Como o risco de liquidação de FX surge. Extrato da página 55 da Revisão Trimestral do BIS, setembro de 2008. Um exemplo de como surge o risco de liquidação ao usar o correspondente bancário tradicional. Neste exemplo, o Banco A tem um comércio à vista com o Banco B no qual está vendendo ienes por dólares norte-americanos. Executado no dia V -2 para liquidação no Dia Day. V dia. Após o comércio foi atingido, o Banco A envia uma instrução para o seu correspondente no Japão Banco Ja, pedindo este último para enviar o iene ao correspondente do Banco B lá Bank Jb Dia V O Banco Ja executa esta instrução em algum momento durante o Dia V, debitando a conta que o Banco A mantém com ela e enviando os yen para o Banco Jb através do sistema de pagamento relevante Depois que o Banco Jb recebeu os fundos, Informa o Banco B que eles chegaram. Em paralelo, o Banco B estabelece seu lado do comércio por um processo similar em que instrui seu correspondente no Banco dos Estados Unidos Ub para enviar dólares para o correspondente do Banco A lá O risco de liquidação surge porque Cada contraparte pode pagar a moeda que está vendendo, mas não receber a moeda que está comprando A causa subjacente é a falta de qualquer ligação entre os dois processos de pagamento em ienes e dólares para garantir que um pagamento ocorre apenas se o outro também does. Looking Na negociação do ponto de vista do Banco A, a sua exposição ao risco de liquidação começa quando não pode mais estar seguro de que pode cancelar a sua instrução para pagar o Banco B Isto depende principalmente de qualquer acordo entre os Bancos A e Ja sobre o cancelamento Na ausência De um acordo específico, o Banco A não pode ser certo se pode cancelar ou não e assim sua exposição começa imediatamente que enviou a instrução de pagamento ao Banco Ja, que é provável que seja no Dia V -1 ou mesmo V -2 Mesmo se houver É um acordo específico, o Banco Ja pode precisar de algum tempo para processar um pedido de cancelamento pelo Banco A, de modo que a exposição pode começar pelo menos várias horas antes de o sistema de pagamento de ienes abrir no Dia V O prazo de cancelamento efetivo pode portanto ser Muito cedo em V ou mesmo em V -1 em tempo local japonês, que, se o banco A estiver localizado na Europa, por exemplo, será ainda mais cedo na hora local do banco A devido a diferenças de fuso horário. Créditos sua conta com os dólares recebidos do Banco Ub Banco Ua pode não receber os fundos até pouco antes do fechamento do sistema de pagamento relevante, e pode ser algum tempo depois que os fundos são creditados na conta do Banco A Isso poderia ser relativamente Tarde no dia V em tempo local de ESTADOS UNIDOS, e mesmo mais tarde no dia V ou mesmo no dia V 1 na hora local do banco uma exposição real do banco a este comércio poderia conseqüentemente durar mais de 24 horas. O seu período de exposição será diferente do Banco A, na medida em que os Bancos B, Ub e Jb têm disposições diferentes em relação aos Bancos A, Ja e Ua, e os sistemas de pagamentos relevantes dos EUA e do Japão têm horários diferentes. Também importante neste comércio, os fusos horários trabalham ag Um Banco A porque está vendendo uma moeda que se instala em um fuso horário precoce por isso está comprometido a vender sua moeda relativamente cedo e comprar um que se instala em um fuso horário tardio para que ele vai receber a moeda que está comprando relativamente tarde, que se estende A duração da sua exposição Inversamente, a diferença de fuso horário funciona em favor do Banco B No entanto, é importante notar que o problema não surge apenas por causa de diferenças de fuso horário. Forex métodos de liquidação. Forex opera em um nível diferente do que outros mercados E entidades empresariais A partir dos fundamentos básicos para o aspecto de liquidação final, varia Uma vez que uma transação é concluída exige que ele seja resolvido no primeiro acordo de Forex é único no sentido como é um acordo entre as economias de dois países diferentes através Um indivíduo comum Uma vez que a economia dos Estados Unidos é o mais forte e mais procurado, a maioria das transações forex são feitas sob a forma de Dólares, tornando-se a moeda mais utilizada em mercados de câmbio. Existem muitos métodos aceitos de liquidação forex Estes incluem. Transferência eletrônica de fundos. Casas de compensação automática. Casal e cheques são o modo mais comum de liquidação de fundos Mas, a maior parte da liquidação É feito através de transferência eletrônica de fundos, que transfere trilhões de dólares na forma de moeda estrangeira em qualquer dia. Transferência eletrônica de fundo. Há duas maneiras através das quais a transferência de fundos eletrônicos é feita nos EUA. CHIPS É uma abreviatura de Clearing House Sistema de Pagamento Interbancário É um sistema privado operado pela câmara de compensação de Nova Iorque. Fedwire É o sistema operado pelo Federal Reserve Bank. Há duas grandes