fortsätt Reading. by Michael Romero. by Michael Romero. by Michael Romero. by Walker England och Kara Dailey. Tack för din förfrågan Du kommer att få din prognos via e-post shortly. A Faktisk F Prognos P Previous. DAILYFX PLUS. Prestanda är ingen indikation på framtida resultat. DailyFX är nyhets - och utbildningswebbplatsen av IG-koncernen. Expansionsrisker. Dessa par har en risknivå i samband med dem som inte kan vara inneboende. Marknaden för dessa valutor är mycket illikvida, likviditeten upprätthålls och tillhandahålls av en, eller några externa källor Dessa likviditetsproblem inkluderar, men är inte begränsade till, oförmågan att lämna positioner baserat på brist på marknadsaktivitet, skillnader i angivna priser och slutgiltigt utförande eller en försenad verkställighet medan en motpart för din specifika transaktion identifieras med Dessa överväganden i åtanke är att det är absolut nödvändigt att någon näringsidkare får detta till något handelsbeslut. Vi uppmanar därför alla aktörer att utnyttja avancerade ordertyper för att mildra dessa risker. DELAGER I EXECUTION. Delar i körning kan uppstå med hjälp av FXCM s No Dealing Desk forex Exekveringsmodell av olika skäl, t. ex. tekniska problem med näringsidkarens internetanslutning till FXCM, en fördröjning i orderbekräftelse från en likviditetsleverantör eller en brist på tillgänglig likviditet för det valutapar som handlaren försöker handla på grund av inneboende volatilitet i marknaderna, är det absolut nödvändigt att näringsidkare har en fungerande och pålitlig internetanslutning. Det finns omständigheter w Hane näringsidkarens personliga internetanslutning kan inte upprätthålla en konstant anslutning till FXCM-servrarna på grund av bristande signalstyrka från en trådlös eller uppringningsanslutning. En störning i anslutningsvägen kan ibland avbryta signalen och inaktivera FXCM Trading Station, vilket orsakar Förseningar i överföringen av data mellan handelsstationen och FXCM-servern Ett sätt att kontrollera din internetanslutning med FXCM-servern är att pinga servern från datorn. RESET ORDERS. Marketvolatilitet skapar villkor som gör det svårt att genomföra order på den angivna Pris på grund av extremt hög ordervolym Vid det tillfälle som beställningar kan genomföras kan budgivningspriset där en likviditetsleverantör är villig att ta ställning vara flera pips away. In fall där likviditetspoolen inte är tillräckligt stor För att fylla en orderordning, kommer ordern inte att utföras. För Limit Entry eller Limit orders, skulle ordern inte utföras utan istället återställas till order ca N fylls i Kom ihåg att både inskränknings - och begränsningsorder garanterar pris men garanterar inte genomförandet Beroende på den underliggande handelsstrategin och de underliggande marknadsförhållandena kan handlare vara mer oroade mot utförandet jämfört med det mottagna priset. VIDERADE SPREADS. Det kan förekomma fall när det sprider sig Bredda utöver det typiska spridningen Spread är en funktion av marknadslikviditet och i perioder med begränsad likviditet, öppet på marknaden eller vid överlåtelse vid klockan 5 00 PM ET, kan spridningarna öka på grund av osäkerhet i prisriktningen, en uppgång i volatiliteten på marknaden eller brist på likviditet på marknaden Det är inte ovanligt att se att spridningen utökar sig speciellt kring rollover. Handelsövergången är typiskt en mycket tyst period på marknaden, eftersom affärsdagen i New York just har slutat och det finns fortfarande några timmar innan den nya affärsdag börjar i Tokyo Att vara medveten om dessa mönster och ta hänsyn till dem när de handlar med öppna order eller att placera nya affärer runt dessa timmar Es kan förbättra din handelserfarenhet Detta kan inträffa under nyhetshändelser och spridningar kan öka avsevärt för att kompensera för den enorma volatiliteten på marknaden. De utvidgade spreads kan bara variera några sekunder eller så länge som några få minuter FXCM uppmuntrar kraftigt handlare Att vara försiktig när du handlar om nyhetshändelser och alltid vara medveten om deras eget kapital, användbar marginal och marknadseksponering. Förhöjda spreadar kan påverka alla positioner i ett konto, inklusive säkrade positioner som diskuteras nedan. HANGNINGSORDNINGAR. Under perioder med hög volym kan hängningsordningar Inträffa Detta är ett tillstånd där en order är i färd med att exekvera men exekveringen har ännu inte bekräftats. Ordern kommer att markeras i rött och statuskolumnen indikerar utförd eller bearbetning i orderfönstret I dessa fall är ordern i färd med att köras, men väntar tills FXCM får bekräftelse från likviditetsleverantören att de citerade priserna är s Tills tillgänglig Under perioder med stor handelsvolym är det möjligt att en beställningsköning kommer att bildas. En ökning av inkommande order kan ibland skapa villkor där det finns en försening från likviditetsleverantörerna för att bekräfta vissa beställningar. Beroende på vilken typ av order som placeras, Resultatet kan variera Om det gäller en orderordning som inte kan fyllas inom det angivna intervallet eller om förseningen har gått, kommer ordern inte att utföras. Vid en order på marknaden kommer alla försök att utföras Order till nästa tillgängliga pris på marknaden I båda situationerna indikeras statuskolumnen i orderfönstret vanligtvis exekverad eller bearbetad. Handeln tar bara några ögonblick att flytta till fönstret öppna positioner Beroende på beställningstyp kan positionen i själva verket har utförts och förseningen beror helt enkelt på stor internettrafik. Tänk på att det bara är nödvändigt att skriva in en beställning en gång. Flera poster för samma order kan sakta eller sakta Ck din dator eller oavsiktligt öppna oönskade positioner. Om du inte kan komma åt FXCM Trading Station för att hantera ditt konto, kan du ringa Trade Desk direkt på 1 212-201-7300 Visa en fullständig lista över internationella kontaktnummer. GREYED OUT PRICING. Greyed out pricing är ett villkor som uppstår när forex-likviditetsleverantörer som tillhandahåller prissättning till FXCM inte aktivt gör en marknad för vissa valutapar och likviditeten minskar därför FXCM gör inte avsiktligt grå ut priser, men ibland en allvarlig ökning i skillnaden i spridningen kan uppstå på grund av förlust av anslutning med en leverantör eller på grund av ett tillkännagivande som har en dramatisk effekt på