ECN GUI User Guide V1.0 - fxcorporate.comECN User Guide 02/17/2016 Confidential – for FXCM PRO...

ECN User Guide 02/17/2016 Confidential – for FXCM PRO client use only of 107

FXCM PRO ECN

Trading Application

User Guide


Revision History

Version Last Updated Comments

2.0 01/26/2016 Documentation has been added for: • Currency Panel ‘pop out’ functionality and the related Order Confirmation

window (only available in the FXCM Trading Station Adobe AIR version) • GUI Application Heading section has been updated to display: Trading

Mode, Layout name, and Top of Book Quantity - Show Actual or User Defined

• MDS (Market Data Subscription) by instrument from the Currency Panel • Layouts – replace “Spaces” • Undisclosed Feeds – an option has been added to display the Liquidity

Provider name in the market data beneath the Currency Panel. This is only for permissioned users.

1.0.5 02/06/2014 Added documentation of Traders with multiple accounts.

P/L in pips, Amount field format.

1.0 01/31/2014 First version of FXCM PRO ECN “User Guide”


Table of Contents 1 Introduction ............................................................................................................... 6

1.1 How to use this Manual ...................................................................................... 6 1.2 Conventions ....................................................................................................... 6

2 Sample Trading Session ........................................................................................... 7 2.1 Login .................................................................................................................. 7 2.2 Customize Your Trading Environment ............................................................... 8 2.3 Enter an Order ................................................................................................. 10

3 Quick Reference Section ........................................................................................ 11 4 Quick View - Trading with FXCM PRO’s ECN Application ...................................... 13 5 Customizing Your ECN FX Trading Application ...................................................... 17

5.1 Slippage ........................................................................................................... 18 5.2 Currency Panels: Opening and Closing (Symbol Entry field) ........................... 22 5.3 Windows: Show or Hide (open / close) ............................................................ 24 5.4 Windows: Column Selection and Placement .................................................... 25 5.5 Trading Settings – Trading Mode ..................................................................... 26 5.6 TOB Quantity (“Show Actual” versus “User Defined”) ...................................... 28 5.7 Market Depth and Views of Market Depth ........................................................ 30

5.7.1 Global Market Depth View: Standard ...................................................................30 5.7.2 Global Market Depth View: Consolidated .............................................................31 5.7.3 Global Market Depth Views: VWAP and Tiered VWAP ........................................31

5.8 Layouts ............................................................................................................ 32 6 Order Types – Overview ......................................................................................... 34

6.1 Order Types Supported .................................................................................... 34 6.2 Attached Orders ............................................................................................... 35 6.3 Methods of Entering Orders ............................................................................. 36 6.4 Order Entry Dialogs .......................................................................................... 37

7 Order Types – Examples ........................................................................................ 39 7.1 Limit Order ....................................................................................................... 39 7.2 Market Order .................................................................................................... 40 7.3 Entry: Limit Entry (LE) ...................................................................................... 41 7.4 Entry: Stop Entry (SE) ...................................................................................... 42 7.5 Limit + Attached Limit (Buy Limit + Sell Limit) .................................................. 43 7.6 OCO Entry Orders ............................................................................................ 44

8 Canceling Orders .................................................................................................... 46 8.1 “Cancel All Orders” Button ............................................................................... 46 8.2 “Cancel Non-Stops” Button .............................................................................. 46 8.3 Cancel via Right Click Menu ............................................................................ 47 8.4 Cancel “Selected” orders via Right Click Menu ................................................ 47

9 Modify Order (Price, Quantity, Trade at Market) ..................................................... 48 9.1 Modify Orders: Right-Click Menu ..................................................................... 48 9.2 Modify Orders: Click Amount or Rate ............................................................... 49

10 Closing Positions from the Positions Window ...................................................... 50


10.1 Close a Position – Example .......................................................................... 51 10.2 Close All Positions ........................................................................................ 52

11 FXCM PRO’s ECN Pro Trading Application (Window) ........................................ 53 11.1 Bars: Title Bar, Menu Bar and Toolbar .......................................................... 54

11.1.1 Title Bar – Lists: Trading Mode, Layout, Profile, TOB setting ...............................54 11.1.2 Menu Bar .............................................................................................................55 11.1.3 Toolbar ................................................................................................................56

12 Windows Overview .............................................................................................. 58 13 Windows .............................................................................................................. 59

13.1 Accounts ....................................................................................................... 60 13.1.1 Accounts Window - Margin Call ...........................................................................61 13.1.2 Accounts – Multiple Accounts ..............................................................................62

13.2 Advanced Dealing Rates .............................................................................. 63 13.3 Currency Panel ............................................................................................. 65

13.3.1 Currency Panel Quantity Field .............................................................................66 13.3.2 MDS (Market Data Subscription) from the Currency Panel ..................................67 13.3.3 Disclosed Feeds – Summary of Behavior for FIX Sessions ..................................69

13.4 Currency Panel Pop Out support & Confirmation Window ............................ 70 13.4.1 Order Confirmation Window – Pop Up Support ....................................................71 13.4.2 Configuring the Order Confirmation Window to Pop Up .......................................72 13.4.3 Order Confirmation Window Columns ..................................................................72

13.5 Orders Window ............................................................................................. 73 13.5.1 Trade Averager ....................................................................................................74 13.5.2 Slippage Column – Orders Window .....................................................................74 13.5.3 Orders Window: Right-Click Options ....................................................................75 13.5.4 COLUMNS: Orders Window ................................................................................77

13.6 Positions Window .......................................................................................... 78 13.6.1 Zero Position........................................................................................................79 13.6.2 COLUMNS: Positions Window .............................................................................80

14 Windows - Miscellaneous .................................................................................... 81 14.1 Window: Actions ........................................................................................... 81 14.2 Window: Messages ....................................................................................... 83

15 Reference ............................................................................................................ 84 15.1 Account Type: Margin - Positions ................................................................. 84 15.2 Account Type: Day Netting ........................................................................... 84 15.3 Default Layout ............................................................................................... 85 15.4 Disable Trading Button ................................................................................. 86 15.5 Margin ........................................................................................................... 86 15.6 Market Depth View ........................................................................................ 87 15.7 Metals ........................................................................................................... 88 15.8 Options Dialog – Trading Settings ................................................................ 89 15.9 Options Dialog – Trading Settings – Amount Field Format ........................... 90 15.10 Options | Confirmations Dialog ..................................................................... 91 15.11 Per Pip Cost .................................................................................................. 92 15.12 Reports – Combined Account Statement Report .......................................... 92 15.13 Rollover (Margin Clients) .............................................................................. 95 15.14 Windows – Reposition (Click & Drag) ........................................................... 96


15.15 Version .......................................................................................................... 98 16 Trouble Shooting and FAQs ................................................................................ 99 17 Appendix – Messages ....................................................................................... 101

17.1 General Messages ...................................................................................... 101 17.2 Margin Messages ECN 2.0 ......................................................................... 103 17.3 Credit Check Messages ECN 2.0 ............................................................... 104

18 Appendix – FIX & GUI Orders ........................................................................... 105 19 Appendix – Disclaimer ....................................................................................... 106 20 INDEX ............................................................................................................... 107


1 Introduction

1.1 How to use this Manual

To gain a high-level understanding of the application’s features begin by reading chapters 1-5.

Later chapters provide in-depth details.

For those already familiar with the application, chapter 3 provides a 2-page overview.

1.2 Conventions The table below lists typical actions that can be taken with the application and the expected behavior.

Action Resulting Behavior Left-click Left clicking an object does one of the following:

1. Executes an action – left click a Currency Panel to quickly enter an order. 2. Selects the object clicked. Example, left click an order displayed in the Orders

window to select it for modification. Right–click Displays a menu of choices associated with the object clicked. For example, right-

clicking an open order in the Orders window displays a menu of choices to modify or cancel the order.

Escape Key Cancel an action. Example, when the Order Entry dialog is displayed, hitting the Escape key, closes the dialog without submitting the order.

Tab Hitting the tab key moves your cursor from a field to another field. Double-Click Trading Mode

This is an advanced Trading Mode Setting When the Currency Panel is double-clicked, an order will be submitted without displaying the Create Order dialog. Note – when enabling this functionality, there a number of safe guards in place to prevent unintended trading. They are: • Select the Double Click mode and, • Read and acknowledge the

“Choice of Market Order Submission Mode Disclaimer” • An icon will display indicating that this mode is in effect

One-Click Trading

Mode

This is an advanced Trading Mode Setting When the Currency Panel is single-clicked, an order will be submitted without displaying the Create Order dialog. Note – when enabling this functionality, there a number of safe guards in place to prevent unintended trading. (See Double-Click above) In order to prevent accidental trading, users can use the “Disable Trading” button to temporarily disable trading as needed.

Closing windows Click the X to close a window or Currency Panel.


2 Sample Trading Session The sample session below is provided to demonstrate the ease of use of the ECN Trading application.

2.1 Login Click the FXCM PRO ECN icon on your desktop to login to the FXCM PRO ECN Trading Application

At the login screen, enter your login ID and password (*passwords are case sensitive).

After logging in, the application will display as shown below. This display, including trading preferences can be customized.

Currency Panels for EUR/USD and USD/CAD

Order Entry is quickly and easily done from these

Panels.

The Orders Window displays information about your orders.

The Positions Window displays information about your positions.

Click here to list Symbols and open a Currency

Panel for the pair.

Set Slippage here

Main Menu and Tool Bar

Title Bar


2.2 Customize Your Trading Environment

After logging in for the first time, begin by customizing your settings. Shown below is a brief summary of some of the options available. Customization options are described in detail in later chapters. Keep in mind that these customizations are optional and can be implemented and changed at any time.

Customize “Trading Settings” to set Order Entry default behavior

Click The Trading Settings button on the main menu bar.

The Trading Settings dialog will display.

Use Trading Settings to set defaults for; Trading Mode, Order Type and Time In Force (TIF).

• Mode - at the “Mode” section, check “Default”. An icon denoting your trading mode will display on the application. Icons are: Default, One-Click and Double-Click. Default is the safest trading mode. In this mode, orders must be confirmed before they are submitted for execution.

• Order Type – set the default Order Type to Market • TIF – at the Time In Force box select DAY as the default • Click OK to save this setting.

Note • This dialog specifies default trading parameters which

are used when order entry is activated from the Currency Panel.

This dialog is fully documented later in this guide.

Customize the display of Currency Panels

Close Currency Panels not needed. Next, close the Currency Panels for symbols you will not trade. In this example, close GBP/USD and USD/CHF by clicking the

in the upper right corner of each. Panels can be opened and closed at any time.


Customize - Close Windows not needed

Close Windows not Needed

Close the Accounts window by clicking the in the upper right corner of the Accounts window tab. Windows can be opened and closed by clicking View on the main menu bar.

Customize “Slippage”

Slippage is an optional pip value that can be applied to the rate of Limit orders.

Click the SLPG ALL button on the USD/CAD Currency Panel to set slippage to “NO SLPG”. This is the same as zero slippage.

Old :

New:

Your Trading application will display as shown below.

The tab of each window contains a counter of the number of entries displayed. This number “(2)” is a counter of the number of Currency Panels opened within the Advanced Dealing Rates window. The Orders window’s counter displays (20) meaning 20 orders are displayed.


2.3 Enter an Order

Now that your application is customized, you are ready to enter orders.

The simplest and quickest way to enter orders is by clicking on the Currency Panel for the Symbol you want to trade.

In this example, we will enter an order by clicking the Best Offer price for the Symbol to be traded.

Since you are in Default trading mode, the Create Order dialog will display.

The Create Order dialog fields will be initialized with values based on your default trading settings and where you clicked.

• Order Type Market (from default settings) • TIF DAY (from default settings) • Amount 5m (from the Currency Panel

default amount field)

Review the order.

Click OK to submit the order for execution.

Remember – orders are submitted without displaying the Create Order dialog when Trading Mode is One-Click or Double-click and when order entry is initiated from the Currency Panel.

The order and execution results will display in the Orders window as shown below


3 Quick Reference Section This section is for traders experienced with the FXCM Pro ECN Trading Application.

Entering Orders (Limit & Market) Click to enter orders from the Currency Panel (1) TOB Qty (Bid) Sell order @ bid TOB qty (2) TOB Qty (Offer) Buy order @ offer TOB qty (3) Best Bid Sell order @ bid Default qty (4) Best Offer Buy order @ offer Default qty (5) Enter Bid Button (B:) Post Bid @ bid Default qty (6) Enter Offer Button (O:) Post Offer @ offer Default qty (7) Mkt Depth (Bid) Sell order @ price clicked Default qty (8) Mkt Depth (Offer) Buy order @ price clicked Default qty (9) Rate Slider (Bid) Post Bid @ price clicked Default qty (10) Rate Slider (Offer) Post Offer @ price clicked Default qty *Orders activated by clicking 5, 6, 9, or 10: are Limit orders and if the default TIF is FOK or IOC, the Entry dialog is initialized with TIF = DAY. Also, slippage is not applied to these orders. **Orders activated by clicking 7 & 8 are initialized as Limit orders. ***When Market Depth View=VWAP, click market depth to enter order for VWAP quantity. **** When TOB Quantity is configured as “Show User Defined”, the order entry dialog does not display when 1 & 2 are clicked

.

One-Click and Double-Click Warning: When Trading Mode is One-Click or Double-Click, the Order Entry dialog will not display when entering

orders from the Panel and when canceling orders a confirmation dialog will not display. .

