Market Order
This allows the trader to trade
"at the market." Click on the rate (Sell
or Buy) field within the order record or right click anywhere
within the order record and then choose Market order command
from pop-up menu. The Amount input screen will appear:
Enter desired amount measured
in lots and press OK. New order marked with letter ‘I’ (Initiate)
will appear on the Trader’s Orders window. Dealer now is
able to confirm operation or to reject it due to market
movement.
- If Dealer confirms the order,
the ‘I’ record will disappear and the new position record
will be added to the Open Positions window. The account
information will be updated.
- If Dealer rejects the order
because of market movement, new order marked with letter
‘R’ (Reject) will appear on the Trader’s Orders window
instead of the ’I’ order. This order will show the new
market price. Trader is now able to accept the Dealer's
market price by right clicking within the order record
and selecting Place order command from the pop-up menu.
Trader may choose not or to to accept the Dealer's market
price by right clicking within the order record and selecting
Remove order command from the pop-up menu.
Entry Stop and Entry Limit
Orders
Right click anywhere within
the order record and select either "Entry Stop"
or "Entry Limit" from the pop up menu, as illustrated
below:
An "Entry Stop" will
place an order to Buy above the current market, or Sell
below the current market, at the rate you specify.
This order will be filled if and only if your specified
price is reached.
An "Entry Limit"
will place an order to Buy below the current market or Sell
above the current market, at the rate you specify.
Again, this order will be filled only if your specified
price is reached.
After selecting "Entry
Stop" or "Entry Limit", you can then specify
your price and number of lots, and then press "OK".
A New order marked with letter ‘EL’ or 'ES' ('Entry Stop'
or 'Entry Limit') will appear on the Trader’s Orders window,
and remain there until it is either filled by the dealer,
or cancelled by you.
Sort records
Click on the column title.
All records will be sorted by that column.
Hedging
Positions
Placing trades from the Dealer's Rates window will never
offset your open positions, but will always open a new
position. Open positions can therefore be "hedged"
by placing trades in the opposite direction of an open
position from the Dealer's Rates window. The only
way an open position can be closed is by right-clicking
on that position in the "Open Positions" window
and selecting "Close Position", or selecting
a "Stop" or "Limit", which will then
close the position if it is filled.
Trader
Range
This number indicates the difference in pips that you
are willing to accept between the price you click on and
the price at which the trade is executed. This
field does not appear on the Java or web-based login,
but will appear when trading on the ICTS windows-based
system. You can leave it blank to keep the default
amount at "0".
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"Trader’s
Orders" window
Trader’s Orders window displays
your own Entry and OCO orders. It also allows Trader to
operate with Initiate, Reject, Close, and Terminate order
records (those operations have been already discussed above).
The following functionality is available on the Trader’s
Orders window:
Place order
Right click within the order record and then select
Place order command from the pop-up menu. Selected order
will be sent to Dealer. This operation is used with Initiate,
Reject, Close, and Terminate order records
Remove order
Right click within the order record and then select
Remove order command from the pop-up menu. Selected order
will be removed.
Change price
Click on the rate field within the Entry order record
or right click anywhere within the record and then choose
Change Price command from pop up menu. The Entry Change
Price input box will appear:
Enter desired price and press
OK. The price on the order will change.
Hedging: As
with the "Dealer's Rates" window, any orders
filled from the "Trader's Orders" window will
not offset open positions.
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"Open Positions"
window
Open Positions window displays
all open positions and allows placing Stop, Trailing Stop,
and Limit orders, as well as closing the position at the
market price. Any executed orders that are entered from
the "Open Positions" window will serve to close
out part or all of that position. The following functionality
is available on the Open Positions window:
Stop
order
This
is a conventional "stop" or "stop loss"
order. From the "Open Positions" window,
right click within the position row and choose "Stop"
from the pop-up menu. The Stop dialog box will appear:
Enter desired Stop
rate in the top field and click "Submit" (other
parameters in this dialogue box are for a "Trailing
Stop" and can be ignored). The Stop order has now
been placed and the Stop price will appear in the "Stop"
column in the "Open Positions" window.
Trailing
Stop order
A
Trailing Stop will remain at a specified distance as the
market moves in your position's favor (following or "trailing"
the market), but will remain fixed if the market moves
against the position, acting like a one-way ratchet.
To place a Trailing Stop, go to the "Open Positions"
window, right click within the position row and choose
"Trailing Stop" from the pop-up menu. The Stop
dialog box will appear with the "Set Trailing Stop
Distance" checked:
Enter the distance in pips/ticks
in the bottom field and click "Submit". The
Trailing Stop order has now been placed and the specified
"Distance" will appear in the "TrailD"
column in the "Open Positions" window, and the
resulting stop price will appear in the "Stop"
column.
Limit
order
From
the "Open Positions" window, right click within
the position row and choose "Limit" from the
pop-up menu. The Limit dialog box will appear:
Enter desired Limit
rate and click "Submit". The Limit rate will
appear in the "Limit" column in the "Open
Positions" window.
