|
Common questions about FXOpen
Posted by on 17 February 2014 02:56 PM
|
|||
FXOpen has a long history of providing Forex services for all types of traders from beginners to professionals. If you would like to see a brief history of FXOpen as well as our regulatory and licensing information, please visit the About Us page. 2. What kind of services does FXOpen provide? FXOpen Australia is a company based in Sydney, Australia dealing in over-the-counter Forex contracts. FXOpen gives clients access to the Forex Markets covering major world currencies, gold and silver. We offer a unique combination of Retail Forex and Real ECN online currency trading with Level II on the MetaTrader 4. 3. Do you provide any recommendations or analysis for the Forex Market? FXOpen provides real time Market Analysis, Market News and Forex Calendar. Just choose what you want to see from the main menu buttons. FXOpen clients have the ability to execute trades directly from real time streaming quotes, provided by the largest liquidity providers in the Forex market. Quotes are updated in real time as the market suggests. ECN quotes are driven by available liquidity within the ECN market. ECN account holders may also trade in between the BID/ASK spread and their orders often affect the price and spread quoted. 5. Can I set pending orders in the FXOpen trading platform? Yes, you can. The FXOpen MetaTrader 4 software accepts the following pending order types. Limit orders: A SELL Limit Order may be set when the current market price is 10 pips or more above the current market quote. The order is executed when the ASK price falls to the level set in the BUY Limit Order. Conversely, A SELL Limit Order may be set when the current market price is 10 pips or more below the current market quote. The order is executed when the BID price rises to the level set in the SELL Limit Order. Stop Orders: A BUY Stop Order may be set when the current market price is 10 pips or more below the current market quote. The order is executed when the ASK price rises to the level set in the BUY Stop Order. Conversely, A SELL Stop Order may be set when the current market price is 10 pips or more above the current market quote. The order is executed when the BID price drops to the level set in the SELL Stop Order. Stop Loss Orders: A Stop Loss Order is an important feature which can be used to either cut out of a losing trade without risking the entire account and to minimise the loss, or to lock in profit on a profitable trade. Take Profit Orders: A Take Profit order is used to automatically exit a trade at a profitable level of your choosing. Trailing Stop: A Trailing Stop is a useful and advanced feature of the MetaTrader 4 platform. It is useful to automatically lock in profits as the market moves. Example. You have a BUY trade on EUR/USD at 1.40000 open and it is in profit. You may set the Trailing Stop to automatically adjust your stop loss level as the market moves in your favour. You may have your trailing stop level set at 25 pips. Once your trade is +25 pips in profit, the trailing stop will automatically move your stop loss level to 1.40000 or break even. This means in that trade, it is impossible to lose! Further, if the market continues to move in your favour, the trailing stop will continue to adjust the stop loss to lock in profits. If for example the trade is now +26, your stop loss will be set at +1, at +27 your stop loss will be set at +2 thus "trailing" the market. Why is this useful? Well, in this example, the market moved +27 pips in your favour, and your 25 pip trailing stop had locked in a profit of 2 pips by automatically setting the stop loss order. If the market then reversed against your buy position, you would still be guaranteed a profit of 2 pips instead of a loss.
6. Can I see an up to date account statement on screen? FXOpen dealing software tracks all trading activity in real time, allowing clients to view current open positions, real-time profit and loss, margin availability, account balances, and all historical transaction details directly on-screen. Just select the history tab in the trading terminal. 7. Can I get daily confirmation e-mails? Account statements are emailed to trading clients at the end of each trading day and month, listing all deposits/withdrawals during the statement period, realized P&L, and current account balance as calculated at the close of business on the last business day of the month. You may also generate your own reports from the trading terminal by selecting the history tab. Then right click the history shown to be able to choose the period of time to see in the report. By right clicking again, you can also choose to save the report to disk in html format convenient for viewing in your web browser. | |||
 (1 vote(s)) This article was helpful This article was not helpful |
|||