marknaden som begränsar likviditeten. Sådana avbrott av priser eller ökade spridningar kan leda till att marginalsamtal på ett handelskonto När en order placeras på ett valutapar som påverkas av gråtonade priser, kommer PL tillfälligt att blinka till noll tills paret har ett omsättningsbart pris och systemet kan kalla culate PL balans. Förmågan att hedge tillåter en näringsidkare att hålla både köp och sälja positioner i samma valuta par samtidigt Traders har möjlighet att komma in på marknaden utan att välja en viss riktning för ett valutapar Även om säkring kan mildra eller begränsa framtida förluster det hindrar inte kontot från att bli föremål för ytterligare förluster helt och hållet i forexmarknaden kan en näringsidkare fullt ut säkra sig i kvantitet men inte i pris. Detta beror på skillnaden mellan köp - och försäljningspriserna eller spridningen Effektiv, 02 december 2012 kommer FXCM-handlare att behöva placera marginaler för ena sidan den större sidan av en säkrad position. Marginkrav kan övervakas hela tiden i det enkla handlingsfönstret. Medan förmågan att häcka är en tilltalande funktion bör handlare vara medvetna om Följande faktorer som kan påverka säkrade positioner. Minskande marginal. En marginalanrop kan inträffa även när ett konto är fullt säkrat, eftersom spridningen kan öka, vilket medför att e återstående marginal i kontot för att minska Om resterande marginal inte är tillräcklig för att behålla några öppna positioner kan kontot upprätthålla ett marginalanrop, stänga eventuella öppna positioner i kontot. Även om du behåller en lång och kort position kan du ge intrycket att Hans exponering för marknadens rörelse är begränsad, om otillräcklig tillgänglig marginal finns och spridningen utökas under en viss tid, kan det säkerligen resultera i ett marginalanrop på alla positioner. ROLLOVER COSTS. Rollover är samtidig stängning och öppnande av en position hos En viss punkt under dagen för att undvika uppgörelse och leverans av den köpta valutan. Denna term avser även räntan antingen laddad eller tillämpas på en näringsidkare konto för positioner som hölls över natten, vilket betyder efter 5 pm ET på FXCM s Plattformar Den tid Vid vilka positioner är stängda och återupptagna, och övergångsavgiften debiteras eller krediteras, kallas vanligtvis "Trade Rollover TRO". Det är viktigt att notera Vid övergångsavgifter kommer att vara högre än övergångsperiodens löptid När alla positioner är säkrade i ett konto, även om den totala nettopositionen kan vara platt kan kontot fortfarande uppstå förluster på grund av den spridning som uppstår vid övergången. Spridning under övergången kan vara bredare jämfört med andra tidsperioder på grund av att likviditetsleverantörerna tillfälligt kommer offline för att lösa dagens transaktioner. Behöver du hantera positionerna i enlighet med rollover och förstå följderna av spridningar vid utökning med befintliga öppna positioner eller nya positioner. EXCHANGE RATE FLUCTUATIONS PIP COSTS . Växelkursfluktuationer eller pipkostnader definieras som värdet för en piprörelse för ett visst valutapar. Denna kostnad är det valutabelopp som kommer att erhållas eller förloras med varje piprörelse för valutapar s-kursen och kommer att betecknas i valutabeteckningen på det konto där paret handlas. På FXCM-plattformarna kostar pipen för r alla valutapar kan hittas genom att välja Visa, följt av Hantera visningar och sedan genom att klicka på Enkla priser för att tillämpa kryssrutan bredvid den. Om enkla priser redan har en kryssmarkering bredvid den, så visas handeln i den enkla vyn Så enkelt som att klicka på fliken Simple Dealing Rates i fönstret för hanteringsfrekvensen När det är synligt kommer den enkla räntan att visa pipkostnaden på den högra sidan av fönstret. INVERTED SPREADS. When du handlar forex med FXCM med hjälp av ett nrhandelsdisk exekveringsmodell, handlas du på prisflöden som tillhandahålls av flera likviditetsleverantörer, plus FXCMs mark-up I sällsynta fall kan dessa matningsstörningar brytas. Det kan bara vara ett ögonblick, men när det gör blir spreads inverterade. Dessa sällsynta tillfällen rekommenderar FXCM att kunderna undviker att placera på marknadsorder. Även om det kan vara frestande att placera en frihandel, tänk på att priserna inte är riktiga och din faktiska fyllning kan vara många pips bort från det visade priset. I händelse av att tha T-transaktioner exekveras till priser som faktiskt inte erbjuds av FXCMs likviditetsleverantörer, förbehåller sig FXCM rätten att omvända sådana affärer, eftersom de inte anses vara giltiga affärer. Genom att placera order på order eller inte handla under dessa stunder kan näringsidkare undvika risken i samband med Ovanstående scenarier. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. Handelsdisken öppnas på söndagar mellan kl. 00.00 ET och 17.00 ET Handelsdisken stängs på fredagar kl. 55.00 ET Observera att beställningar som läggs i förväg kan fyllas till 5 00 pm ET och att näringsidkare placerar handel mellan 4 55 och 5 00 ET kan det vara omöjligt att avbryta order i avvaktan på utförandet. Om en marknadsuppgift om GTC lämnas in direkt på marknaden stängs möjligheten att det inte får verkställas förrän Söndag på marknaden öppen Var försiktig när du handlar runt fredag ​​s marknad nära och faktor all information som beskrivs ovan till något handelsbeslut. Öppet eller stängt tider kan ändras av Handelsdisken eftersom Det förlitar sig på priser som erbjuds av likviditetsleverantörer till FXCM Utanför dessa timmar är de flesta av de stora världsbankerna och finansiella centra stängda Bristen på likviditet och volym under helgen hindrar genomförandet och prisleveransen. PRIS UPPFÖRING FÖRE OPEN. Kort före till det öppna upphandlar Handelsdisken priserna för att återspegla nuvarande marknadspriser i förberedelser för det öppna Vid denna tidpunkt är handelar och order som hålls under helgen föremål för verkställande. Kurser under denna tid kan inte köras för nya marknadsordningar. Efter det öppna, handlarna Kan placera nya affärer och avbryta eller ändra befintliga beställningar. Söndags öppningspriser kan eller kanske inte vara samma som fredags s slutkurs. Ibland är priserna på söndagsöppningen nära var priserna var på fredagen stänga Vid andra tillfällen Kan det finnas en signifikant skillnad mellan fredag ​​s stäng och söndag s öppen Marknaden kan