Summary Account Types The most common accounts supported by FXCM are Margin and Day Netting Margin Account:

• Margin requirements are monitored and maintained by FXCM (see Accounts window) • Use the Orders window blotter to monitor your trading • Use the Positions windows to monitor positions • Each Currency Panel will display the Symbol’s ‘Roll’

Day Netting Account: • Use the Orders window blotter to monitor your trading • Positions are netted at the end of each day • Use the Positions window to monitor positions • Each Currency Panel will display the Symbol’s approximate Value Date

Actions Trading activity is recorded at the Actions window. To export actions, Click Help | View Log Cancel Orders At Orders window, use right-click options or Cancel Orders buttons Optionally, Ctl-left-click to select orders, then use right-click cancel order option Close Positions Use right-click options at the Positions window: Close All or Close Position Child Orders Stop and Limit orders can be attached to Parent Orders (Limit, Market and Entry Orders) Child orders only become active after the parent order executes. The TIF is always GTC.

1 2

3 4

7 8

5 6

9 10

Currency Panel Consolidated Market

Depth View


Summary

Currency Panel Add Panels at the Symbol entry field. Add multiples panels for same pair - customize the default quantity and slippage at each Panel.

Currency Panel Move and re-position a Currency Panel - click and drag it to the desired location.

Disable Trading Click button to disable trading (Order entry, cancel, modify). Click to enable trading. Layout Click Layout on the menu bar to; Create, Rename, Remove, Import, Export Layouts. Modify Orders Orders window – right-click menu Margin Call Based on a trader’s margin requirement, FXCM will calculate in real time both the funds needed to maintain

current positions (Used Margin) and the funds available for taking new positions (Usable margin). If the equity in the account drops below the margin required to maintain the open positions, a margin call is designed to trigger the close of open positions.

Market Depth Global Views: Standard, Consolidated, VWAP and Tiered VWAP MDS Click the “Market Data Subscription” icon on a Currency Panel to subscribe to a specific level of market depth.

Moving Objects Currency Panels, windows or columns in a window, can be clicked & dragged to new locations. The will turn

to when the new location is acceptable. Order Types Right click a Currency Panel and select order type: (each can have an attached Stop Entry or Limit Entry order)

Limit Market Entry Order - Stop Entry (SE): when trigger price reached, order executes as a Market order. Entry Order - Limit Entry (LE): executes at Limit price or better. Simple OCO (One Cancel Other – Entry Orders). Only one of the orders will execute.

Reporting Click the Report button on the Menu Bar and enter report dates to generate the Combined Account Statement Slippage Applied to limit price of Limit orders. or . Set slippage at each Panel or

at the Slippage dialog on the Advanced Dealing Rates window (this is not the Orders window ‘slippage’ field) Subscription By default, the maximum number of subscriptions for market data is 20 System Options Click System|Options to configure options such as; TOB quantity and the format of amounts Symbols Info Click to display High, Low, Pip Cost, … for selected pairs. TOB Quantity Show Actual/ User Defined - click System | Option to customize Panel TOB quantity. Time In Force TIF values supported: DAY, GTC, IOC and FOK (for Entry Orders, supported TIFs are: DAY and GTC) Trade at Market At Orders window, use right-click option to cancel a selected order and replace it with a Market order Trade Averager Orders window displays average execution price for selected executions Trading Setting Select trading mode and defaults for Order Type and TIF (Day, GTC, IOC, FOK) Windows Click View to open windows, right-click menus, customize columns displayed, click heading to sort Windows-Move Windows can be moved – click window’s tab and drag to new location Zero Position Positions window - temporarily remove positions from display for Day-Netting accounts


4 Quick View - Trading with FXCM PRO’s ECN Application Trading from the Currency Panel is the most commonly used method to enter orders. The examples on following pages demonstrate the options available. Note – Blue text boxes describe functionality. Red text boxes give orders that will be submitted as defined by client mouse clicks, currency panel values and click to trade settings. The screen below describes:

1. Defining Click to Trade Order Options (Order Type and (TIF) Time in Force ) 2. General Click to Trade functionality

Important Note: When trading from the best Bid and Offer buttons, slippage is automatically applied if selected for that currency panel. Slippage is also applied when trading from the top of book quantity buttons and from Market Depth.

Click TOB Qty

Buy 3.0m @ 865 Limit GTC

Click Best Offer :

Buy 4m @ 865 Limit GTC

Enter Offer Button (O:)

Click O: (Offer)

Sell 4m @ .865 Limit GTC

Note: Limit GTC in orders below is defined by these controls.

Dropdown controls for:

Order Type (Market or Limit) and TIF (FOK, IOC, Day, GTC)

This shows that the GUI is set up for “double-click” trading. This is set at “Trading Settings”. Options are:

. Default – open create order dialog . One-Click

. Double-Click

Market Depth Click Market Depth Sell 2m @ 815 Limit GTC

(trade default qty @ rate clicked)

Default Trade Quantity is controlled here when trading from: BBO buttons, Enter Bid/Offer buttons (B: / O), Standard & Consolidated Market Depth.

TOB Quantity

This is the top of book (TOB) quantity on the bid.

Click here to trade the full TOB amount at the Bid rate.


The screen below describes: 3. Trading from the Rate Slider

4. Trading from the Market Depth

Important Note: When trading from the Enter Bid or Enter Offer buttons, or the Bid/Offer Rate Slider, all orders are submitted as Limit orders regardless of the Trading Defaults defined in Trade Settings. Also, since you are clicking on a specific bid or offer rate, slippage is not applied when trading from these (2) controls.

Rate Slider

Clicking on the button will open the rate slider, while

the will close the rate slider.

Click a rate in the slider to activate order entry.

• Order Type defaults to Limit

• Rate comes from Slider • TIF comes from your

Trading Settings • Quantity comes from the

Panel quantity • Orders from the Offer

slider will be Sell orders. • Orders from the Bid

slider will be Buy Orders. • Rates in Red should be

immediately executable; rates in Blue should become resting orders.

• You need to double or single click depending on your setup.

• Clicking on “New Order” will open the Create Order dialog.

*Slippage is not applied.

Double-click on “New Order” button to open the “Create Order” order dialog box. From this you can modify the order’s details.

Market Depth

Sell 9m @ 834 Limit Day (In Standard and Consolidated market depth, use quantity from panel quantity)

*Default Order Type is Limit.

(trade default qty @ rate clicked)

Enter Bid button

Click to enter order:

Buy 9m @844 Limit Day

Note, when the Enter Bid and Enter Offer buttons (B: / O:) are clicked: • Slippage is not

applied. • Order Type by

default is Limit • TIF is set to DAY if

the default is IOC or FOK.

Rate Slider (EUR/USD)

Double-click to enter order: Sell 9m @ 858 Limit Day

• Slippage is not applied • Order Type by default is

Limit • TIF is changed to DAY if

the default is IOC or FOK


5. Trading from the VWAP Market Depth

Important Note:

VWAP Rate Definition: The VWAP market depth gives traders an indication of the volume weighted average price at which an order will be executed if a trade is originated by clicking on that VWAP row. This is a best efforts fill, as the ultimate VWAP price will be determined by the actual executions in the market. When submitting VWAP trades, the actual limit rate is set to the lowest bid (sells) or highest offer (buys) in that stack of prices. So if for example there were 3 bids in the book: 1m @ 302, 1m @ 301 & 1m @ 300, the VWAP would show a tier of VWAP 3m @ 301. When clicking to trade at this VWAP, a sell order is submitted to sell 3m at limit rate 300 or better. The matching engine will sweep the book from the top down, filling sells down to 300. If slippage is set on the panel, the slippage amount is added to the buy rate or subtracted from the sell rate. The same trading rules apply for VWAP and Tiered VWAP trading.

Market Depth view is controlled by this dropdown:

Standard shows every rate in the book separately Consolidated aggregates quantities at a single rate to one quote VWAP volume weighted average price at each change in consolidated view prices Tiered VWAP VWAP prices with standardized volume breakpoints, plus a user-defined

breakpoint (price panel quantity field)

Trading from the VWAP Market Depth follows these rules:

• VWAP Rate Definition: the rate of 723 for the quantity 10.0m is the volume weighted average of the offer prices. Thus to buy 10.0m, some prices were < 723 and some were > 723.

• Order Type is always Limit (regardless of Panel defaults)

• Quantity comes from the Amt(M) shown in the row clicked on (not Panel quantity)

• Orders from the Bid side will be Sell Orders.

• Orders from the Offer slider will be Buy orders.


• In VWAP view, Quantities and Prices are variable and quickly change as price updates come in.

• There is no guarantee of actual VWAP rate or fill quantity. This is best efforts.

Market Depth

Double-click to enter order: Buy 14.0m @ VWAP – Limit GTC

Market Depth

Double-click to enter order: Sell 9.0m @ VWAP Limit GTC (quantity comes from VWAP row).

Note, the limit rate submitted to sell 9.0m is not 701

(See VWAP Rate Definition)


6. Trading from the Tiered VWAP Market Depth

Standard quantities for Tiered VWAP:

Important Note: Tiered VWAP gives traders the ability to submit VWAP orders at a known order quantity.

Tier # Tier Quantity Tier Type

1 5 mil (or default quantity) Fixed 2 10 mil Fixed 3 15 mil Fixed 4 20 mil Fixed 5 25 mil Fixed 6 35 mil Fixed 7 50 mil Fixed 8 75 mil Fixed 9 > 75 mil (or actual maximum quantity) Floating

10 Client Specified in Currency Panel Custom

Trading from the Tiered VWAP Market Depth follows these rules:

• Rate (see VWAP definition on prior page)

• Order Type is Limit (regardless of panel defaults).

• Quantity comes from the Amt(M) shown in the row clicked on (not panel quantity)

• Orders from the Bid side will be Sell Orders.

• Orders from the Offer slider will be Buy orders.


• In Tiered VWAP quantities are fixed.

• VWAP rates are variable and quickly change as price updates come in.

• There is no guarantee of actual VWAP rate that will be achieved. This is best efforts.

• The 1st row is the default amount, if the amount is < 5M. If the amount is > 5M and not a fixed tier amount, a tier will be inserted.

• Last row includes all liquidity and has a variable amount.

This row is defined by the panel order quantity (i.e. 9m) when market depth view is “Tiered VWAP”

Market Depth

Double-click to enter order: Sell 20m @ VWAP rate (see definition on prior page) Limit Day (Quantity comes from VWAP row)

Market Depth

Double-click to enter order: Buy 15m @ VWAP Limit Day


5 Customizing Your ECN FX Trading Application This chapter provides detailed descriptions of the customization options available. Customization options available include:

• Slippage – the amount of pips that can be optionally applied to the limit price of your order. This value can only be applied to Limit orders.

• Currency Panels – select Panels for the symbols you will be trading. This includes the option of opening multiple panels for the same currency pair.

• Windows – select and customize windows to monitor your trading activity. • Windows Columns – select and position columns to display in each window • Trading Settings:

o Select a trading mode: Default, One-Click and Double-Click o Select the default Order Type o Select the default TIF (Time In Force)

• TOB (Top of Book) Quantity - Show Actual / User Defined • Layout - A Layout is the way the windows are displayed within the FXCM PRO ECN Trading

Application. Multiple Layouts can be created, each with its own subscription list (see below). Each Layout can have a different trading modes (Default, One-Click, …) and Slippage values.

Subscription List

A Subscription list is the list of symbols for which you subscribe to receive market data.

The Trading Application will automatically subscribe to receive market data when:

1. A Currency Panel is opened for a unique Symbol 2. An order is active 3. A position is open


5.1 Slippage

Slippage is an optional pip value that can be applied to the rate of a Limit order to make it more aggressive. The Slippage amount is set at the Advanced Dealing Rates toolbar and on each Currency Panel.

By default, Slippage is setup with one value for all symbols.

Slippage Summary

• Slippage is expressed in pips. Valid values are: 0.0 to 100.0 including 99.9 • For Limit orders, slippage is added to the price of Buy orders and subtracted for Sell orders • Using slippage can help a trader get filled during fast market conditions • Slippage is not applied to order types: Market, Entry Order, OCO • Slippage is not applied to your limit price when Slippage is set to 0 or “No SLPG” • Slippage is not applied when trading from the Enter Bid or Enter Offer buttons, or the

Bid/Offer Rate Slider • Turning Slippage Off – Slippage can be turned off by setting Slippage to zero or by clicking the SLPG button

on a Currency Panel. The button will change from to • Setting Slippage – Slippage can be set in two ways:

o One value can be specified to be applied to all symbols. o Each currency panel can have its own slippage value

Example - Slippage applied to a Limit order

• Slippage for this EUR/USD Currency Panel is 0.5 • Click the Currency Panel Best Offer to enter an order

• The Create Order dialog displays initialized as a: o Buy Limit order o Rate = Inside Offer o Slippage = 0.5 (value from the Currency Panel)

• The Order will be submitted with a limit rate of 107 + 5

This order will execute against quotes priced at or better than your limit price - the matching engine always seeks out the best price in the market


Apply to All – All Panels use the same Slippage

Apply to Symbol: Customize Slippage at each Panel

Slippage Control

• Use spin controls to set “Apply to All” value • Click button to display Slippage dialog and change setting

from: “Apply to All” to “Apply to Symbol” • Set to “Apply to Symbol” from Slippage dialog

This control is explained in detail on the following pages.

Panel Slippage

• Click to toggle Slippage on/off for the Symbol at a specified panel. (from SLPG ALL to NO SLPG

Panel Slippage

• Click SLPG button to toggle Slippage on/off for this Panel

• Click spin control to change slippage for this Symbol

Multiple Panels – Same Symbol – Different Slippage

• Slippage can be customized by Panel and by Symbol when the Slippage mode is “Apply to Symbol”.

