How to Place Trades
The FXCM Trading Station platform is where you buy and sell currencies, manage your account and directly connect to the forex market. But first, you have to learn how to trade forex.
Placing Your First Trade
Placing a trade is simple. All you need to do is click on the Sell or Buy price for the currency pair you want to trade from the Dealing Rates window. Then simply click OK to confirm the order details.
- Step 1: Click Buy or Sell
- Step 2: Confirm Order and Click OK
Monitoring Your Live Trades
With live trades in the market, you want to know if you're making money or losing money. To do this, look in the Summary window to see your live trades.
Summary of Window Definitions
|Symbol:||the traded currency pair|
|Amt:||the total amount of all positions|
|S/B:||the trade type: S/sell, B/buy|
|Avg Open:||the average rate value|
|Close:||the current market rate to close|
|Gross P/L:||the profit/loss of all open positions|
|Net P/L:||the Gross P/L with commissions and interest included|
|Net Stop:||the net position stop|
|Net Stop Move:||the amount of pips until the net stop moves|
|Net Limit:||the net position limit.|
Closing Your Live Trades
When you're ready to close a live trade, simply click on the appropriate price in the Close Sell or Close Buy column in the Summary window. Next, confirm the order details and click OK. Once the trade closes, your profit or loss on that trade is booked, and your account balance updates in the Accounts window. Remember, your balance reflects realised profits and losses; your equity is balance plus any profits or losses from open trades.