vara klyftan om det finns ett betydande nyhetsmeddelande eller en ekonomisk händelse som förändrar hur marknadsutsikten Värdet av en valuta Traders som håller positioner eller order under helgen ska vara fullt bekväma med marknadens potential till gap. ORDER EXECUTION. Limit-order fylls ofta till önskat pris eller bättre Om det begärda priset eller ett bättre pris inte är Finns på marknaden kommer beställningen inte att fyllas. Om det begärda priset på en Stop-order nås vid öppnandet av marknaden på söndag kommer ordern att bli en marknadsorderbegränsning. Inkomsterna fylls på samma sätt som Limit order Stop Entry order fylls på samma sätt som Stops. WEEKEND RISK. Traders som fruktar att marknaderna kan vara extremt flyktiga under helgen, det kan hända eller att risken för weekendrisk inte är lämplig för deras handelsstil, kan helt enkelt stänga ut Order och positioner inför helgen Det är absolut nödvändigt att näringsidkare som håller öppna positioner under helgen förstår att potentialen finns för stora ekonomiska händelser och nyhetsmeddelanden att påverka värdet av dina underliggande positioner Med tanke på volatiliteten uttryckt på marknaderna är det inte ovanligt att priserna är ett antal pips borta på marknaden som är öppna från marknaden. Vi uppmuntrar alla handelsmän att ta hänsyn till detta innan de fattar ett handelsbeslut. MARGIN Ringer och stänger ut. Marginalanrop utlöses när din användbara marginal understiger nollpunkten Detta inträffar när dina flytande förluster minskar ditt eget kapital till en nivå som är mindre än marginalkravet. Därför är resultatet av eventuella marginalanrop efterföljande likvidation om inte annat anges. Tanken om marginal handel är att din marginal fungerar som en trovärdig insättning för att säkra det större teoretiska värdet av din position. Marginalhandel tillåter näringsidkare att hålla en position som är mycket större än det faktiska kontovärdet. FXCM s Trading Station har marginalstyrningsfunktioner som möjliggör användningen av hävstångseffekt Naturligtvis kommer handel på margin med risk eftersom hävstångseffekten kan fungera mot dig så mycket som det fungerar för dig om konto eget kapital Faller under marginalbehov kommer FXCM Trading Station att utlösa en order att stänga alla öppna positioner Om positionerna har överskridits eller att handelsförluster uppstår till den punkt där det inte finns tillräckligt med eget kapital för att behålla nuvarande öppna positioner och användarens marginal faller under noll, ett marginalanrop kommer att resultera och alla öppna positioner kommer att stängas likviderade. Tänk på att när användarens marginal faller under noll, utlöses alla öppna positioner för att stänga. Likvidationsprocessen är utformad för att vara helt elektronisk. Fastän Marginalanropsfunktionen är utformad för att stänga positioner när eget kapital faller under marginalkraven. Det kan förekomma att likviditet inte existerar vid exakt marginalräntesats. Som ett resultat kan kontoandelskapitalet falla under marginalkraven vid det att orderingången är fyllda , även till det punkt där eget kapital blir negativt Detta är särskilt sant under marknadsbrister eller volatila perioder FXCM rekommenderar s att näringsidkare använder Stop-order för att begränsa risken för nackdelen i stället för att använda ett marginalanrop som ett slutligt stopp. Det rekommenderas starkt att kunderna behåller lämpligt antal marginaler i sina konton hela tiden Marginekrav kan ändras baserat på kontostorlek, samtidiga öppna positioner, handelsstil, marknadsförhållanden och efter eget gottfinnande av FXCM. Metatrader 4.Please observera att MT4-användare är föremål för olika marginalanropsprocedurer När ett marginalanrop utlöses på kontot kommer de enskilda positionerna att likvideras tills de återstående Kapitalet är tillräckligt för att stödja befintlig position s Vid beslut om vilka positioner som ska likvideras individuellt kommer den största förlustpositionen att stängas först under likvidation. CHART PRICING VS-PRISER VISADE PÅ PLATFORMEN. Det är viktigt att skilja mellan vägledande priser som visas på diagram och Handlingsbara priser som visas på plattformarna, till exempel Trading Station och MetaTrader 4 Indikativa citat är de som erbjuder en indikering av priserna på marknaden och hur mycket de ändras. Priserna härrör från en mängd bidragsgivare som banker och clearingföretag, vilket kanske kan avspegla var FXCMs likviditetsleverantörer gör priser. Indikativa priser är vanligtvis mycket nära att hantera priser, men de ger bara en indikation på var marknaden är Executable citerar säkerställer finare utförande och därmed en reducerad transaktionskostnad Eftersom spotexxmarknaden saknar en enda centralbörs där alla transaktioner utförs kan varje valutahandlare citera något Olika priser Därför kommer alla priser som visas av en tredjeparts kartläggare som inte använder marknadsmäklareens prismatning att återspegla vägledande priser och inte nödvändigtvis faktiska försäljningspriser där handel kan utföras. MOBILE TRADING PLATFORMS. Det finns en serie av Inneboende risker med användningen av mobilhandelstekniken, såsom duplicering av orderinstruktioner, latens i priserna ded och andra problem som är resultatet av mobilanslutning. Priserna som visas på mobilplattformen är enbart en indikation på de exekverbara priserna och kanske inte återspeglar det faktiska exekverade priset på ordern. Mobil TS II använder kommunikationsnätverkskretsar för överföring av meddelanden FXCM är inte ansvarig för alla omständigheter där du upplever en fördröjning i prisnotering eller oförmåga att handla på grund av problem med nätverksöverföringskretsar eller andra problem utanför den direkta kontrollen av FXCM. Överföringsproblem inkluderar men är inte begränsade till styrkan hos mobilsignalen, mobil latens eller andra problem som kan uppstå mellan dig och någon internetleverantör, telefonleverantör eller någon annan tjänsteleverantör. Det rekommenderas starkt att kunderna känner till funktionaliteten hos FXCM Mobile Trading Station innan du hanterar ett livekonto via en bärbar enhet. TS MOBILTABLET APPLICATION. FXCM s Trading Station Webbplattform har ändrats för att köras på mobil - och surfplattformar Mobilplattformen för surfplattor kallas Trading Station Mobile och har samma handelsfunktioner som Trading Station Web Samma