FXCM updates its Trading Station II to include new types of orders

FXCM just sent the following email to its clients preparing them for the upgrade of its popular trading platform –

FXCM just sent the following email to its clients preparing them for the upgrade of its popular trading platform – Trading Station II over the weekend.

Dear Client:

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This weekend we will be upgrading the FXCM Trading Station II with some exciting new features requested by our clients. Please allow a few extra minutes before you start trading on Sunday, as the upgrade will automatically download when you first log in. If you experience any difficulties, please visit www.fxstatus.com.

Trading Station Changes

  • Lot sizes for Oil, Metals and Indices (CFDs): The “Amt” (Amount) column in your trading station will show increments of “1” instead of decimals. For example, if you bought the Amount “2” of USOil, you would gain or lose 2 pips for every pip the USOil price moves. Forex lot and trade sizes will not be changed.
  • IOC Orders: You will be able to set At Best market orders to be either:
    1. Good Until Cancelled (GTC): This allows you to have the full amount of your order executed at the best available price(s), with partial fills possible. Thus, your entire order will be filled. This is how all At Best market orders are currently filled. For example, a trader decides to buy 40M (40,000k) in NZD/USD at 0.7080 using an At Best market order with GTC set. At the time, there is only 25M available at 0.7080. 1 pip higher, at 0.7081, there is 50M available. The trader will have 25M filled at 0.7080 (the best price), and the remaining 15M of his order (40M-25M = 15M) will be filled at 0.7081, which is the next best price.
    2. Immediate Or Cancelled (IOC): This allows you the opportunity to have any part of your order filled at the best available price(s) with the remaining unfilled amount cancelled if liquidity is unavailable from our price providers. This order type is useful during news announcements and for currency pairs that tend to have less liquidity during certain trading sessions (e.g., GBP/USD and GBP crosses during Asian hours). For example, a trader decides to buy 40M (40,000k) in NZD/USD at 0.7080 using an At Best market order with IOC set. At the time, there is only 25M available at 0.7080. 1 pip higher, at 0.7081 and above, there is no liquidity available. The trader will have 25M filled at the best price, and the remaining 15M of his order (40M-25M = 15M) will be immediately cancelled. So the trader will only have 25M in the market, but at the best price available at the time.

Charting Improvements

  • Improved Pivot Points: Pivot points calculated on any time frame can now be put onto charts of any time frame.
  • Customised Alerts from the Signals Menu: Now you can set the Trading Station to alert you when important technical indicators meet your custom conditions. For example, if a Bollinger Band is touched, or there is a MACD crossover, your Trading Station will alert you via a sound or pop-up box message.
  • Save Charts as Images: You can easily save charts in common image files, such as “.jpg” or “.png”. This makes it easier to share and discuss your analysis in the DailyFX Forum.
  • Even More Indicators: We’ve added several more technical indicators, such as Heikin Ashi, ZigZag, Fractal, bringing the total to over 35.

To implement these updates, FXCM will be updating the FX Trading Station software on Sunday, 11 April 2010. Upon log in, your platform will be automatically updated to our newest version. If you experience any difficulties, please visit www.fxstatus.com. We suggest adding an extra ten minutes to your normal routine at the start of the trading week to make sure the update went through properly.

If you have any questions, please call one of our currency specialists, who are available 24 hours a day at +0808 234 8789, or e-mail us at info@fxcm.co.uk.

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Best regards,

Forex Capital Markets Ltd.

145 Leadenhall Street

2nd Floor Rear

London EC3V 4QT

Tel: (212) 897-7660

Fax: (212) 897-7669

info@fxcm.co.uk

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