• Use spin control to set Slippage.

Slippage Control Button

• The Slippage label “Apply To Symbol” means each Currency Panel can have a different slippage value.

• Click button to display Slippage dialog and change setting from: “Apply To Symbol” to “Apply to All”

• Set SLPG by Symbol at the dialog or at each Panel


Shown below are examples of using the Slippage controls.

Slippage Examples Example

Change Apply to All Slippage

When the Slippage button is labeled “Apply to All”, the slippage value displayed is the value that will be applied to all Currency Panels. To change the slippage value, use the spin controls.

Currency Panel – Toggle Setting (Apply to All)

Click the SLPG button located on a Currency Panel to toggle the setting from SLPG ALL to NO SLPG

SLPG button on Currency Panel

Currency Panel – Toggle Setting (Apply to Symbol)

Slippage can also be toggled from On to Off when set by symbol.

Currency Panel – Set Slippage

When Slippage mode is “Apply to Symbol”, slippage can be customized at the Panel as follows:

• Click the control on the SLPG button to display the Slippage field

• Use the spin controls to enter a value or type in a value

• Click OK

Slippage Dialog – Apply to All

From this dialog, you can:

• Set the Apply to All slippage value. • Set Slippage mode to “Apply to Symbol”


Slippage Dialog – Apply To Symbol

Check the “Apply to Symbol” radio button to set the slippage mode to “Apply to Symbol”

With Slippage mode set to Apply to Symbol, slippage can be set by symbol.

• Set the 1st EUR/USD Panel to 0.5 • Set the 2nd EUR/USD Panel to 0.1 • Set the USD/CAD Panel to 0 (no slippage) • Set the EUR/NZD Panel to 0.2 • Click the OK button to save these settings

Note - there are two entries for EUR/USD because there are two Currency Panels open for this symbol.

The Slippage values set above will be reflected in your Panels as shown below.


5.2 Currency Panels: Opening and Closing (Symbol Entry field)

Use the Symbol Entry field to open currency panels within the Advanced Dealing Rates window.

Shown below is an example of adding a Currency Panel.

Begin with the display to the right.

Here we have two panels open.

At the Symbol entry field, click the down arrow to list available Symbols (currency pairs)

• Select EUR/USD - the pair will display in the Symbol field and will be highlighted

• Click Add to open a panel for EUR/USD

In the example above, the newly added Panel for EUR/USD could be moved so both EUR/USD Panels would be next to each other. By left-clicking and holding, a user can drag and drop panels to reorient them on the Advanced Dealing Rates page.

Symbol Entry Field

• Click the Down Arrow to list all symbols • Enter a letter to display pairs with that letter • Enter two letters to display all pairs with those two letters • Enter “/U” to list all CCY pairs starting with term currency “U” • Click Add to display a Currency Panel for the Symbol selected. The

new Panel will display in the top row on the far right.

Symbol Entry Field

Use this field to open and display Currency Panels.


At this point there are three Currency Panels open.

The default quantity and Slippage for each can be customized.

This means the two Panels for EUR/USD can have different Slippage and default quantities.

Additional details:

1. Multiple Panels can be opened for the same symbol allowing for greater flexibility and customization. Each can have unique Slippage and Default quantities.

2. When a new Currency Panel is opened, it will be displayed in the right-most position in the first row of Currency Panels.

3. By default, up to 20 unique symbols can be subscribed to. Opening multiple panels for a specific symbol counts as one subscription.

4. When you subscribe to a symbol, you are requesting market data for that symbol. 5. Symbols are subscribed to as follows:

a. Open Orders b. Open Positions c. Open Currency Panels d. The count of subscriptions includes activity in all “Layouts”

6. The system will display a warning if you attempt to open more than 20 unique panels 7. The count of symbols subscribed to is shown at the bottom of your Main window

NOTE

To subscribe to more than 20 pairs, you must have robust bandwidth.

If you need to subscribe to more than 20 pairs, speak to your account manager to change the default setting.


5.3 Windows: Show or Hide (open / close)

From the main menu bar, use the View menu to open and close windows. List available windows Click View to list available windows as shown to the right. In this example, three windows are checked.

• Advanced Dealing Rates • Orders • Positions

Checked windows are currently displayed. Open a window Click an unchecked window to open and display it Close a window Click a checked window – this closes the window and removes the check.

Windows can also be closed by clicking the located in the upper right of the window’s tab.

Closing a window has no effect on the information displayed in the window’s blotter.


5.4 Windows: Column Selection and Placement

For all windows, the columns displayed and their placement can be customized.

Manage the columns displayed as shown below.

After right-clicking the headings, and selecting Columns List, the Customize Table Columns dialog will display.

• Check a column’s check box to display that column.

• Uncheck the box to not display the column.

• Click Hide All to uncheck all columns. This setting can’t be saved because at least one column must be checked

• Click Show All to check all headings and display all columns.

Column Placement within a window

Follow the steps below to reposition a column.

• Left click a column and drag it. • As you drag it, the symbol, will appear

indicating the new location is valid. • Drag the column to the desired location and

release the left click. • The column will display in its new position.

Right click anywhere within the Headings and select Columns List to display the Customize

Table Columns dialog.


5.5 Trading Settings – Trading Mode

The FXCM PRO ECN Trading Application defaults to a two-step trading mode denoted by . In this mode, the first click on the Currency Panel activates order entry and displays the Create Order dialog. This allows you to preview your order before clicking OK to submit the order. This minimizes the possibility of accidentally submitting an unwanted trade.

The one-click and double-click trading modes are designed for traders who want to take advantage of fast moves during volatile market conditions. In these modes, after clicking the Currency Panel, the order is submitted without displaying the Create Order dialog.

Using the Trading Settings Dialog

To specify your trading preferences, click on the “Trading Settings” button located in the top menu bar.

The “Trading Settings’ dialog shown will display.

In the Mode section, select a trading mode by checking the desired radio button. (see below)

Select an Order Type and Time In Force (TIF).

Click OK to save your Trading Settings.

• Default - Two Step Mode (Click and Confirm) This option requires left-clicking on the Currency Panel to display the Create Order dialog. An additional step of confirming the order by clicking OK is required

• One-Click Mode This option requires that you left-click once on the Currency Panel. The order will be submitted based on your trading settings. The Create Order dialog will not display.

• Double-Click Mode This option requires that you left double-click on the Currency Panel. The order will be submitted based on your trading settings. The Create Order dialog will not display.

Note

Enabling One-Click and Double-Click modes requires that you read and agree the terms of a disclaimer. (see below)

Set Time In Force.


When you have chosen your Trading Mode to be One-Click or Double-Click and clicked “OK” you will be prompted to read and agree to a disclaimer. Click the check box to accept, and then click “OK”.

The purpose of the Disclaimer is to emphasize the fact that in one-click and double-click modes, orders are submitted without displaying the Create Order dialog.

All Trading Modes are denoted by an icon: which is displayed in the following locations; • the top-most title bar • the Advanced Dealing Rates tab (see screen below)

IMPORTANT NOTES: One-Click and Double-Click Modes

1. One-click and Double-click modes refer to order entry from the Currency Panel. 2. These modes are not applicable to Entry orders 3. Modes are not applicable when clicking the Sell and Buy buttons on the menu bar. 4. These modes are applied when canceling orders from the Orders window by clicking the Cancel

All Orders or Cancel Non-Stops buttons or by invoking the right–click cancel order option. In Default mode, a Cancel confirmation message will display before open orders are canceled. In one-click and double-click modes, orders are canceled without displaying the confirmation message.

5. When closing positions, the default order type and TIF are the values used when the last trade was closed. Order type and TIF from Trading Settings are not used.

When in One-Click and Double-Click modes, the default Order Type and TIF will display here.


5.6 TOB Quantity (“Show Actual” versus “User Defined”)

By default, TOB quantity is configured as “Show Actual” and behaves as follows: • Top of Book (TOB) quantity is the quantity at the “inside” Bid and Offer for a Symbol • The “Default Order Quantity” on the Currency Panel has no relationship to the TOB quantity

The Trading application has a configuration option which allows the TOB quantity to be redefined using the Default Order Quantity. This option (Show User Defined Qty) is described below.

Configuring TOB Quantity

The ECN Trading Application has a configuration option which allows the TOB quantity to be re-defined by the trader. When the TOB Quantity is specified by the Trader, the Panel will show the price at which that quantity is available. By doing this, a trader can see the maximum price needed to trade that amount.

To customize the TOB Quantity, follow these steps.

Click System on the menu bar and select Options.

The Options dialog will display. • Click General Trading • Click Panel TOB quantity • At the Panel TOB quantity

field, you can select: - Show User Defined

Quantity - Show Actual

When “Show User Defined Quantity” is selected, the quantity entered into the default quantity field on a Currency Panel will be the “User Defined TOB Quantity”. The trading application will automatically adjust the Best Bid and Best Offer to values at which that quantity is available.


Example: TOB = Show Actual In this example, Panel TOB quantity is set to “Show Actual”. 1) TOB quantity for EUR/USD is the same in both EUR/USD Panels. 2) The spread is the same in both Panels. 3) Default order quantities are: Panel#1 = 23m and Panel#2 = 500k 4) NOTE, TOB quantities and Default Order quantities have no relationship to each other.

Example: TOB Quantity = Show User Defined Quantity With this configuration, the “Default Order Qty” is the TOB Quantity

To see the effect of various User Defined TOB quantities do the following:

1. At the Advanced Dealing Rates window set Market Depth view to Consolidated

2. Set Market Depth to 8 3. Open two Currency Panels for the same

Symbol. 4. Enter various Default Quantities.

Note the following values: • The changes in the BBO • The Spread increases as the TOB increases • The Enter Bid and Enter Offer buttons show

the true BBO. • View the market depth to approximate the

price at which the user defined TOB quantity is available.

Note If a very large quantity, like 50m is entered, the Currency Panel will display

blank BBO prices if there is no price at which that amount is available

TOB Quantity (Show Actual)

Default Order Qty (Show Actual)


5.7 Market Depth and Views of Market Depth The controls for Global Market Depth and Global Market Depth View determine how market data is displayed beneath each Currency Panel.

These controls affect the display and have no effect on the market data received.

Market Depth – from 1 to 10 rows of market depth can be viewed.

Market Depth Views: available views are: Standard, Consolidated, VWAP, Tiered VWAP

5.7.1 Global Market Depth View: Standard

Example – Standard Market Depth View

• Market Depth is set to 5. This means that a maximum of 5 rows of market data will be displayed beneath each Currency Panel. Use the spin controls to set market depth. Values range from 1 to 10.

• Market Depth View = Standard In the “Standard” view, each quote at every price is displayed.

Standard

All quotes at each price are displayed.

Note, the TOB quantity on the offer is 1.00 and there are 2 quotes at the inside (746)


5.7.2 Global Market Depth View: Consolidated

Example – Consolidated Market Depth View

• Market Depth is set to 4.

• Market Depth View = Consolidated In the “Consolidated” view, the amounts of the quotes at each price level are aggregated and this aggregated amount is displayed.

5.7.3 Global Market Depth Views: VWAP and Tiered VWAP VWAP: At each price, displays the cumulative quantity and the related VWAP rate Tiered VWAP Displays the fixed tiered quantities and their VWAP rate plus the default order quantity

5.7.3.1 VWAP 5.7.3.2 Tiered VWAP

Consolidated

The quotes at each price are aggregated

and one value is displayed.

VWAP

The market depth displays the volume

and associated volume weighted average

price.

Tiered VWAP

The market depth displays the tiered

volume and associated volume weighted

average price.


5.8 Layouts Layouts allow you to define and save the windows and Currency Panels displayed along with default order quantity and slippage. Trading settings including trading mode (Default, One-Click, Double-Click) are also saved.

One of the main benefits of creating multiple Layouts, is that each Layout has its own subscription list and has the ability to display different symbols along with their default quantities. The maximum subscription count is enforced and is equal to the sum of all subscriptions across all Layouts.

Another benefit of Layouts is that they can be exported and saved, thus permitting you to reinstall them.

Create Layout 1. Click the Create Layout button on your menu bar 2. At the Create Layout dialog, enter a Layout name, check the ’views’ (windows) to be displayed and click OK

2.1. A Layout button will be added to the Tool Bar (the example below has Layout buttons Std01 and Std02). 2.2. The FXCM Trading Station heading displays; the name of the current Layout along with its attributes:

Trading Mode: One Click, Layout name: Std01 Order Type: Limit, TOB Qty: Show Actual

Editing Layouts Changes made while the Layout is in use are automatically saved.

Select a Layout • Click a Layout button - “Std01” or “Std02” • After clicking the button, the windows will display as defined by the Layout.

Remove / Delete a Layout • Click the LAYOUT option on the Toolbar • Select the Layout to be removed • Click OK

NOTE - the Remove Layout option is only active when there are 2 or more Layouts.

Click Layout button


Export Layouts

• Click the LAYOUT option on the Toolbar • Select Export Layout • Select the Layout to be Exported • Select a location for the exported Layout file and click OK • The Layout will be exported to a file with a ‘slt’ extension.

(example Std02.slt)

Import a Layout

• Click the LAYOUT option on the Toolbar • Select Import Layout • Select the Layout file to be imported (uploaded) • Click OK • The imported Layout will become your current Layout and a

button labeled with the Layout name will be added.