anslutningsrisker som beskrivs ovan med avseende på vår Mobile TS II gäller för användning med alla ansökan görs tillgänglig för tabletthandel. Dealing Desk Forex Execution Trading Risk. High RISK INVESTMENT. Trading utländsk valuta på margin ger en hög risk och kan inte vara lämplig för alla investerare Innan man beslutar att handla dessa produkter som erbjuds av Forex Capital Markets, Limited FXCM bör du noggrant överväga dina mål, ekonomiska situation, behov och erfarenhetsnivå Forex Capital Markets Limited är auktoriserad och reglerad av UK Financial Conduct Authority FCA Registreringsnummer 217689 FXCM har sitt säte på Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD FXCM kan ge allmän kommentar utan hänsyn till dig R mål, ekonomisk situation eller behov Allmän rådgivning eller innehållet på denna webbplats är inte avsett att vara personlig rådgivning och borde inte tolkas som sådan. Det finns möjlighet att uppnå en förlust som överstiger dina deponerade medel. Du borde vara medveten om Av alla risker som är förknippade med handel på marginalen FXCM rekommenderar dig att söka råd från en oberoende finansiell rådgivare. FXCM MARKNADSAVTAL. Alla synpunkter, nyheter, undersökningar, analyser, priser eller annan information som finns på denna webbplats tillhandahålls som allmän marknadskommentar och utgör inte investeringsrådgivning. FXCM accepterar inte ansvar för förlust eller skada, inklusive utan begränsning till eventuell förlust av vinst som kan uppkomma direkt eller indirekt från användning av eller beroende av sådan information. INTERNET TRADING RISKS. Det finns risker förknippade med utnyttja ett internetbaserat affärshanteringssystem, inklusive, men inte begränsat till, fel på maskinvara, programvara och internetanslutning, eftersom F XCM styr inte signalkraft, mottagning eller routing via internet, konfiguration av din utrustning eller tillförlitlighet i anslutningen. Vi kan inte ansvara för kommunikationsfel, snedvridningar eller förseningar vid handel via internet. FXCM använder backupsystem och beredskapsplaner för att minimera Möjligheten till systemfel, vilket inkluderar att låta kunderna handla via telefon. DEALING DESK FOREX EXECUTION MODEL. FXCM erbjuder också Forex-utförande via en Execution Desk Execution Model I denna modell kan FXCMs ersättning inte vara begränsad till vår standardmarkering och våra intressen Kan vara i direkt konflikt med din FXCM står inför marknadsrisk som ett resultat av att du handlar med dig. FXCM kan vidta åtgärder för att mildra risken som uppkommer vid marknadsföringen genom att, efter eget gottfinnande och när som helst och utan föregående samtycke, överföra Ditt underliggande konto till vårt NDD-utförandeutbud FXCM kan också välja att överföra ditt konto till vårt ND-kontor ND D-erbjudande ska balansräkningen i ditt konto överstiga de maximala 20 000 valutaenheter där kontot är benämnt Kontoens eget kapital definieras som balansen i ditt konto plus den flytande PL-koden för dina öppna positioner. Avtalning Utförandet av kontoret och handel sker inte på en Utbyte FXCM agerar som motpart i dessa transaktioner och fungerar därför som köpare när du säljer och säljaren när du köper. Därför kan FXCMs intressen vara i konflikt med din, Om inget annat anges i ditt skriftliga avtal eller annan skriftlig dokument FXCM fastställer de priser som det erbjuder att handla med dig. Priserna FXCM erbjuder kanske inte de bästa priserna och FXCM kan erbjuda olika priser till olika kunder. Om FXCM väljer att inte täcka sin egen exponering för handel bör du vara medveten om att FXCM kan tjäna mer pengar om marknaden går emot dig. Valutapar som listas nedan finns tillgängliga på Exklusiviseringsutbudet Dealing Desk FXCM garanterar inte ee som citat, priser eller spreads kommer alltid att vara bättre på en utföringsform jämfört med de andra. Kunderna bör överväga många faktorer när de bestämmer vilken exekverings typ som bäst passar deras behov, t. ex. intressekonflikter, handelsstil eller strategi, etc. FXCM siktar För att ge kunderna bästa möjliga utförande och att få alla beställningar fyllda till önskad takt. Det finns emellertid tillfällen då order på grund av ökad volatilitet kan bli föremål för glidning. Slippning förekommer oftast under grundläggande nyhetshändelser eller höga perioder volatilitet Instanser som trade rollover 17:00 EST är en känd period där mängden likviditet tenderar att vara begränsad eftersom många likviditetsleverantörer avvecklar transaktioner för den dagen. För mer information om varför övergången sker, se avsnittet om Rolloverkostnader under perioder som dessa , din beställningstyp, begärd kvantitet och specifika orderinstruktioner kan påverka det totala genomförandet du får. Volatiliteten på marknaden kan skapa villkor där beställningar är svåra att genomföra. Det pris du får i utförandet av din beställning kan vara många pips bort från det valda eller citerade priset på grund av marknadsrörelse. I det här scenariot ser näringsidkaren ut att utföra på ett visst sätt Pris, men i en split-sekund kan marknaden till exempel ha flyttat väsentligt bort från det priset. Näringsidkarens order skulle då fyllas till nästa tillgängliga pris för den specifika ordern. FXCM erbjuder ett antal grundläggande och avancerade ordertyper för att hjälpa kunder Mildra körningsrisk Ett sätt att mildra risken i samband med slippa är att utnyttja marknadens maximala avvikelse för MT4-användare på FXCMs plattformar. Marknadsområde-funktionen tillåter näringsidkare att specificera hur mycket potentiell glidning de är villiga att acceptera i en marknadsordning genom att definiera ett intervall Noll indikerar att ingen slippning är tillåten Genom att välja noll på Marknadsintervallet begär handlaren att sin order endast ska utföras vid utvalt eller noterat pris, inget annat pris Handlare kan välja att acceptera ett större antal tillåten slipning för att öka sannolikheten för att deras order s exekveras. I detta scenario fylls ordern till det bästa priset inom det angivna intervallet. Till exempel, En kund kan indikera att han är villig att fyllas inom 2 pips av hans begärda orderpris. Systemet skulle då fylla klienten inom det acceptabla området i det här fallet, 2 pips om tillräcklig likviditet existerar. Om ordern inte kan fyllas inom det angivna intervallet Beställningen kommer inte att fyllas Observera: