There are three different ways
to open the "Entry Order" Box:
1. In the forex trading system
"Orders" window, right click on any
part of the window and select the "Create
Entry Order" command from the pop-up menu.
The "Entry Order" Box will appear
allowing the trader to place the order.
2. An entry order can also be placed by left
clicking on the "Entry" button at
the top of the trading screen. This will prompt
the "Entry Order" Box to appear and
allow the trader to place the order.
3. The same menu will also appear by left clicking
the "Action" option (above the "Quote"
button) at the very top of the screen. From
there, select "Orders" and then "Create
Entry Order"
Entry
Order Box
All entry orders are essentially
contingent orders; they will only be filled
if the market reaches that rate. There are two
types of entry orders: stop entry orders and
limit entry orders. (See "Orders Window"
for explanations).
There are five parameters a trader can set prior
to sending an order to the trading desk. The
first four are the same ones that appear in
the "Market Order" Box (Account, Currency,
Buy/Sell, Amount). However, the difference is
that for an entry order the trader sets a specific
level to trigger the execution of the trade.
Entry orders remain active until either the
trade is executed or the trader cancels it.
At any time during the trade input process,
the trader can cancel the order by clicking
the "Cancel" button.
Click on the "Ok" button after all
the selections have been made to execute the
trade. Once the order is accepted, the information
will be listed in the "Orders" window.
Once the trade is executed the position will
disappear from the "Orders" window
and reappear as an open position in the "Open
Positions" window.
Placing
Stops/Limits on Entry Orders
There are two ways to place a stop or limit
order on an entry order:
1. When initially placing an order in the "Entry
Order" Box, the trader is able to attach
a stop and limit to the entry order by clicking
on the ADVANCED button on the right. Once the
advanced market order box is open, the trader
can select the stop and limit price by clicking
on the box to the left of the words "Stop"
and "Limit". This feature allows the
trader to attach stop and limit orders to the
entry order that will become active if the entry
order is triggered. The rates in the "Stop"
and "Limit" box will automatically
default to 5 pips from the current market rate
of the pair. To select stops and limits that
are appropriate for the entry order, click on
the highlighted box and enter the stop and limit
rates.
To enable the trailing stop, check
the box labeled Trailing Stop. You can then
enter the number of pips that you would like
your stop-loss order to trail behind the current
market rate. The stop-loss order will move up
in increments of the pip value that you place
in the "Rate Min. Move" field. (Please
note: A stop can not be set to trail the market
at an increment of less than 30)
2. After an entry order has already
been placed, the trader can add stop and limit
orders to the entry order by left clicking on
the "Stop" or "Limit" box
corresponding to the entry order in the "Orders"
window. A "Stop Order" Box or "Limit
Order" Box will appear. The ticket number
for the highlighted entry order will appear
by default in the "Order ID" box.
By left clicking on the box to the right of
the word "Rate", the trader can select
the rate at which to place the stop or limit
order.
Change/Modify
Entry Order
There are
two ways to open the "Change Entry Order"
Box: Note: The "Order ID"
automatically defaults to the highlighted order
in the "Order Entry" window.
1. In the "Orders" window, right click
on any part of the window and select the "Change
Entry Order" command from the pop-up menu.
The "Change Entry Order" window will
appear allowing the trader to change the order.
2. A change to an entry order can also be made
by left clicking on the the "Action"
option (above the "Quote" button)
at the very top of the screen. From there, select
"Orders" and then "Change Entry
Order".
Change Entry Order Box
There are two parameters a trader can set prior
to sending an order to the trading desk.
Order ID
If the trader has several pending entry positions,
select the specific order number of the order
that is going to be changed. The "Order
ID" option will automatically default to
whichever order is highlighted in the "Orders"
window. However, any order can be selected by
simply scrolling down the list of numbers and
clicking on the correct number.
Rate
This option allows the trader to select the
new exchange rate at which the entry order should
be triggered. The trader clicks on the box to
the right of the "Rate" option and
enters a specific rate for the selected entry
order. At any time during the order change process,
the trader can cancel the changes by clicking
the "Cancel" button. Click on the
"Ok" button after all the selections
have been made. Once the trade is completed,
the updated information will be listed in the
"Orders" window. Only the exchange
rate can be changed for an existing entry order.
The dollar amount or currency selection cannot
be changed for any particular "Order ID"
number. The user must input a new entry order
and remove the existing one to effect changes
in amount and currency.
Cancel
an Entry Order
Open "Entry
Order" Box
There are two different ways to open the "Delete
Orders" Box:
1. In the "Orders" window, right mouse
click on any part of the window and select the
"Remove Order" command from the pop-up
menu. The "Delete Orders" box will
appear allowing the trader to delete the trade.
2. The "Remove Order" menu will also
appear by left clicking the "Action"
option (above the "Quote" button)
at the very top of the screen. From there, select
"Orders" and then "Remove Order".
Delete Order Dialog Box
The trader will be asked if the highlighted
Order ID number is to be deleted. Click "yes"
to cancel the trade and click "no"
to make no changes to the order. Once the "yes"
button is clicked, the order will be deleted
from the "Orders" window and officially
removed There are two parameters a trader can
set prior to sending an order to the trading
desk.