Summary What can be Unique within a Layout

• Subscription List - Each Layout can have its own subscription list (currency panels & symbols) • Trading Mode - Each can have a different trading mode: Default, One-Click, Double-click • Slippage values • Default order quantity on each Currency Panel • Windows and their location. • Global Market Data View (Standard, Consolidated, VWAP, Tiered VWAP)

Settings that are the same across all Layouts include: • Default Order Type and TIF • Global Market Depth • Panel TOB quantity configuration (Show Actual or User Defined) • Columns displayed and their location within a window

Layouts can be used to add currency panels into logical groupings, for example “G10” and “Skandies”.

You can quickly change from Layout to Layout by clicking on the appropriate Layout button on the tool bar at the top of the FXCM PRO ECN Trading Application.

Note: creating a “Profile” is not necessary


6 Order Types – Overview This section describes Order Types, “Time In Force” (TIF) options and methods of entering orders.

6.1 Order Types Supported

The table below summarizes the order types and TIFs supported. The order type code that displays in the Orders Window is also shown.

Each of these order types can optionally have an attached Stop or Limit (child) order. The purpose of this attached order is to close the position created by the parent order. As such, the side of the attached order will be the opposite of the parent order.

Order Type / Code

Time In Force (TIF) Supported

Description

Limit (L) GTC, DAY, IOC, FOK Buy or Sell at a price equal or better than the limit price entered.

Market (O) GTC, DAY, IOC A Market order will execute at the current market rate. It does not have a limit rate and will execute immediately if liquidity is available.

Stop Entry Order (SE) GTC, DAY Also known as a Stop Loss order, order becomes active as a Market order when the trigger rate is reached. Example, a Buy Stop Entry order will become active as a Market order when the Inside offer moves up to the trigger rate.

Limit Entry Order (LE) GTC, DAY An order to buy below the current market rate, or sell above the current market rate. This order can only be filled at a rate that is equal to or better than the limit rate.

OCO Entry Orders (SE or LE) GTC, DAY OCO orders, (“One Cancels the Other”), are paired entry orders. When one order executes, the other order will be canceled. These paired orders can be any combination of buy and sell orders. Only one of the two orders can execute.

Time In Force (TIF) Information

1. Day order expires at 16:59:59 2. GTC order will stay open until it is canceled 3. FOK Fill or Kill. Order must fully execute immediately at one venue or the order will be cancelled.

A partial fill is not allowed. 4. IOC Immediate or Cancel. Large orders may partially execute before they expire.


6.2 Attached Orders

The table below lists the supported order types and the optional attached order.

Order Type + Attached Order (Order Type Code)

Time In Force (TIF) of Attached Order

Limit (L) + Stop (S) GTC Limit (L) + Limit (L) GTC Market (O) + Stop (S) GTC Market (O) + Limit (L) GTC Entry Order + Stop (S) GTC Entry Order + Limit (L) GTC OCO Entry Orders + Stop (S) GTC OCO Entry Orders + Limit (L) GTC

Notes:

• While the TIF of the parent order can be: DAY, GTC, FOK, or IOC, the TIF of the attached order will always be GTC.

• The purpose of the attached order is to close the position opened by the parent order

• If the parent order closes or partially closes an existing position, its attached order will be canceled by the system.

Attached Orders (Child Orders, also known as linked orders)

The behavior of attached or linked orders is described below. 1) Side of Child Orders - the side of a child order will always be the opposite of the parent order 2) TIF of Child Orders – the TIF of an attached order is always GTC 3) Child orders can be canceled without impacting the parent 4) Child orders only become active after the Parent executes 5) Child orders – the GUI “Trade at Market” feature when applied to a child order, will cancel the child

order and replace it with a Market order. The parent order is not affected. 6) Child order modification – price can be modified, but the quantity can’t be modified 7) If a Parent order is canceled, the Child order will automatically be canceled 8) If the quantity of a parent order is modified, the quantity of the child order is automatically

modified to the same amount. 9) Parent order with attached Stop and Limit Orders – when the parent order fills, the attached orders

behave like OCO (One Cancels the Other) orders. The screen below shows a BUY Limit DAY order with an attached SELL Limit order.


6.3 Methods of Entering Orders

The table below lists methods of entering orders.

Currency Panel

Click an area of the Currency Panel to enter Limit or Market orders

Area Clicked SLPG Used

Side (Buy/Sell)

Default Order Type

Top Of Book Qty Bid / Offer Yes Click Bid to Sell Click Offer to Buy

Limit/Market (see Defaults)

Best Bid / Offer Price Yes Click Bid to Sell Click Offer to Buy

Limit/Market (see Defaults)

Bid/Offer buttons (B: / O:) NO Click B: to join Bid Click O: to join Offer

Limit

Market Depth on the Bid / Offer Yes Click Bid to Sell Click Offer to Buy

Limit

Price Slider on the Bid / Offer NO Click Bid to join Bid Click Offer to join Offer

Limit

Order Types supported: Limit and Market with optional Stop Loss and Stop Limit

Currency Panel / right-click menu

Right-click a Currency Panel to display this order entry menu.

• Select Create Entry Order to enter an Entry Order • Select Create Order to enter a Limit or Market Order • Select Simple OCO to enter a Simple OCO order

Menu Bar: Buy /Sell Buttons

Clicking the Buy button or Sell button on the Main Menu bar will activate the Create Order dialog. Order type and TIF come from the Trading Settings. If the Buy button is clicked, the Create Order dialog will display initialized as a Buy order with price set to the inside offer. Quantity is set the default quantity of the Panel in focus.

Menu Bar: Entry Button

Click the Entry button to display the Create Entry Order dialog and enter an Entry Order.

Menu Bar: Trading | Orders

On the Main Menu bar, click Trading | Orders, then: • Select Create Entry Order to enter an Entry Order • Select Simple OCO to enter a Simple OCO Order

Menu Bar: Trading | Dealing Rates

On the Main Menu bar, click Trading | Dealing Rates, then: • Select Create Entry Order to enter an Entry Order • Select Create Order to enter a Limit or Market Order • Select Simple OCO to enter a Simple OCO order


6.4 Order Entry Dialogs Shown below are the dialogs used to submit orders.

• Create Order dialog • Create Entry Order dialog • Simple OCO dialog

The following fields are displayed on each order entry dialog:

1. Account # 2. Symbol 3. Rate

The “Rate” fields, in each of these dialogs, will be continually updated with the current rates.

This field will stop being updated when it is clicked to set the rate for a Limit order. Updates will resume if the order type is changed to Market.

Create Order

Order Types supported: • Limit • Market

With optional Stop and Limit Entry orders.

Current Inside Bid and Inside Offer


Create Entry Order

Order Types supported: • Entry Stop • Entry Limit

With optional Stop and Limit orders.

Simple OCO

Order Types supported: • Entry Stop • Entry Limit

With optional Stop and Limit orders.

Current Inside Bid and Inside Offer

Current Inside Bid and Offer


7 Order Types – Examples This chapter contains examples of the supported order types.

7.1 Limit Order In this example, a Limit order is entered by clicking on the Currency Panel.

Begin by clicking on the Offer price on the Currency Panel.

The Create Order dialog will display and will be populated with values based on your Trading Settings and where you clicked.

Since the Currency Panel Offer price was clicked, the Create Order dialog was populated as shown:

• Account default account for this login ID • Symbol value from Panel clicked • Side Buy because the best Offer was clicked • Amount value from Currency Panel • Rate best offer from Currency Panel • Order Type value from Trading Settings • TIF value from Trading Settings • Slippage value from Slippage Settings

Review all values and make changes as desired. Click OK to submit the order

*If Order Type is Market, Rate and Slippage will be grayed out and their values will not be used.

The order and related executions will display in the Orders Window.


7.2 Market Order

A Market order is an order that does not have a limit price and will execute at the best price available. These orders typically always execute. An exception would be a Market Order with a Time In Force (TIF) of IOC (Immediate or Cancel). When the TIF is IOC, an order for a large quantity may partially execute before it expires.

Market Orders can be entered in one of the following ways:

1. Click on the Currency Panel – this is the quickest and simplest method. 2. Click Sell or Buy button on the menu bar. 3. On the Main Menu, click Trading | Dealing Rates | Create Order

The example below demonstrates entering a Market order by clicking on the Currency Panel with “Trading Mode” set to Default. This is denoted by the icon. To begin, click on the Offer price at the Currency Panel The Create Order dialog displays because “Trading Mode” is set to Default - denoted by the icon .

Since the Offer was clicked, the side of the order is initialized to BUY.

Order Type and TIF will be populated using your default Trading Settings.

• Set Amount to 5m • Set Order Type to Market • Click OK to submit the order.

Note - With Market orders, Rate and Slippage

fields are grayed out.


7.3 Entry: Limit Entry (LE) Two types of Entry orders are supported:

• Stop Entry orders • Limit Entry orders

A Limit Entry order is an order to buy below the current market rate, or sell above the current market rate. A Limit Entry order can only be filled at the requested price or at a better price.

Create and submit an entry order as follows:

Click the Entry button on the Tool Bar (you can also right click a Currency Panel and select “Create Entry Order” from the right-click menu) The Create Entry Order dialog will display.

Enter values: Sell/Buy check BUY (Buy is the default) Amount enter an amount (the default comes from the Panel) Rate enter a rate below (less than) the current inside offer. TIF select a value Click OK to submit the order.

When the offer drops to 1.34634, this order will become active and will have a limit price of 1.34634.


7.4 Entry: Stop Entry (SE)

A Stop Entry order is an order to buy above the current market rate, or sell below the current market rate. Stated another way, buy when the price goes up or sell when the price goes down.

When the rate of your entry order is reached, the order is triggered and becomes active and will execute as a Market order.

After clicking on the Entry button, “Create Entry Order” dialog will appear and will be pre-populated based on your trading settings. Update the information as desired or click to submit the order as is.

1. Account - select the account to be traded on. This is

only applicable if you are trading in more than one account.

2. Symbol - Select a currency pair. This will default to the Symbol currently in focus in the Dealing Rates Window. Optionally, select another currency from the drop down box

3. Side – Check BUY 4. Amount - Select the amount you are buying or selling,

Amounts are expressed in thousands. 5. Rate – When entering a STOP order, enter a rate that is

above the inside to trigger the order. 6. TIF – select a value.

Click the “OK” button to submit the order. The order will display in the “Orders window and will become active when the trigger rate is reached. In the example below, note that the order executed at 205, above the trigger rate of 204, because Stop orders become Market orders when the trigger rate is reached.


7.5 Limit + Attached Limit (Buy Limit + Sell Limit)

In this example a Buy Limit order is submitted with an attached Sell Limit order.

The purpose of the attached Sell Limit orders is to close the position created by the Buy order.

The goal of this trade is to Buy at a price of 1.35900 or better, then Sell when the price moves to 1.35950 More about these orders: • The Buy order is the Parent order. • The Sell order is called the Child order. • The quantities for both orders will always be equal. • If the Parent’s quantity is modified, the child’s

quantity is automatically changed to match the parent’s.

• Child orders o can only execute after the parent executes o price can be modified

The two orders are shown in the Orders window below.


7.6 OCO Entry Orders

OCO stands for “One Cancels the Other”. An OCO order is always a set of 2 paired orders. The two orders can be two Buys, two Sells or one buy and one sell.

When one order begins to execute, the other is canceled.

“Simple” OCO Orders offer you a way to submit 2 linked Entry Orders in the same currency pair with just a few clicks.

Create a Simple OCO Order

• Right-click on the Currency Panel that you want to trade, and choose Simple OCO from the menu.

The Simple OCO dialog will display – Enter Order Parameters:

• Amount - enter an amount. Initially the same value is used for both orders. After entry, each order can be modified independently.

• Side select a side (buy or sell) for Order#1 and Order#2 • Rate enter a rate for each order • TIF select a TIF (DAY or GTC)

In this example the two 3m EUR/USD Sell and Buy orders are linked as OCOs. When you click OK, your OCO orders will display in the Orders window.

Sync Rates - The “Sync Rates” box is checked by default. When the "Sync Rates" box is checked, and you change either of the entry order prices, the software will automatically determine what the other entry order’s price should be. If your order is for a Buy and a Sell, the software will set the 2 entries an equal distance from each side of the current market price, and link them as OCO.

. When the "Sync Rates" box is NOT checked, you can enter whatever values you wish for each order.


Some Uses for Simple OCO Orders

Simple OCO orders are well suited to taking advantage of range breakouts or pullbacks in a trend. For example, before an important news event, the market will often move sideways in a range. When the news is released, the price could break to the upside or to the downside. If you are expecting a break in either direction, you could place a Simple OCO order to buy above the range and to sell below the range.

When a currency pair is trending, the price will often pull back within the larger move of the uptrend, while other times, the price will break support or resistance and continue its trend. You can set the OCO order to buy above resistance and to buy at the trendline.

Modifying an OCO Order

• Modify an OCO order at the Orders window by clicking on the Amount or the Rate. • Alternatively, right click on the OCO order in the Orders window and select one of the

“Change” options. • The Amount and Rate of each order can be modified independently of the other.


8 Canceling Orders Cancel orders from the Orders window as follows:

1. Click the Cancel All Orders button

2. Click the Cancel Non-Stops button 3. Right Click the order and select Cancel Order from the menu.

*When a parent order is canceled, its child order will be automatically canceled by the system.

After initiating a Cancel order action, a confirmation message will display.

NOTE When canceling orders with “Trading Mode” set to One-click or Double-click,

NO confirmation message will display.

The icons display to alert you to your trading mode.