Marknadsordningsorder anger endast ett negativt intervall Om en mer förmånsränta är tillgänglig vid tidpunkten för utförandet är handlare inte begränsade av det angivna intervallet för det positiva prisförbättringsbelopp de kan få. Dessutom , När det utlöses, blir orderingången en marknadsorder tillgänglig för utförande till nästa tillgängliga marknadspris. Stopporder garanterar utförande men garanterar inte ett särskilt pris. När FXCM säljer ForeX via FXCMs transaktionsmodell för hantering av skrivbord är FXCM den slutliga motparten till dessa transaktioner. Därför tillhandahåller FXCM all likviditet för alla valutapriser som sträcker sig till sina kunder medan de hanterar motparten FXCM kan göra automatisk körning tillgänglig genom att begränsa den maximala handelsstorleken för alla beställningar till 2 miljoner per handel. DELAR I EXECUTION. A försenad utförande kan uppstå med hjälp av en hanteringsdiskmodell av olika skäl, till exempel tekniska problem med näringsidkarens internetanslutning till FXCM eller av en brist på tillgänglig likviditet för valutaparet som handlaren försöker handla på grund av inneboende volatilitet på marknaderna är det absolut nödvändigt att handlare har en fungerande och pålitlig internetanslutning. Det finns omständigheter när näringsidkarens personliga internetanslutning kanske inte bibehåller en konstant anslutning till FXCM-servrar på grund av bristande signalstyrka från en trådlös eller uppringningsanslutning En störning i anslutningsvägen c en ibland avbryta signalen och inaktivera FXCM Trading Station, vilket orsakar förseningar i överföringen av data mellan handelsstationen och FXCM-servern. En väg att kontrollera din internetanslutning med FXCM-servern är att pinga servern från datorn. TIMEFRAME FÖLJANDE TRANSAKTION. FXCM strävar efter att bearbeta order inom millisekunder men det finns ingen exakt tidsram för orderbearbetning. STAGES FÖLJANDE AV TRANSAKTION. När en kund gör en beställning verifierar FXCM först kontot för tillräcklig marginal. Ordern matchas sedan mot citat från likviditetsleverantörer En säkringsorder skickas sedan till likviditetsleverantören för utförande. Slutligen är kundens order fylld och öppna stängda positioner uppdateras. EXCEPTIONS FÖLJANDE AV TRANSAKTION. Det kan finnas undantag till den typiska transaktionen, såsom förseningar på grund av onormal orderbehandling eller Felfunktioner med interna eller externa processer I sådana fall meddelar FXCM kunder så snabbt som möjligt beroende på o n problemets komplexitet. FXCMs mål är att meddela kunderna om dessa typer av undantag så snabbt som möjligt, men tiden för underrättelse beror ibland på hur komplicerat det aktuella problemet är. Områdesstation Om det uppstår en onormal marknadsordning, order kommer att markeras i rött och statuskolumnen kommer att indikera exekverad eller bearbetning i orderfönstret I dessa fall är ordern i färd med att köras, men väntar tills FXCM erhåller bekräftelse från likviditetsleverantören att de citerade priserna Är fortfarande tillgängliga Under perioder med tung handelsvolym är det möjligt att en beställningsköning kommer att bildas. En ökning av inkommande order kan ibland skapa villkor där det finns en försening från likviditetsleverantörerna för att bekräfta vissa order. Metatrader 4 mt4 Om onormal marknadsordning Bearbetning sker, kommer orderfönstret att vara öppet på handelsplattformen och reflektera bearbetningsfel I dessa fall är ordern i n processen att bli verkställd men väntar tills FXCM erhåller bekräftelse från likviditetsleverantören att de citerade priserna fortfarande är tillgängliga. Under perioder med stor handelsvolym är det möjligt att en beställningsköning kommer att bildas. En ökning av inkommande order kan ibland skapa Villkor där det finns en försening från likviditetsleverantörerna för att bekräfta vissa order. RESET ORDERS. Marketvolatilitet skapar förutsättningar som gör det svårt att genomföra order till det angivna priset på grund av en extremt hög volymorder Vid det tillfälle som beställningar kan utföras , 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 executi on 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 particularly 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 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 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 conf irming 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 int ernational 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 pair 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 prev ent 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 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 the impression that his exposure to t he 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 p eriods 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 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. When trading Forex with FXCM s dealing desk execu tion 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 desk 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 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. 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 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. 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 marg in 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 closed 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 bel ow 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 call 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 dea lable 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 ris ks 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 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 familiarise themselves with the functionality of the FX CM 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 CFD S on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lowe r Thames Street, 8th Floor, London EC3R 6AD 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 possibility exists that you could sustain a loss in excess of your deposited funds 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 sys tem 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 fin al 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 behaviours 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 t hrough 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 volume, 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 roll over 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 marke t 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 indicates 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 transaction s 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 have 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 t raders 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. