This section will review various ways for you to create orders either using the FXCM platform or calling these into the dealing desk which is open 24 hours. It's recommended that you download the FXCM trading platform and sign up for a free demo account which will give you a User ID and password to login and practise some trades. Our "Live Help" operators will walk you through the trading platform to learn what the different areas mean.

1) Market Orders:

A market order is an order to buy or sell which is to be filled immediately at the current exchange rate quotation. To place a market order, simply left click directly on the price in the dealing rates window, specify the size of the transaction and then click on “OK”. With two clicks of the mouse, your market order is complete.

The FXCM Trading Station is intuitive and user-friendly making order entry, including market orders , quick and efficient. FXCM guarantees fills on market orders offering traders price certainty. If FXCM is unable to fill the order at the specified rate, FXCM will send the client a new price representing the current market rate.

2) Entry Orders:

An "entry order" is an order that is executed when a particular price level is reached. The execution of these orders are under the supervision of the dealing desk and remain in effect until the client cancels the order. There are 2 basic kinds of "entry orders" you may hear as "Stop Entry Order" and "Limit Entry Order".

a) Stop Entry Orders:

Stop entry orders are simply defined as when you put in an "Entry Order" where the price momentum is trending. The client placing a stop entry order believes that when the market's momentum breaks through a specified level, the rate will continue in that direction. For example, if the USD/JPY is at 120.50 and you want to confirm that the trend is upward before entering the market, you could set a "Buy Stop" entry order at 120.60 which is higher than the market price. The "Buy Stop" order won't be executed until the price rises from 120.50 upward to reach the 120.60 level. On the otherhand, if you thought the trend was going down, you might put a "Sell Stop" entry order at a price below the current market price.

b) Limit Entry Orders:

Limit entry orders are classified as "entry orders" whereby the rate specified by the trader is either (1) below the current market rate if it is a buy order, or, alternatively, (2) above the market rate if it is a sell order. Essentially, limit entry orders should be used if the trader is expecting the market to reverse its direction at a certain rate. For example, if the USD/JPY is trading at 120.50 and the trader expects it to fall to 120.15 before reversing its direction, the trader would place a limit entry to buy at 120.15. Or, if the trader expected the rate to rise to 120.70 before falling, the trader would place a limit entry to sell at 120.70. In both cases, the trader is expecting a reversal at a certain level -- and hence is using a limit entry order.

3) Stop-Loss Orders:

A stop-loss is an entry order linked to a specific position for the purpose of stopping the position from accruing additional losses. A stop-loss order placed on a Buy position is a stop entry order to Sell linked to that position. For example, suppose you opened a market order "Buy" at 110.45 for the USD/JPY thinking that it would rise. You might put a a stop-loss order at 110.25 which is 20 pips below your Buy in case the price dropped which would automatically sell and close your position limiting your losses. The Stop-Loss order remains in effect until the position is liquidated or the client cancels.

4) Trailing Stop Loss

This is a new feature that was recently added to the FX platform which allows you to have the stop-loss order move up in increments of the pip value that you place behind the price set on a market or entry order. For more information, click here

5) Limit Orders:

A limit order is a limit entry order linked to a specific position for the purpose of locking in the gains on an existing position. A limit order placed on a Buy position is a limit entry order to Sell that position. So, if you "Buy" the USD/JPY at 110.00 as a market order and think it is going to rise, you might place a Limit Order "Sell" at 110.55 to take a 55 pip move upward which will "Sell" and close your position.