Cancel Order options will be inactive and grayed out if the selected order(s) are Filled and can’t be canceled.

8.1 “Cancel All Orders” Button

To cancel all open orders, click the Cancel All Orders button.

At the confirmation dialog, click Yes to cancel orders.

Orders will be canceled and their status will be changed to “Canceled”

8.2 “Cancel Non-Stops” Button

To cancel all “Non-Stop” orders, click the Cancel Non-Stops

button. At the confirmation dialog, click Yes to cancel orders. All orders, except STOP orders, will be canceled and their status will be changed to “Canceled”


8.3 Cancel via Right Click Menu

An example of canceling an order using the right-click menu is shown below.

Right click the order to be canceled

From the right-click menu select Cancel Order

The confirmation dialog will display.

Click YES to cancel order# 13764650

8.4 Cancel “Selected” orders via Right Click Menu

Canceling selected orders is also supported as follows: 1. Select orders to be cancelled by control-left-clicking them – the selected will be shaded

indicating that it is selected. 2. Right click the Orders window and select the Cancel Order option 3. Click YES at the confirmation dialog to cancel the selected orders


9 Modify Order (Price, Quantity, Trade at Market) Orders are modified from the Orders window.

To modify an order at the Orders Window, do one of the following: • Right-click the order and select “Change Stop” to modify the rate of a “Stop Order” • Right-click the order and select “Change Limit” to modify the amount and/or rate of a Limit

Order” • Left-click on the order’s “Amt” or “Rate”. These values will be framed indicating that they can

be modified. Other Notes:

• Once an order is partially filled, only Price can be modified.

9.1 Modify Orders: Right-Click Menu

When using the right-click menu, you will notice that only valid options are active. For example, if you click an order that it filled, the Change options will be grayed out and not available because “Filled” orders can’t be modified. Other Notes:

• Once an order is partially filled, only Price can be modified. • The “Trade at Market” option cancels the selected order and replaces it with a Market Order

using the TIF of the original order. • The “Change Stop” option functions identically to “Change Limit” but applies to Entry Orders.

1. At the Orders window, right-click the order to be modified

2. The Right-Click menu will display 3. From the right-click menu, select “Change Limit”

4. The Change Entry Order dialog will display. 5. At this dialog, the price and amount can be changed. 6. When done, click OK to submit the changes. 7. The order will be updated in the Orders window.


9.2 Modify Orders: Click Amount or Rate

In this section, open orders are modified by clicking the order’s Amount or Rate field in the Orders window. Example: Left-Click Amt or Rate

1. At the Orders window, left click the Amt or Limit Rate or Trigger Rate of the order to be modified. (these values are ‘framed’ indicating that they can be modified)

Orders Window

2. The Change Entry Order dialog will display. 3. At this dialog, the price and amount can be

changed. 4. When done, click OK to submit the

changes. 5. The updated information will be reflected

in the Orders window.

NOTE

For child orders, only the rate can be modified, the amount can’t be changed. Also, if the amount of the parent order is modified, the amount of the Child order is also modified to be equal to that of the parent.

Modify a Child Order


10 Closing Positions from the Positions Window A position is closed by executing a trade on the opposite side of your position. For example, if you buy 500k of EUR/USD you have a long position of 500k. To close this position, you would sell 500k EUR/USD.

Close Positions as follows:

• Close a Single Position - to close a position for a symbol, right click on a position in the Positions window and select “Close Position” from the right-click menu.

• Close all Positions - right click on the blotter area of the Positions window and select “Close All Positions” from the right-click menu.

When closing Positions from the Positions window, positions of the same symbol (currency pair), will always be closed out on a first in first out basis. An example of closing positions would be:

1. Execute 3 trades in this sequence: 1st Buy 100k, 2nd Buy 200k and 3rd Buy 300k 2. Now close part of this long position by entering a Sell order for 100k. 3. The Sell order will close the position created by the 1st buy order

NOTE

Zero Positions: A “Zeroed” position can’t be closed. To close a “Zeroed” positions, first ‘remove’ the Zero Position view, then close the position. At the Positions window, positions are ‘zeroed’ using the right-click “Zero Position” feature.


10.1 Close a Position – Example

When closing a position, you can close all or a portion of your position. Closed positions are removed from display in the Positions window. Example

• Begin with a long position of 1m. • Right-click on any part of the parent row in the Positions window and select “Close Position” from the

right-click menu. If you don’t click on the parent row, the Close Position menu choice will not be active.

The Close Position(s) dialog will display populated with the amount needed to close the selected position. Change parameters as desired. Click OK to submit the order. NOTE: • The position will not be closed if the amount entered is less than

your position. • Amounts entered greater than your position will not be accepted. • While the Amount field only lists values less than or equal to your

position, it does permit the entry of larger values.

The sell order for 400k reduced the long position from 1m to 600k.

After the position is closed, the Positions window will display as shown.

Right-Click the parent row of the position to be closed.


10.2 Close All Positions

All open positions can be closed from the Positions Window using the right-click “Close all Positions” option.

Close all open positions as follows:

1. Right-click on any part of the Positions window blotter

2. Select “Close All Positions” from the right-click menu

3. At the Close All Positions dialog, enter an Order Type and Time In Force

4. Click OK to submit the order(s).


11 FXCM PRO’s ECN Pro Trading Application (Window) This section provides a detailed description of the ECN Trading application main window shown below. Key points for this window are:

• After logging in, the application will display as shown below. This is the default display. • Trading settings and how your windows are displayed is easily configurable. • All windows display within this window

Menu Bar

Count of subscriptions

to market data

Login

ID

The Layout in

use

Title Bar Toolbar


11.1 Bars: Title Bar, Menu Bar and Toolbar

The Trading Application has three bars: • Title Bar • Menu Bar • Toolbar

11.1.1 Title Bar – Lists: Trading Mode, Layout, Profile, TOB setting

The title bar displays the following information.

• Trading Mode (Default, One-Click or Double Click) • Layout • Profile • Top of book setting (Show Actual or Show User Defined Quantity)

Menu Bar

Toolbar

Click to disable trading.

Click a 2nd time to restore trading. Title bar


11.1.2 Menu Bar

• System - Click System to display a menu of choices:

o Logout logout and display the Login dialog o Change Password displays Change Password dialog. Passwords must be at least 6

characters long, consist of: letters, numbers and a special character. o Options display the Options dialog o Exit logout and close the application

• View - Click View to display a menu of choices: o Full Screen display the Trading Station in Full Screen mode. Hit the Escape key to

exit Full Screen mode. o ToolBar select Icons or Buttons+Text o Profiles Select to Open / Save / Manage Profiles o Default Layout select to restore the default layout. o Display windows or Blotters:

Advanced Dealing Rates Accounts Orders Positions Actions Messages

• Trading - Click Trading to display a menu of choices: o Accounts (Combined Account Statement report)

Reports o Dealing Rates (order entry options)

Create Entry Order Create Order Simple OCO Trading Settings

o Orders (order entry options) Create Entry Order Simple OCO

• Charts Feature not available at this time • Layout - Click Layout to; Create, Rename, Remove, Import, Export

• Help - Click Help to display options; o View Log – option to export to a file a record of your trading activity o About – select to display ”About FXCM PRO ECN” information


11.1.3 Toolbar The tool bar an be dislayed as buttons or as icons. Click View | Tool bar to select how you want the bar displayed.

Toolbar displayed as buttons

Toolbar displayed as icons

Toolbar buttons are described below.

• Sell and Buy buttons Click “Sell button” to create a Market or Limit order to sell (default trading values are used) Click “Buy button” to create a Market or Limit order to buy (default trading values are used)

• Stop/Limit Feature is not available at this time

• Close Feature is not available at this time • Entry

Click the “Entry” button to display the “Create Entry Order” dialog. Use this dialog to enter an “entry” order to buy or sell a currency pair at a future price. The “Entry Order” dialog will default to the currency pair currently highlighted in the “Advanced Dealing Rates” window.

• Trading Settings Use the Trading Setting dialog to set default trading parameters when trading from the Currency Panel. Trading settings include: order type (Limit or Market), Time In Force (TIF), and trading mode. In default mode, the Create Order dialog displays and the trader must click OK to submit the order. In one-click and double-click modes, the order submitted without displaying the Order Entry dialog. See “Trading Settings” in the Customize section for more details.

• Report Clicking on the “Report” button causes the “Report Parameters” dialog to appear. The “Report Parameters” box allows you to specify the time period for which you would like to view all account information. In addition to entering specific dates, you are also able to generate a report for all trade activity in the account by checking “Since Open” and “Now”

The report function allows you to view your account status and activity, on a daily, weekly, monthly or yearly basis. This report presents, in a format ideal for printing, key account information, such as records of floating positions and completed trades.

• Research Feature not available at this time

Tool Bar - Icons


• MyFXCM Feature not available at this time

• Create Layout Click Create Layout to create a “Layout” using the Create Layout dialog. A Layout is the way you configured your ECN Application to display including the size and locations of screens.

• Charts Feature not available at this time

• Disable Trading Click to disable trading functionality. When clicked, the button will be re-labeled “Enable Trading”. While trading is disabled, price updates will be received, but trading functionality, including canceling and modifying orders will be disabled.


12 Windows Overview Within the application are windows that display information regarding your trading activities. This section describes each window.

Click View to list the available “Windows”.

Windows that are checked are open.

Windows not checked are not open.

Note that each can be displayed and customized.

Functionality Common to each Window Right Click Menu options common to all windows.

• Copy All • Copy Selected

From each window, “All” or selected rows of displayed data can be copied and ‘pasted’ into an application like Excel. Additional right-click choices specific to each window are described in the window’s section. Sorting Left-click a field in the heading to sort by that value. Each click changes the sort from Ascending to Descending or Descending to Ascending. Select fields to Display Right-click a field in the heading and select Columns List to display the Customize Table Columns dialog. Change the order of display Left-click a field (column heading) to be moved and drag it to a new destination. Close a Window Click the located on the window’s tab to close the window. Count of Entries Displayed within the window The tab of each window contains the name of the window and a number within parenthesis. This number is the

count of rows of data or Panels within the window. For example, , shows there are 2 rows in Orders window and 1 row in the Accounts window.


13 Windows This section documents the windows that can be displayed within the FXCM Pro ECN Trading Application.

Click View on the Main menu bar to list and select windows for display.

Windows that can be displayed are: 1. Advanced Dealing Rates 2. Accounts 3. Orders 4. Positions 5. Actions 6. Messages

The Currency Panel, while not technically a window, is documented in this section.

Opening windows from the View Menu • Click the window to display • The window will display and the window will be marked with a check mark

Closing windows from the View Menu

• Click a window that is checked ( ) • The window will close and the check mark will be removed.


13.1 Accounts The accounts window of the FXCM ECN Trading Application displays all pertinent account information and includes a real-time margin watching feature for Margin accounts.

Columns included in the Accounts window from left to right are: Account each account has a unique ID. If you have multiple accounts, for example you manage funds on behalf of several individuals, you will have multiple account IDs. The information for each account is maintained on a separate row. Balance the value of funds in the account without taking into consideration profits and losses on open positions. Equity the “floating” value of funds in the account, including profits and losses on open positions. If you were to close all open positions, the account’s Equity would become the account’s Balance, as this “floating” value would then be “locked in.” Day P/L Day P/L includes the profit and loss for the day’s trading session from 17:00 New York Time. This will display only the trading activity, no deposits and withdrawals. This is a great risk management tool to allow you to keep track of your trading session profits without having to run reports. UsdMr (Used Margin) the amount of account equity currently committed to maintain open positions. Used Margin can be thought of as the trader’s deposit on the open position. The account must maintain AT LEAST this amount for open trades to remain open. UsblMr (Usable Margin) the amount of account equity that is not currently being committed to maintain open positions. Usable Margin should be thought of as 2 things: (1) The amount available to open NEW positions and (2) The amount that EXISTING positions can move against you before you receive a margin call and all positions are immediately closed at the next available price. Usable Margin + Used Margin = Equity Usble Mr% shows the usable margin as a percentage of available equity. This enables you to track your margin in real time Gross P/L the gross profit or loss of your open positions. MC (Margin Call) In the margin call box, there will be a Y (yes) or N (no). If Y appears, the usable margin reached zero and 1ions in the account were closed because there were insufficient funds. Type Maintenance type Combined Account Statement Create the “Combined Accounts report as follows:

• right-click the Accounts window and select Report • click the Report button located on the Main Menu bar


13.1.1 Accounts Window - Margin Call In the example below, Margin Call has been triggered for the Account.

When Margin Call is triggered, a message displays and while it is active, the Accounts window column MC is set to Y.


13.1.2 Accounts – Multiple Accounts For a trader configured to have multiple accounts associated with one login ID, the Accounts window displays as shown below.

Checking an account, sets that account as the default account for order entry.

If you check the Account box , all accounts will be checked.

Example – One Account Checked

In this example, the Create Order dialog displays with Account = 6100001914 because that is the account checked.

The account along with other values can be changed before submitting the order.

Example – Three Accounts Checked

In this example, the Create Order dialog will display with an order amount for each account.

Change amounts as desired and click OK to submit orders; one for each account.


13.2 Advanced Dealing Rates Most trading activity takes place at the Advanced Dealing Rates window. Its components are described in the table below.

Component Description

Displays the “Symbols Information” window shown below which lists information for the symbols subscribed to.

Click the down arrow to list and select a Market Depth view.

Click the spin controls to set the Market depth which can be displayed below a Currency Panel.

This is the default order type and Time in Force (TIF). This only displays when in One-Click or Double-Click modes.