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. 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 possibl e 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 are able to be executed, the bid ask price may be several pips away. There may b e 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. 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 Dep ending 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 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 trader 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 mar gin 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 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 cha rges 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 poste d 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 ord ers. 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 traders 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 Lim it 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 marg in 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 re ference 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 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 liqui dity 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. Mobi le 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 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. 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 familiarise 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. 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 liquidi ty 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 price 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 that 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 places 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 devia tion 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 only 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 Trad ing 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.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. 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. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order process ing 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 oc curs, 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. 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. High Risk Investment Warning Trading foreign exchange and or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors The possibility exists that you could sustain a loss in excess of your deposi ted funds Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience You should be aware of all the risks associated with trading on margin FXCM provides general advice that does not take into account your objectives, financial situation or needs The content of this Website must not be construed as personal advice FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning. Forex Capital Markets Limited FXCM LTD is an operating subsidiary within the FXCM group of companies collectively, the FXCM Group All references on this site to FXCM refer to the FXCM Group. Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority Registration number 217689.Tax Treatment The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. Copyright 2017 Forex Capital Markets All rights reserved. Northern Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD Company incorporated in England Wales No 04072877 with registered office as above. We use cookies to enhance the performance and functionality of our site, which ultimately improves your browsing experience By continuing to browse this site you are agreeing to our use of cookies You may change your cookie settings at any time Learn More. Your browser is out of date. EUR HUF - Euro Hungarian Forint. Sell EURHUF TP 309 Read More. Sep 07, 2016 07 53AM GMT Reply. The EURUSD was indecisive yesterday but overall still able to maintain its bearish bias, made another lower high and low The bias remains bearish in nearest term testing 1 0950 as a part of the bearish scenario after formed a shooting star formation as you can see on my daily chart below A clear break and daily close below 1 0950 could trigger further bearish pr essure targeting 1 0800 area Immediate resistance remains around 1 1070 former support A clear break above that area could lead price to neutral zone in nearest term testing 1 1120 visit my profile to get more details but overall I prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell Read More. Feb 24, 2016 04 33AM GMT Reply. Do jot expect short time 320 It will go 300 most probably Read More. Jan 29, 2016 08 54AM GMT Reply. Show all comments 55.Execution Risks. These pairs have a level of risk associated with them that may not be inherent The market for these currencies is very illiquid, with liquidity being maintained and provided by one, or few external sources These liquidity concerns include but are not limited to, the inability to exit positions based on lack of market activity, differences in the prices quoted and final execution received, or a delay in execution while a counterparty for your specific transaction is identified W ith these considerations in mind it is imperative that any trader factor this into any trading decision For this reason we strongly encourage all traders to utilize advanced order types to mitigate these risks. DELAYS IN EXECUTION. Delays in execution may occur using FXCM s No Dealing Desk forex execution model for various reasons, such as technical issues with the trader s internet connection to FXCM a delay in order confirmation from a liquidity provider or by a lack of available liquidity for the currency pair 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, causi ng 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. 