Buy and Sell orders on FX trading Platforms

[mik1973]

I'm looking into using a FX trading platform (such as FXCM), to initially paper trade some ideas I have. I'd like to know if it is possible to use Stop Buy and Stop sell orders on this platform and if i am able to attach stop loss orders on these positions (even if they aren't activated), Does anyone know if FXCM offers this facility or if other FX trading providers are able to provide these services.

Cheers,
Mick

 

[ChowClown]

Mick, if stop buy/sell means if the price hits your buy/sell target price, you can with FXCM. You can also attach stoploss/limits to these orders.

 

[mik1973]

Hi Chow thanks for your response. Looks like they can offer what i'm after. If it's ok - i can give an example just to clear things up.

If for example i wanted to trade JonnyT's B/O system and the current market quote is EUR/$ 1.2456 (for arguments sake). If the low of the 7-10 Time frame is 1.2415 I would like to put a stop sell (go short at this figure) and place a stop loss order at 1.2450 (35pts). If the high ofthe 7-10 bar is 1.2470, I would like to put a stop buy order at this figure with a stop loss of 1.2435.

If you are trading with FXCM could you let me know if there is another term to use for stop buy and sell. Hope the above makes sense- I would also like to know if I could put the above two orders on at the same time.

Thanks for your help.
Mick

 

[ChowClown]

Mick,

You can do this with FXCM, by selecting 'create order entry' - enter the level you want to be filled plus stop and/or limit.

I find FXCM highly reliable and the customer service is excellent.

Good luck to you.

 

[mik1973]

Many thanks again for your very quick response Chow it is appreciated.
I asked a question on another thread not so long ago about stop and limit orders. I currently use Finspreads who offer stop losses and limit orders. Their Limit orders are defined as closing an existing position for a profit - ie if you bought at 4000 (FTSE example) and wanted to close at 4050 -it would be referred to as a limit order. From what i've been reading on some threads limit orders suggest that you are giving an instruction to buy (if going long) at a specified level- or alternatively selling (going short) at a predefined level (similar to the Stop Buy and Stop sell terms I mentioned previously). Sorry if i'm confusing the issue but could you tell me if these instructions are called stop buys (sells) or limit buys (sells) on FXCM.
Thanks again (and thanks for your patience!)

Mick

 

[ChowClown]

Hi Mick,

Using FXCM, the terms for fills are Buy, Sell, Stop & Limit.

Buy = long position
Sell = short position
Stop = stoploss (whether long or short)
Limit = take profits (whether long or short)

Hope this helps.

 

[mattpav]

Mick,

I have traded with them (FXCM) , and yes you can do this. Best of luck!!!!

Mattpav

 

[mik1973]

Thanks folks.
Going to check FXCM out and try their simulator first.

Cheers,
Mick

 

[Newtron Bomb]

Hi Mick

you will be able to attach orders to your opening order some brokers refer to them in different ways. and some of the less popular ones dont offer the facility. Basically you will have a Parent order and you will be attaching a contingent orders to that opening trade. FXCM do this from the ticket as do several others.

Regards
NB

 

[mik1973]

Thanks NB,

I guess some companies use slightly different terminology for silmilar types of transactions.

Mick