Slippage is the pip amount added to the rate when entering Limit orders to create a new limit rate. See the chapter on Slippage for full details.

Use this dialog to select symbols. When a Symbol is selected, a Currency Panel is opened for that symbol.


The FXCM Trading Application contains live executable quotes for more than 50 currency pairs. Each Currency Panel in the “Advanced Dealing Rates” window shown above contains information about a specific currency pair, as defined by the currency pair abbreviations at the top of the box. For example, “EUR/USD” represents the Euro/U.S. Dollar.

• The first currency in the pair is referred to as the Base Currency • The second currency in the pair is the Counter Currency

The price you see for each currency pair is the exchange rate for that pair. The exchange rate refers to the amount of the counter (second) currency that can be exchanged for one unit of the base (first) currency.

Symbols Info Window (primarily used by Margin clients)

This window displays the information below for symbols for which market data is subscribed.

High The highest offer rate since 5:00pm ET of the previous day.

Low The low is the lowest the bid rate has touched since 5:00pm ET of the previous day.

Roll S and Roll B This stands for Interest Rate Buy and Interest Rate Sell.

• This is the amount in dollars per lot that you will pay/receive for positions that are rolled over. • At 17:00 EST/EDT, all open positions are automatically rolled over to the next settlement date. If you

have no open positions at 17:00 EST/EDT, even if you executed transactions during the previous 24 hours, there will be no rollover of positions.

Under the “Roll B” (Interest Rates Buy) column, • The amount in U.S. dollars per 1 lot buy (long) position is provided. • If there is a minus sign next to the number, the amount will be subtracted.

Under the “Roll S” (Interest Rates Sell) column, • The amount in U.S. dollars per 1 lot sell (short) position is provided. • If there is a minus sign next to the number, the amount will be subtracted.

Pip Cost The Pip Cost gives you the pip value for each currency in real time.

Note: clients are typically set up with a minimum trade size of 1k.

MMR The amount reflected in this column indicates the margin required to open a one lot position. The margin deposit will vary depending on which FXCM entity your account is with, and which currency pairs you are trading.


13.3 Currency Panel

The Currency Panel displays market data (quotes) for a Symbol (Currency Pair).

Opening a Currency Panel for a pair, subscribes to market data for that pair.

Entering orders is most commonly done from the Currency Panel.

Click to close this Panel

Current time – EST (NYC) Currency Pair (Symbol)

Click to select a different Symbol

TOB Quantity Bid (1M) and Offer (1M)

Value Date (for Day Netting Accounts) RollS and RollB for Margin Accounts

Market Depth Views • Standard View – shows all quotes at

each price level. In this example, there are 3 quotes at 181 for; 1m, 5m and 4m.

• Consolidated View – displays one entry at each price for the combined quantity.

• VWAP and Tiered VWAP* *See the Market Depth Views section for details on the views available.

Buttons: Enter Bid (B:) / Enter Offer (O:)

Default Order Quantity Box Click to list values or enter a new value

Market Depth Display Control Click to open/close the Market Depth

view.

Spread for this Symbol

Rate Slider Control Click to display the Price Slider

Slippage Control See Slippage section for details.

Click to toggle on/off

BBO – Best Bid & Best Offer


13.3.1 Currency Panel Quantity Field The Quantity field on each Currency Panel is used to set the Default Quantity for the Currency Panel. Opening a Currency Panel, subscribes to market data (depth = 10) for the selected pair.

To set the default Quantity, select a value from the list or enter an amount.

USD/JPY

Metal (XAU/USD)


13.3.2 MDS (Market Data Subscription) from the Currency Panel

For each instrument, it is possible to individually subscribe to certain levels of market depth.

To pick a market data subscription option for a symbol, click the “Subscription” icon on the Currency Panel and check the desired option.

Subscription options include:

• Top - The ‘Top’ option will only subscribe to Top of Book market data for the selected instrument (i.e. EUR/USD)

• Full - The ‘Full’ option will subscribe to the entire book of market data for the selected instrument, including all prices from providers and limit orders from other traders, as per the user’s configuration

• Depth - The ‘Depth’ option will have an additional selector box where the user can specify a number. This option will allow the user to subscribe to {x} levels of market depth for the selected instrument. Valid depth values are 1 through 100.

Notes It is important to note, that the MDS option selected on an individual price panel is directly related to the amount of Market Data the application will consume. The Global Market Depth setting will still be available and is only related to the amount of Market Data that will be displayed in the price panel ladder. Other key points:

• When there are multiple Currency Panels open for a specific pair, the last MDS option specified is applied to all Currency Panels for that pair even if they are in different Layouts.

• The default MDS setting is depth 10 • MDS determines how much market data is subscribed to • Global Depth determines how many rows are displayed • Global View determines the format of the rows displayed • Regardless of the levels of liquidity displayed on the GUI,

once an order is submitted it is eligible to trade against all available liquidity.

Global Market Depth Setting

Price Panel

Ladder

Global View


13.3.2.1 Currency Panel - Disclosed Feeds

The "Disclosed Feeds" feature is a configuration option that allows the receiver of market data to receive the Liquidity Provider (LP) name in the price message. As executions occur, the name of the LP provider can also be included in the FIX Execution Report message (35=8).

In the screen to the right, Liquidity Provider names display next to their quotes below the Currency Panel.

When Global View is Consolidated, and the amount at a price is made up of multiple LPs, the LP name will be “MULT”. To see all LPs at a price, set Global View to Standard.

To enable this feature, contact your Account Manager.

Global View = Consolidated

When the Global View is set to Standard, each quote is displayed.

In this example, there are two quotes on the offer at 361.

Global View = Standard


13.3.3 Disclosed Feeds – Summary of Behavior for FIX Sessions "Disclosed Feeds", also known as "Aliases", is a configurable feature which allows the receiver of market data to receive the Liquidity Provider (LP) name in the 35=X price message and in Execution Reports (35=8).

• If Disclosed Feeds=YES; 35=X message has LP name in tag:282 and 35=8 message has LP name in tag:375 • If Disclosed Feeds=NO; LP name is not sent and tag:282 and tag:375 are not displayed

For more information regarding this feature, see your account manager.

Summary of Behavior when Disclosed Feeds = YES

1) Market Data (35=X) • Tag:282 has the LP’s alias • If the LP has no alias, tag:282=UNDEFINED • When there are multiple quotes at the same

price, tag 282 displays the 1st quote’s alias

20151111-00:00:05.711 : 8=FIX.4.29=162 35=X 34=3 49=ECNTRADINGSERVER 52=20151111-00:00:05.711 56=pro7a 262=150317003745 268=1 279=0 269=1 278=607-1-1 55=GBP/USD 270=1.57402 15=GBP 271=44000 282=SIM1 10=22

If the LP does not have an alias, tag:282=UNDEFINED

2) Executions • Execution Reports for fills: tag:382=1 &

tag:375=LP Alias • For fills when the LP has no alias,

tag:375=UNDEFINED • NOTE: tags 382 and 375 are not reported

when there are no fills

20160211-20:17:43.833 : 8=FIX.4.2 |9=329 |35=8 |34=14 |49=xx |52=20160211-20:17:43.832 |56=traderj3 |1=1849 |6=1.5667 |11=JK_Ld1 |14=1000 |15=EUR |17=xx |20=0 |31=1.5667 |32=5000 |37=xx |38=20000 |39=1 |40=F |41=JK_Ld1 |44=1.66644 |54=1 |55=EUR/CAD |60=20160211-20:17:43.831 |64=20160216 |76=FXCM |110=0 |150=2 |151=100000 |382=1 |375=SM02 |8300=1 |10=023 If the LP does not have an alias, tag:375=UNDEFINED

3) Order Status Request (35=H) • fills - 1 LP tag:375=Alias • fills – multiple

different LPs tag:375=Multiple • fills – LP has no alias tag:375=Undefined • No Fills tag:375 not reported

20160211-19:07:45.912 : 8=FIX.4.2 |9=109 |35=H |49=traderj3 |56=xx |34=22 |52=20160211-19:07:45.961 |11=JK_aa1 |1=1849 |55=EUR/CAD |54=1 |10=194 | 20160211-19:07:45.914 : 8=FIX.4.2 |9=294 |35=8 |34=24 |49=ECNTRADINGSERVER |52=20160211-19:07:45.914 |56=traderj3 |1=1849 |6=1.5667 |11=JK_aa1 |14=2000 |15=EUR |17=0 |20=3 |32=2000 |37=44819360 |38=2000 |39=2 |40=C |41=JK_aa1 |54=1 |55=EUR/CAD |60=20160211-19:07:45.914 |64=20160216 |76=FXCMxx|110=0 |150=2 |151=0 |382=1 |375=SM02 |8300=1 |10=136 |

4) Order Status Request (35=H) • Execution Reports for fills from multiple

different LPs, have tag:382=1 & tag:375=”Multiple”

20160211-19:15:13.818 : 8=FIX.4.2 |9=309 |35=8 |34=66 |49=ECNxx |52=20160211-19:15:13.818 |56=traderj3 |1=1849 |6=1.13384 |11=JK_al02 |14=7000000 |15=EUR |17=0 |20=3 |32=500000 |37=44819611 |38=7000000 |39=2 |40=C |41=JK_al02 |54=1 |55=EUR/USD |60=20160211-19:15:13.818 |64=20160216 |75=20160211 |76=FXCMPRO |110=0 |150=2 |151=0 |382=1 |375=Multiple |8300=1 |10=034 |

5) Order Status Request ALL (35=H) LP name is not displayed in the 35=N response message

6) Cancel/Replace (35=G) Execution Report shows LP name in Execution Report (35=8 )


13.4 Currency Panel Pop Out support & Confirmation Window Currency Panels can now be clicked and dragged outside (Popped out) of the ECN Trading Application (Air version). Currency Panels can’t be ‘popped out’ of the web version.

Orders can then be entered from “popped out” Currency Panels while the Trading Application is minimized. When orders are entered while a Currency Panel is popped out, the Order Confirmation window will display your order’s status as shown below. The status of your order will also display in the Orders window.

Setup and Overview • Configure: First, enable Order Confirmation pop-out by clicking: System | Options | Trading Settings then

set Order Confirmation Pop Up to “Enabled” and specify the duration. • Pop Out Panels: Next, click and drag Currency Panels outside of the Trading Application • Minimize Trading Application (this is optional) • Execute trades: the Order Confirmation window will display for the configured duration • Other Notes:

o Order Confirmation window – displays order entry, execution and cancelation events o To return a ‘popped’ out Currency Panel to the Advanced Dealing Rates window, click the o When a Currency Panel is ‘popped out’, the ‘Bring to Front’ button will display on the Advanced

Dealing Rates window. This button has two functions: (1) it tells you that you have a Currency Panel popped out (2) clicking the ‘Bring to Front’ button repositions any Currency Panel that is behind a window to a position in front of that window

NOTE: Instead of minimizing the Trading Application, you can re-position it so only the menu bar displays.


13.4.1 Order Confirmation Window – Pop Up Support The Order Confirmation window displays when at least one Currency Panel is “Popped out”. The information in this window is a subset of the information in the Orders window and its purpose is to provide a snapshot of your order’s activity. This is especially useful when your Currency Panel is popped out and the Trading Application is minimized.

• This window will display if; the System Option “Order Confirmation Pop Up” is enabled and an order is entered from a popped out Currency Panel

• After an order has been entered from a popped out Currency panel, any order entry will activate its display.

• Order Confirmation window columns can be moved and customized • Canceling Orders is not supported from this window (use the Orders window) • Modifying Orders is not supported from this window (use the Orders window) • Sorting by column is not enabled • When the status of an order changes, the Order Confirmation window will display for the

duration specified under System|Options. The example below shows Currency Panels ‘popped out’, the FXCM Trading Application main window and the Order Confirmation window.


13.4.2 Configuring the Order Confirmation Window to Pop Up Configure the Order Confirmation Pop Up window as follows:

• Click System on the menu bar • Select Options… • At the Options dialog, select General Trading under Trading Settings Order Confirmation related options are:

o Order Confirmation Pop up: select enabled

o Order Confirmation Pop up Display Time: select a value between 1-120 seconds. This is how long the Order Confirmation window will display after it receives updated order information.

13.4.3 Order Confirmation Window Columns The columns available for display are shown in the screen below. The column values match those displayed in the Orders window. As with all windows, the columns displayed can be customized by right-clicking the heading and selecting Columns List. Changes made to the columns displayed are saved as part of your Layout.


13.5 Orders Window

The Orders window displays information about your orders. In addition to right-click options, this window has a menu bar with options to; Cancel All Orders, Cancel Non-Stops and a Trade Averager. These are described below.

Orders Window – Menu Bar Options

Orders Window Menu Bar

Description

• Cancel All Orders

Click the Cancel All Orders button to cancel all orders not fully executed. A confirmation message will display if the Default trading mode is in effect.

• Cancel Non-Stop orders

Click the Cancel Non-Stops button to cancel all orders not fully executed, except STOP orders. A confirmation message will display.

• Trade Averager

Displays the VWAP price for selected executed orders. Selected orders must be for the same symbol.

The number in parenthesis is the count of all entries in this window.