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 at which a liquidity provider 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 whe n 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, an uptick in market volatility, or lack of market liquidity It is not uncommon to see spreads widen particularly 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 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 receives confirmation from the liquidity provider that the quoted prices is 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. Depending on the type of order placed, outcomes m ay 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 c ondition that occurs when forex liquidity providers that supply pricing to FXCM are 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 a loss of connectivity with a provider or 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 pair 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 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 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 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 liquidity providers momentarily coming offline to settle the day s transactions Please manage positions accordingly around rollover and understand the implications of spreads widening in regard to execution with existing open positions or new positions orders. 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 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. When you trade forex with FXCM using a No Dealing Desk execution model, you are trading on price feeds that are being provided by multiple liquidity providers, plus FXCM s mark-up In rare cases, these feed can be disrupted This may only last for a moment, but when it does, spreads become inverted During these rare occasions, FXCM advises that clients avoid placing At Market orders While it may be tempting to place a free trade, keep in mind that the prices are not real and your actual fill may be many pips away from the displayed price In the event that trades are executed at rates not actually offered by FXCM s liquidity providers, FXCM reserves the right to reverse such trades, as they are not considered valid trades By placing Market Range orders or not trading during these moments, traders can avoid the risk associated with the above scenar ios. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The trading desk 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 at 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 liquidity providers to FXCM 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 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. 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, t he 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. 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 closed 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 This is especially true during market gaps or volatile periods 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, t rading style, market conditions, and at the discretion of FXCM. Metatrader 4.Please note that MT4 users are subject to different margin call 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 dealin g 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 mes sages 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 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 familiarise 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 tablet devices 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 a pplication made available for tablet trading. Dealing Desk Forex Execution Trading Risks. HIGH RISK INVESTMENT. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD 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 possibility exists that you could sustain a loss in excess of your deposited funds You should be aware of all the risks ass ociated 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. DEALING DESK FOREX EXECUTION MODEL. FXCM also offers forex execution via a Dealing Desk execution model In this model, FXCM s compensation may not be limited to our standard markup and our interests may be in direct conflict with yours FXCM faces market risk as a result of entering into trades with you FXCM may take steps to mitigate its risk arising from market making more effectively by, at our sole discretion and at any time and without previous consent, transferring your underlying account to our NDD execution offering FXCM may also choose to transfer your account to our No Dealing Desk NDD offering should the equity balance in your account exceed the maximum 20,000 currency units in which the account is denominated Account equity is defined as the balance of your account plus the floating P L of your open positions. Dealing Desk execution and trading is not conducted on an exchange FXCM is acting as a counterparty in these transactions and, therefore, acts as the buyer when you sell and the seller when you buy As a result, FXCM s interests may be in conflict with yours Unless otherwise specified in your written agreement or other written documents FXCM establishes the prices at which it offers to trade with you The prices FXCM offers might not be the best prices available and FXCM may offer different prices to different clients If FXCM elects not to cover its own trading exposure, then you should be aware that FXCM may make more money if the market goes against you. The currency pairs listed below are available on the Dealing Desk execution offering FXCM does not guarantee that quotes, prices, or spreads will always be better on one form of execution as compared to the other Customers should consider many factors when deciding which execution type best suits their needs e g conflict of interest, trading style or strategy, etc. 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, orders may be subject to slippage Slippage most commonly occurs during fundamental news events or periods of high volatility 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. 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 secon d, for example, the market may have moved significantly away from that price The trader s order would then be filled at the next available price for that specific order 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 indicates 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 indi cate 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. 