Close
position
From
the "Open Positions" window, right click within
the position row and select "Close position"
from the pop-up menu. The Close position confirmation
box will appear:
The "Amount
(Lots)" field will default to the entire position
size. If you wish to close out only part of the
position, change this field to the amount of Lots you
wish to close. Click "OK". The position
will now be closed at the current market.
Change price on Stops
and Limits
Click on the rate (Stop or Limit) field within the
position record or right click anywhere within the position
record and then choose Change Stop or Change Limit command
from pop up menu. The Stop or Limit dialog box will appear.
Enter desired Stop or Limit price and press OK.
Remove Stops and Limits
Right click anywhere within the position record and
then choose Remove Stop or Remove Limit command from pop
up menu. The Stop or Limit will be removed.
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"Currency
Reference Rates" window
Currency window displays all
currency rates information including the High and Low of
the day for each currency and Interest Rate differentials
("Prm Buy" and "Prm Sell").
"Prm Buy" and "Prm
Sell" indicate the amount, in US Dollars per lot, that
will be debited from each open position held past 5PM New
York time.
The following functionality
is available on the Currency window:
Sort records
Click on the column title.
All records will be sorted by that column.
Reorder records
Right click within the currency record and then select
Move Up, Move Down, Move Top, or Move Bottom command from
the pop-up menu. Selected record will move accordingly.
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"Account
Information" window
Account Information window
displays values representing the status of your account(s).
Account information normally refreshes every 30 seconds
or as a result of any Trader's action. The following functionality
is available on the Account Information window.
Refresh information
Right click within the account record and then select
Refresh Account Data command from the pop-up menu. Account
Information will be renewed.
Generate reports
Right click within the account record and then choose
desired report from the pop-up menu: Current, Daily, Weekly,
Monthly or Yearly report page will be generated. You could
print it out for your reference.
Enter Default Amount
Default Amount is used to allow Trader to predefine
the default amount of Lots to be used when opening a position
on the particular account. This is a key feature primarily
used by those who manage several accounts.
Click on "DA" field within the account record.
The Default Amount dialog box will appear:
Enter desired amount
and press OK.
Enter Group name
Group name is used to allow Trader to group accounts.
Click on Group field within the account record. The Group
dialog box will appear:
Enter desired Group name
and press OK.
Save Group information
Group names and Trading Ratio values for accounts
could be saved for later use.
Right click within the account record and then select
Save Group information command from the pop-up menu. Group
information will be saved.
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"Summary by all accounts" window
The "Summary by all accounts"
window is similar to the "Open Positions" window,
except that all currency positions are summarized.
For example, if you have three separate open buy positions
of one lot each in USDJPY, the "Summary by all accounts"
window will just show one position of 3 lots, with the average
open price in the "AvOpen" column. If you
have three separate open buy positions of one lot each in
USDJPY, and one short position of one lot in USDJPY, the
"Summary by all accounts" window will show the
buy position as one position of 3 lots, and the sell position
as one position of one lot, and the NH ("not hedged")
column will show a "2", indicating that you have
a net buy exposure of two lots.
This window is also useful
when trading multiple accounts. It will summarize
whichever account is selected in the "Account Information
window. In addition, if you right-click on the gray
heading and select "summary by all accounts",
it will summarize the positions of all accounts in your
login as if they were a single account.
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Trading History and Statements
To generate a simple online
report of your most recent round-turn transactions, right-click
on the relevant account in the "Account Information"
window, and select "Trading history report".
To Generate a more comprehensive report, including open
positions, click on the "Reports" Selection from
the "File" menu.
You can then select any time
period and run the report.
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Trading
Multiple Accounts
The Internet Currency Trading
System is designed to facilitate trading and managing multiple
accounts from a single login window. Clients who have
their platform configured for multiple account trading will
see each account in the "Account Information"
window:
Each action will be performed
on the account which is currently highlighted (dealing,
account history, view reports, etc.) just as if the trader
was managing a single account.
Block trades and orders can
also be placed which will automatically be distributed among
the accounts as per the trader's instructions. Indicate
how many lots each account is to receive by clicking on
the cell in the "DA" column ('Default Amount').
In order to save this information, apply a group name to
each row by left-clicking the appropriate row in the "Group"
column. When finished, right-click on each row
and select "Save group information". So for three
sub accounts, you will have to do this three times.
Multiple accounts can then be selected by holding down the
"Ctrl" key and clicking on each account (note
that clicking and dragging will not properly select
the accounts). Once the desired accounts are selected,
the trader can then trade from the "Dealer's Rates"
window. The default number of lots for each trade
will now be the sum total of the "DA" entry for
each selected account. When the trade is executed,
each account will have the corresponding number of lots
automatically placed in it.
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Charts
Java-based charts are accessed
from the "View" menu. Clients can select
the currency and time frame they wish. Forex charts
also provide an array of analysis tools and technical studies
("indicators").
Printing Charts
Forex charts can be printed
as follows:
- Generate the desired chart
- Hold down your "Alt"
key and press "Print Screen" (or "PrtSc").
It will appear as if nothing has happened, but the chart
has just been copied to your windows clipboard.
- Launch MS Word, MS Powerpoint
or any another document program. Start with a blank
document.