13.5.1 Trade Averager The Trade Averager displays the VWAP price for selected executed orders of a currency pair.

When using the Trade Averager, note the following:

• Left click to select a row in the Orders window • Shift-Click and Control-Click to select multiple rows • Selected orders must be for the same symbol • The Trade Averager (and Parent Row) will display rates with 2 extra decimals of precision (in

italics) in order to give traders additional pricing precision • A blank value will be displayed if invalid orders are selected • Valid selections include:

o Child rows from the same or different parents. o A child row and a different parent row o Two or more parent rows

• Invalid selections include: o A parent and child row for the same trade can’t be averaged o Child rows from different currency pairs

13.5.2 Slippage Column – Orders Window The Slippage column displays the “slippage” or the difference between the Limit Rate and the Filled Rate for Limit Orders.

Trade Averager The two rows below were selected to display the VWAP price shown.


13.5.3 Orders Window: Right-Click Options

The Orders window has the right-click options shown.

Right click an order in the Blotter to access these options.

Options are grayed out if they are not valid for the selected order. For example, if a FILLED order is clicked, the Cancel Order option is grayed out and not active.

Each option is described in the table below.

Right Click Menu Options

Description of Right-Click Option (Orders Window)

Clear Done Trades Removes trades from display that are filled or canceled. Orders removed from display can be restored by using the “Apply Custom Start/End Date” or by logging out and logging in. *Upon log in, all trades (even those cleared) for the day will be displayed. To use this option Right-Click the Orders blotter and select “Clear Done Trades”

Trade at Market This option is available for all orders, except Market orders.

When applied to an order, the order is canceled and replaced with a Market order using the TIF from the original order. No confirmation dialog displays.

To use this option Click an order and select “Trade At Market”

Change Stop Displays the “Change Entry Order” dialog and permits the Rate to be changed for Stop Entry Orders. The rate being changed is under the column “Trigger Rate”

To use this option Click a Stop order and select “Change Stop” or click the “Trigger Rate”

. Change Limit Displays the “Change Entry Order” dialog.

The Amount and Rate can be changed. Cancel Order Cancels an active order.


Right Click Menu Options

Description of Right-Click Option (Orders Window)

Apply Custom Start/End Date

and

Remove Custom Start/End Date

“Apply Custom Start/End Date” allow you to display orders within a specified date range. When custom start/end dates have been requested, the orders display will be italicized and the date range entered will be displayed on the Orders tab.

To remove the custom dates, right-click and select “Remove Custom Start/End Date”. You can also select “Apply Custom Start/End Date” again and enter a new date range.

Copy All Copy all information from the Order’s blotter. This information can then be pasted into a “Word” document or an Excel spreadsheet.

Copy Selected Copy selected rows from the Order’s blotter and make it available for pasting.

Expand All Display child orders for an order with multiple executions

Collapse All Display only the parent order


13.5.4 COLUMNS: Orders Window The ‘columns’ that can be displayed at the Orders window are described below.

Keep in mind that you can select which columns you want displayed by right-clicking the heading and selecting “Columns List”. Columns can also be clicked and dragged to a new location.

Orders Column Description 1. Account Account # assigned by FXCM 2. Amt Order amount (quantity) 3. Buy/Sell Side of order 4. Counter Amt Counter Amount is calculated as follows: Counter Amt = (Filled Amt) * (Filled Rate) 5. Commissions < field not used > 6. Dealt Currency First currency in pair. 7. Expiry Time in Force for the order. Valid value are: IOC, DAY, FOK, GTC 8. Expire Date Displays the expiration date for orders with TIF = DAY

A date is not displayed if TIF = IOC, FOK , or GTC 9. Filled Amount Executed amount 10. Filled Rate Rate at which the order executed 11. Limit Rate The limit price 12. Order ID FXCM assigned value 13. Order Date/Time Date and Time order entered 14. Slippage Slippage is the difference between the Limit Rate and the Filled Rate for Limit Orders.

There is no slippage for Market orders because they do not have a limit rate. 15. Status Order Status Values include:

Filled the order was fully executed Waiting the order is resting Pending an potential execution is awaiting confirmation Partially Filled order has not fully executed

16. Symbol The currency pair - EUR/USD 17. T Order Type 18. Trader Trader value assigned by FXCM 19. Trade Date/Time Date of Trade 20. Trigger Rate Rate for Stop orders 21. Value Date **This field only displays for a “DAY Netting” Account.

It is the Date the order will be “netted”. This value comes from the Banks. It is usually 3 days from the current day. The date from the bank displays in the Orders window, the date on the Panel is different – it comes from the Database

The “Value Date” date displayed on the Currency Panel is an approximate date generated for reference only.


13.6 Positions Window

The Positions window displays information about your positions.

Day Netting Account

For Day Netting accounts, both Buy and Sell positions are displayed.

Margin Account

For Margin accounts, only the net position is displayed.

Positions Window: Right Click Menu

Right-click anywhere on the Position window’s blotter to display the right-click menu.

To use an option, right click an order in the Blotter and select the option.

Options are grayed out if they are not valid for the selected order. For example, if a selected item is already expanded, the “Expand All” option will be grayed out and not active.

Closing Positions Select a Close Position option to close a position or to close all positions.

See the “Close Positions” chapter for details.


13.6.1 Zero Position The “Zero Position” feature temporarily removes the selected position from display. After “Zeroing” a position at the Positions window, new trades will create a position without taking into consideration the existing position. When “Zero Position” is reversed, existing positions are restored and combined with the new position.

The Zero Position feature is not enabled for Margin Accounts.

The example below demonstrates the Zero Position feature at the Positions Window 1. Begin with the Position below (EUR/USD is 6.6m Short)

2. Right- click the position and select “ZERO Position” (EUR/USD now shows no position)

3. Enter orders: Buy 2.5m, and Sell 1.0m (EUR/USD is 1.5 Long)

4. Right-click and select “Zero Position-Remove” to see your Position

The original Position was 6.6m Short.

Add the new position of 1.5m Long to 6.6m Short to get 5.1m Short.


13.6.2 COLUMNS: Positions Window The ‘columns’ that can be displayed at the Positions window are described below. Keep in mind that you can select which columns you want displayed and their location within the heading.

Positions Column Description

1. Symbol Currency pair (EUR/USD, EUR/JPY, …)

2. Direction Long or short

3. Amt Amount of position

4. Average Rate The weighted average rate paid for the position

5. P&L Realized Field for Day Netting accounts (not for margin accounts) Margin customers can use the Combined Account Statement or Closed Positions window for this information.

6. P&L Unrealized The profit or loss if the position is closed.

7. Market Rate Current market rate. For a Long position, the current market rate is the inside bid. For a Short position, the current market rate is the inside offer.

8. Roll For Margin clients

9. Comm <field not used>

The screen below shows a position of 200k bought at 1.09332. If the position is closed at the current market price, there would be a loss of 34.00.


14 Windows - Miscellaneous This section documents windows which are not used as often as the Orders, Positions and Advanced Dealing Rates windows.

14.1 Window: Actions

A record of your trading activity is displayed at the Actions window. In addition, this record of actions can be exported to a file which can be used to analyze trading activity.

Actions recorded include: • Order entry • Order cancelation • Order modification • Trade mode (Default, One-click and Double-click) • Symbol subscription (opening a Currency Panel) • Change Order requests that failed because the order filled

The format of actions recorded is as follows:

Order Entry: “Order Type” (Symbol, Side, Quantity, Rate, TIF, Account, Slippage (if limit order), Trading Mode )

Cancel & Change Order Order Type, Order ID, Symbol, Side, Quantity, Rate, TIF, Account, and Trading Mode.

Right Click Options – NONE


Export Actions to a File

Follow the steps below to export ‘actions’ to a file.

Left-click Help on the main menu bar Select “View Log” from the menu.

The “Select Location” dialog will display. At the Save in field, enter a location. (in this example Desktop was entered) Enter a file name and click Save. The file SampleLog01.txt will be saved to your desktop.


14.2 Window: Messages

This window displays messages generated by the system.

To display the message box associated with the entry in the Messages window do the following:

• Right-click the entry in the Messages window

• Select View Message from the right-click menu

This message is reporting that a Limit order with a Time In Force of FOK (Fill or Kill) could not execute.


15 Reference This section documents features not documented in earlier sections.

15.1 Account Type: Margin - Positions

The examples below show the behavior of the various “Positions” windows with a Margin Account.

When trading with a Margin account, all windows accurately reflect trading activity because trading is done on margin held by FXCM.

Positions Windows – Margin Account Positions Window Begin with trades: Sell 1m. • Close Position options

are active: o Close Position o Close ALL

Next, enter a SELL 200k order – Position changed from 1m long to 800k long

15.2 Account Type: Day Netting

When trading with a Day Netting account, use the Positions window and Orders window blotter to monitor trading activity. Note, the Currency Panel for Day Netting accounts displays the Value date.

The examples below show the behavior of the various “Positions” windows with a Day Netting Account.

Positions Windows – Day Netting Account Positions Window Begin with trades: Buy 1m, Sell 600k 400k long

Next, Sell 100k

• Close Position options are

active o Close Position o Close ALL

After the SELL 100k order executes – long position is reduced from 400k to 300k


15.3 Default Layout The first time you log in, the application will display as shown below.

• Slippage is set to 0.1 and the same value is by default applied to all Symbols. • Trading mode is set to Default meaning that the Order Entry dialog will display when orders are

entered and a confirmation is required to submit the order • The default quantity for each Symbol is 100k • The default Order Type and TIF are Limit DAY

Restoring the Default Layout Click View and select Default Layout to restore the default Layout. The restored Layout restores the windows and positions shown below. It does not change the Currency Panels displayed, Slippage values, Trading Settings, nor TOB quantity settings.


15.4 Disable Trading Button

Click the Disable Trading button to temporarily disable trading functionality.

When clicked, the button will be re-labeled Enable Trading . While trading is disabled, price updates will be received, but trading functionality, including; order entry, canceling and modifying orders will be disabled. To re-enable trading, click the Enable Trading button.

15.5 Margin

Margin can be thought of as a good faith deposit required to maintain open positions. This is not a fee or a transaction cost, it is simply a portion of your account equity set aside and allocated as a margin deposit. Margin requirements (per 10K lot) at FXCM are determined by taking a percentage of the notional trade size plus a small cushion. A cushion is added to help alleviate daily/weekly fluctuations.

Why trade on margin?

Trading on Margin (Trading with Leverage*) is a common attraction of the forex market. It allows you to open trades that are larger than the capital in your account.

* Leverage is a double-edged sword, and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange with any level of leverage may not be suitable for all investors.


15.6 Market Depth View Global Market Depth View is a configurable option which defines how market data is displayed beneath each Currency Panel. The selected VIEW is applied to all panels.

Descriptions of each “View” are provided below. Standard View

In this view, each quote at each price is shown. At the right are:

• Three quotes at the Bid for 1.0m, 2.0m and 5.0m at 114 • Two quotes at the Offer for 1.0m and 2.0m at 128

Consolidated View In this view, one quote is displayed at each price. The amount is the aggregated amounts of all quotes at this price. VWAP View In this view, a cumulative amount is shown at each price level. See “VWAP Rate Definition” for details regarding the rate displayed. Tiered VWAP View VWAP prices with standardized volume breakpoints, plus a user-defined breakpoint (defined by the value in the Currency Panel quantity field)

Market Depth Views: At the Advanced Dealing Rates window, click on this control to select a Market Depth View.


15.7 Metals

For precious metals, the default trade quantity list is customized to reflect typical metals trade sizes. Also, the market depth amounts are displayed as “Amt(K)” meaning 1k increments. This scales the quote size to metals better and allows more precision in determining available liquidity.

The examples below show how the Currency Panel treats amounts entered.

Amount Entered Value Displayed on Currency Panel

55 55 5000 5K 99k 99k 123,567 123,567 5.5 If a fractional amount is entered, the system displays an error message - “Amount

must be a number that can be evenly divided by 1”

Amount Field

• Value must be greater than 1 • Fractional values like 9.5 are not

permitted • Value must be < 1,000,000 • In this example, the order amount

is 50. To place an order for 50k, enter 50,000 or 50K.


15.8 Options Dialog – Trading Settings

Use the Options dialog to configure features such as “Panel TOB quantity” and the display format of the default quantity on the Currency Panel.

To change a setting, select and new value and click OK or Apply.

This dialog also has a “Reset to Defaults” button.

To display the Options dialog, click System |Options.

General Trading Options

Selectable Choices Click to list and select an option. In this example, options for Panel TOB quantity are:

• Show Actual • Show User Defined Quantity


15.9 Options Dialog – Trading Settings – Amount Field Format

The format that determines how amounts are displayed is set at the Options dialog.

Access the Options dialog as follows:

• Click System |Options | General Trading • Under General Trading, double click the area to the right of “Amount Field output format” • Format options will display as shown below.

The table below shows how amounts and “Counter Amt” are displayed using each format.

Amount

Format “FULL Amount”

Format “Amount(K) with decimal part”

Format “Short Amt”

5,000 5,000 Ord Amt 6,818 Ctr Amt (EUR/USD) 511,064 Ctr Amt (USD/JPY)

5 Ord Amt 6.82 Ctr Amt (EUR/USD) 511 Ctr Amt (USD/JPY

5k 6.82k Ctr Amt (EUR/USD) 511k Ctr Amt (USD/JPY)

NOTE

If you plan to use the right-click “Copy ALL” option to copy trading data for use outside of the ECN Trading Application, it is recommended that you first set your Amount field

output format to “FULL AMOUNT”. Short Amount

Amount (K)

Full Amount

Double-click here to list format options.


15.10 Options | Confirmations Dialog

By default, all confirmation messages are configured to display. This is the recommended behavior.

To display the Confirmations dialog, click System | Confirmations on the Main Menu Bar.

To change a setting, check or uncheck the option and click OK or Apply.