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 availa ble by limiting the max trade size of all orders to 2 million per trade. DELAYS IN EXECUTION. A delay in execution may occur using a dealing desk model for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the currency pair that 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 TRANSACTIO N. 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 hi ghlighted 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 cond itions 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 are 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 particularly 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, us able 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 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 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 t he 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 pair 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 m argin 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 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 t o 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 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 wil l 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 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. 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 desk 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 worl d 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 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. 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 t he 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 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. 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 Wh en 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 closed 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 ma rgin 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 call 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 m ay 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 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 familiarise 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 a s 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 CFD S on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD 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 possibility exists tha t you could sustain a loss in excess of your deposited funds 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 underlyin g 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 behaviours 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 provi ders 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 volume, 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 indicates 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 a vailability 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 have 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 pat h 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. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. 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 suc h 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 platfo rm 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 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. 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 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 trader 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 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 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 per iods 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 sourc es 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 traders may experience gaps in market pric es 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 triggered on the account individual posit ions 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 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. 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 familiarise 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 ta blet 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. 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 price however, execution will not cease if sufficient liquid ity 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 that 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, pleas e 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 places on positive slippage All orders placed on the FXCM Meta Trader 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 only be used to open new trades For example, assume that an ac count 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 MetaTra der 4 platform. FXCM MetaTrader 4.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. 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. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. 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 depe nds 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 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. High Risk Investment Warning Trading foreign exchange and or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors The possibility exists that you could sustain a loss in excess of your deposited funds Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience You should be aware of all the risks associated with trading on margin FXCM provides general advice that does not take into account your objectives, financial situation or needs The content of this Website must not be construed as personal advice FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning. Forex Capital Markets Limited FXCM LTD is an operating subsidiary within the FXCM group of companies collectively, the FXCM Group All references on this site to FXCM refer to the FXCM Group. Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority Registration number 217689.Tax Treatment The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. Copyright 2017 Forex Capital Markets All rights reserved. Northern Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD Company incorporated in England Wales No 04072877 with registered office as above. We use cookies to enhance the performa nce and functionality of our site, which ultimately improves your browsing experience By continuing to browse this site you are agreeing to our use of cookies You may change your cookie settings at any time Learn More. Your browser is out of date.