This dialog also has a “Reset to Defaults” button.

Example - Message

This message will display when an order could not be executed. In this example, the LIMIT order did not execute because it had a TIF of FOK (Fill or Kill) and an order quantity of 10m.

If you check the box “Don’t show popup messages of this type” and click OK, the system will:

• Not display messages like this • Uncheck the “Market Condition” check box in the

Confirmations dialog shown above.

To have these messages display, go to Confirmations dialog and check the Market Condition box.


15.11 Per Pip Cost

The Pip Cost displayed on order entry dialogs gives you the pip value for each currency in real time. The rules for calculating the per pip value are: USD is Base Currency

• Pip Cost = Amount * Rate o i.e. USD/JPY = 100,000 / 103.080 = 9.70

USD is Counter Currency

• All of the currency pairs where the USD is not the base currency, i.e., EUR/USD, AUD/USD, GBP/USD, NZD/USD will have a fixed pip value of $1/$0.10 per pip.

o i.e. EUR/USD = 100k = 10.00 o i.e. EUR/USD = 500k = 50.00

15.12 Reports – Combined Account Statement Report

The FXCM ECN Trading Application offers up to the minute account statements. Account Statements can be accessed directly for the platform and run for time frames ranging from the date your account was opened through the current trading day.

To generate a report left click the “Report” button located at the top right of your screen:

At the Report Parameters dialog, enter:

• Account • Dates • Format:

o HTML o PDF o Excel

The output will be the Combined Account Statement as shown below.


Margin Account – Combined Account Statement


Day Netting Account – Combined Account Statement


15.13 Rollover (Margin Clients)

Conventionally, 17:00 New York Time is considered the end of the international trading day, so when you hold open positions through 17:00 New York Time you have technically held them overnight. As a service to our clients, positions are automatically rolled over every day at 17:00 New York Time to prevent physical settlement. When rolling positions overnight, rollover interest is either added or subtracted from your account.

Every currency you buy or sell has a certain overnight interest rate associated with it. The interest amount varies based on the interest rate differential between the two currencies you are buying and selling, and fluctuates day to day with the movement of prices. These rollover rates or swap rates are determined at the Interbank level based on money market rates.

For instance, on any given day, the rollover can be $0.26 per lot for GBP/USD and $0.80 per lot for EUR/USD. For day traders that never hold a position overnight through 17:00 New York Time, rollover will not affect trading.

17:00 New York Time, funds are automatically subtracted or added to accounts with open positions because of the automatic rollover.

Note: For positions that are open on Wednesday and held overnight, the amount added or subtracted to an account as a result of rolling over a position tends to be around three times the usual amount. This "3-Day" rollover accounts for settlement of trades through the weekend period.

For a complete monthly rollover schedule, visit www.DailyFX.com. A link to the current month’s rollover schedule is located under the Economic Calendar section: http://www.dailyfx.com/calendar/rollover_calendar/

http://www.dailyfx.com/

http://www.dailyfx.com/calendar/rollover_calendar/


15.14 Windows – Reposition (Click & Drag)

Windows can be repositioned vertically and horizontally using a technique similar to that used to reposition columns within a window.

Repositioning a window is done as follows: 1) Begin by left-clicking the tab of the window to be moved 2) Hold down the left click and drag the window 3) As you drag the window, arrows will appear and the tab of the window being dragged will display a

red X 4) When the tab is dragged to an arrow where it can be positioned, the changes to 5) Release the mouse click and the window will be moved

When practicing with this feature, it is recommended that you create a new Layout Also, the Default Layout can be restored by clicking View | Default Layout

Sample – Window being Dragged

In the screen below, the Orders window is being dragged to a new location.


Sample – Positions Window Repositioned


15.15 Version

The recommended browser for the FXCM PRO ECN Trading Application is Microsoft Internet Explorer. You will also need to have Adobe Flash installed to run the browser version of the application. Having the most recent browser and Flash version installed will help eliminate problems.

The new version of the Application is version 01.01.110813. Clients can verify the version of the Application by going to Help > About FXCM PRO ECN. They can also hit CTRL+ALT+F12 while the Application is in focus to activate the dialog shown here.

The new GUI should automatically download and run automatically. However, depending on the user’s browser settings, there is a chance that the browser has cached an older version of the GUI. If the user does not see the new GUI, they should hit the F5 key to refresh their browser. This will normally prompt the browser to download a fresh version of the GUI from the server.

If a user cannot get the browser to refresh using F5, they can use advanced troubleshooting steps. First, hit F12. This will open up the Developer Tools in the bottom of the browser window. The user can then click on “Cache” to open the menu below. First the user should click on “Clear browser cache for this domain…” They will need to click “Yes” on the dialog that opens next.

Next, they can click on “Always refresh from server”. If they click on Cache a second time they will see a check next to this menu choice. These changes will force the browser to download the new GUI version.


16 Trouble Shooting and FAQs

Behavior Explanation Currency Panel is Grayed Out When a currency panel is grayed out for a pair, orders can’t be entered for that pair.

. A currency Panel will be grayed out and inactive when: • The market is closed • Trading is disabled from the GUI

“Disable Trading” button.

The Create Order dialog does not display when the Top Of Book (TOB) quantity is clicked on the Currency Panel.

Explanation: When Panel TOB quantity it configured as “Show User Defined Quantity”, clicking the TOB quantity on a Currency Panel will not activate the Create Order dialog. Details: Review your trading settings. On the menu bar, click System | Options | General Trading. When “Panel TOB quantity is “Show Actual”, the Create Order dialog will be activated.

The Close Position option is grayed out and does not work at the Positions window.

Explanation: You do not have a position or you did not click the parent row. Details: The right-click “Close Position” option at the Positions window is active when:

1. You have a position 2. At the Positions window, you click the parent row.

Close Position - “Amount Too Large” message.

Explanation: When closing positions from the Positions window, the amount entered at the Close Position(s) dialog can’t be greater than the amount of your position


Details: Reduce the size of your order to be less than or equal to your position.


17 Appendix – Messages

17.1 General Messages

Explanation General Message This message displays when an order entered could not execute or could not fully execute. Examples: • A Limit order with a Time In Force of FOK and a

limit rate of 1.36000. The order did not execute • A Market order for 10m with a TIF=IOC, partially

executes and is canceled.

This message displays when an attempt is made to activate order entry and market data is not available. Typically this is because the market is closed

Message: “Wrong or missing order” This message will display when the order you are attempting to modify has executed. Message: “Amount must be a number that can be evenly divided by 1,000”

When closing a position, the amount in the Close Position(s) dialog must match that of your position. If the amount is less than the position, the system will validate that the amount is evenly divisible by the minimum trade size.


Explanation General Message The message “Cannot modify filled order” will display when an attempt is made to modify an order that is filled. A scenario where this could occur is: 1. Enter a Limit Order priced to not execute 2. At the Orders window blotter, click the order to

modify it 3. Wait for the order to fill, then click OK on the Change

Entry Order dialog to change the order

The message “Wrong or missing account” indicates that the account is locked because the credit line has been breached.


17.2 Margin Messages ECN 2.0

Explanation Margin Message ECN 2.0 Message: “Failed pre-trade validation on account xx For margin accounts, this message will display when an order is submitted and there is not sufficient margin to cover it.

Message: Margin call happened on account xxxx For margin accounts, this message alerts you that all positions are being closed because there are insufficient funds available to maintain the current positions.

Message: No orders allowed during margin call While Margin Call is liquidating positions, order entry is not permitted.


Explanation Margin Message ECN 2.0 Message: Usable margin is below xx% These messages display if your Usable Margin falls below 10% or 30%. To configure these messages to display, on the Menu Bar, click System|Options then select Yes or No at the “Low margin Warnings” option.

17.3 Credit Check Messages ECN 2.0

Explanation Credit Check Message ECN 2.0 Message: “Failed pre-trade validation on account xx For credit accounts, this message will display when the orders execution would consume more credit than is available.


18 Appendix – FIX & GUI Orders FXCMPRO’s ECN supports FIX and GUI trading sessions.

For clients configured to trade on one account with a FIX and with a GUI session, the system behaves as follows: • FIX originated orders display in the GUI’s Orders window blotter • GUI originated orders are not recognized by the FIX session

As a result, FXCM recommends that each session manage (modify and/or cancel) the orders it originated.


19 Appendix – Disclaimer

Disclaimer

Choice of Market Order Submission Mode By clicking “I Accept the terms of this agreement” below, you acknowledge that you have read and understood the following terms and conditions, and you agree to be bound thereby. Your current version of the FXCM PRO ECN application enables you to choose between the following modes for order submission and cancelation:

• The Default mode for order submission (“Default Mode”) is a two-step process. Using the Default Mode, first you must click on the Currency Panel. Next you must confirm your order by clicking “OK” when prompted. Using the Default Mode, your order will not be submitted until you have completed both of the aforementioned steps.

• The One-click mode for order submission (“One-Click Mode”) is a one-step process. Using the One-Click Mode, your order will be submitted when you single-click on the Currency Panel. THERE WILL BE NO SUBSEQUENT CONFIRMATION PROMPT FOR YOU TO CLICK.

Initiating order entry in a manner other than clicking on the Currency Panel will cause the related order entry dialog to display.

In addition, cancel order actions from the Orders window will cause orders to be canceled without requesting confirmation

• The Double-click mode for order submission (“Double-Click Mode”) is a one-step process. Using the Double-Click Mode, your order will be submitted when you double-click on the Currency Panel. THERE WILL BE NO SUBSEQUENT CONFIRMATION PROMPT FOR YOU TO CLICK.

Initiating order entry in a manner other than clicking on the Currency Panel will cause the related order entry dialog to display.

In addition, cancel order actions from the Orders window will cause orders to be canceled without requesting confirmation

• In all trading modes (Default, Single-Click and Double-Click), when order entry is initiated by clicking on the Currency Panel’s Enter Bid or Enter Offer buttons or Rate Slider, the Time In Force is set to DAY if the default Time In Force is IOC or FOK. Also, a Limit order, with no slippage applied, is always submitted.

By choosing either the One-Click Mode or the Double-Click Mode, you understand that your orders will be submitted after clicking the specified number of times as described above, without any further order confirmation. You agree to accept all risks associated with the use of the order submission mode you have chosen, including, without limitation, any errors, omissions and/or mistakes made in submitting any order. You agree to fully indemnify Forex Capital Markets, LLC, FXCM Securities Limited, Forex Capital Markets Limited, inclusive of all EU branches, FXCM Asia Limited, FXCM Australia Limited, FXCM Japan Securities Co. Limited, any affiliates of aforementioned firms, or other firms under the FXCM Inc. (NYSE:FXCM) group of companies [collectively “FXCM”], as applicable, from any and all losses that may arise with respect to the foregoing.


20 INDEX 1-Click (Trading Mode), 8 Account Type - Day Netting, 85 Account Type - Margin, 85 Account Types (Margin,Day Netting), 11 Accounts - Multiple, 62 Actions window, 82 Amount Display Format, 91 Apply Custom Start/End Date, 77 Attached order, 35 Averager, 75 Buy button, 36 Canceling selected orders, 47 Change Order, 48 Clear Done Trades, 76 Column (placement, reposition, move), 25 Combined Account Statement, 60 Counter Amt (Orders Window), 78, 81 Currency - description, 65 Currency Panel - Market Data, 12, 67 Currency Panel - Roll (Margin Account), 65 Currency Panel - Value Date (Day Netting), 65 Currency Panel is Grayed Out, 100 Currency Panel Pop out, 71 Customize Table Columns, 25 Day Order - expires at 16:59:59, 34 Disclaimer, 107 Disclosed Feeds - Alias, 68 FIX and GUI trading sessions, 106 Layouts, 32 Margin - Defined, 87 Margin Call, 12, 60 Margin Call triggered, 61 Market Data Subscription (MDS), 67 Market Depth View (Standard, VWAP,..), 15 Market Depth views, 63 metals (XAU, XAG), 89 modify order, 48 multiple accounts, 62 OCO - “One Cancels the Other”, 44

Order Confirmation window, 72 Order Entry - Quick Reference, 11 Order Status, 78 Order Type - Stop Entry, 42 Order Types - Overview, 34 password, 7, 55 Pop Out, 71 Pop UP - Currency Panel, 71 Quick Reference Section, 11 Report - Combined Account Statement, 60, 93 Rollover, 96 Slippage - All to All Panels, 19 Slippage - Apply to Symbol, 20 Slippage - Order Entry, 18 Slippage column (Orders window), 75 Subscription List (Definition), 17 Symbol Entry field, 22 Tiered VWAP, 16 TIF, 12, 34 TOB Qty = Show Actual, 29 TOB quantity, 28 TOB Quantity = Show User Defined Quantity, 29 Tool Bar, 56 Trade Averager, 75 trading from Panel ‘Rate Slider’ & ‘Market Depth’, 14 trading modes , 26 Trading Settings, 8 Value Date (Day Netting), 65 VWAP – Rate Definition, 15 VWAP View – cumulative amt, 88 Window, Accounts, 60 Window, Actions, 82 Window, Advanced Dealing Rates, 63 Window, Messages, 84 Window, Order Confirmation, 72 Window, Orders, 74, 76 Window, Positions, 79 Zero Position, 80

ECN GUI User Guide V1.0 - fxcorporate.comECN User Guide 02/17/2016 Confidential – for FXCM PRO...

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Transcript of ECN GUI User Guide V1.0 - fxcorporate.comECN User Guide 02/17/2016 Confidential – for FXCM PRO...