diferenças que podem ser vistas na operação de ambos os sistemas Em primeiro lugar, CHIPS depende Fedwire para sua transação Assim embora seja uma entidade privada, a liquidação privada é feita através do banco federal. Em segundo lugar, o fedwire transfere o dinheiro em tempo real Isto significa t Chapéu logo que o acordo foi chegado, o dinheiro é transferido para a sua conta CHIPS não imediatamente limpar os assentamentos É feito apenas no final do dia em que todas as transações foram concluídas. No entanto, United States s CHIPS e Fedwire são os métodos mais usados de transferência de pagamentos, mas muitos outros países também têm métodos semelhantes aos seus próprios para o movimento de moeda de uma conta para outra Por exemplo, CHAPS, que significa Clearing House Associação Payments System é responsável pela liquidação no Mercado de Forex no Reino Unido, onde as transações são feitas via Banco da Inglaterra, enquanto que na UE uma organização operacional conhecida como Target que envolve vários bancos dos Estados-Membros faz toda a liquidação no mercado. Risco de liquidação. Este é um termo que você deve estar ciente De quando negociar em forex Desde que a transação envolve os bancos de dois países diferentes e economias, há sempre um risco de liquidação durante a transação vários Por exemplo, é altamente possível que o valor da moeda que você negociou tenha sido debitado da sua conta, mas o valor que tem de ser creditado do outro banco ainda não chegou até você. É assim que o risco de liquidação é definido. Reduzido em grande medida agora com o uso das tecnologias mais recentes e conexões de internet de alta velocidade Também com o uso de sistemas de transferência em tempo real por bancos o risco foi reduzido a um mínimo. Riscos de Execução. Estes pares têm um nível de risco associado Com eles que não podem ser inerentes O mercado para estas moedas é muito ilíquido, com a liquidez sendo mantida e fornecida por uma ou poucas fontes externas Estas preocupações de liquidez incluem, mas não estão limitados a, a incapacidade de sair posições com base na falta de atividade de mercado , Diferenças nos preços cotados e execução final recebida, ou um atraso na execução enquanto uma contraparte para a sua transação específica é identificada Com estas considerações em mente é imper Ative que qualquer comerciante fator isso em qualquer decisão de negociação Por esta razão, incentivamos fortemente todos os comerciantes a utilizar tipos de ordem avançada para mitigar estes riscos. DELAYS IN EXECUTION. Delays em execução pode ocorrer usando FXCM s No Dealing Desk forex execução modelo por várias razões, Tais como questões técnicas com a ligação à Internet do comerciante à FXCM um atraso na confirmação da ordem de um fornecedor de liquidez ou por uma falta de liquidez disponível para o par de moedas que o comerciante está a tentar negociar Devido à volatilidade inerente nos mercados, é imperativo Que os comerciantes têm uma conexão de trabalho e confiável à Internet Há circunstâncias em que a conexão de internet pessoal do comerciante pode não estar mantendo uma conexão constante com os servidores FXCM devido à falta de força do sinal de uma conexão sem fio ou dialup Uma perturbação no caminho de conexão pode Interromper o sinal e desativar o FXCM Trading Station, causando atrasos na transmissão de dados betwee N a estação de negociação eo servidor FXCM Uma maneira de verificar a sua conexão de internet com o servidor FXCMs é fazer o ping do servidor de seu computer. RESET ORDERS. Market volatilidade cria condições que tornam difícil executar ordens ao preço dado devido a um extremamente elevado Volume de encomendas No momento em que as ordens podem ser executadas, o preço de venda de oferta em que um fornecedor de liquidez está disposto a assumir uma posição pode ser vários pips away. In casos em que o pool de liquidez não é grande o suficiente para preencher uma ordem Market Range , A ordem não será executada Para Ordens Limit Entry ou Limit, a ordem não será executada, mas sim reajustada até que a ordem possa ser preenchida Lembre-se, tanto o Limit Entry como o Limit orders garantem o preço, mas não garantem a execução Dependendo da estratégia de negociação subjacente E as condições de mercado subjacentes comerciantes podem estar mais preocupados com a execução versus o preço recebido. SPIDES WIDENED. There pode ser casos em que spreads alargar para além da propagação típica Sp As leituras são função da liquidez do mercado e em períodos de liquidez limitada, no mercado aberto ou durante a rolagem às 17h00, ET, os spreads podem aumentar em resposta a incerteza na direção dos preços, aumento da volatilidade do mercado ou falta de mercado Liquidez Não é raro ver spreads alargar particularmente em torno de rollover rollover Comércio é normalmente um período muito calmo no mercado, uma vez que o dia útil em Nova York acaba de terminar, e ainda há algumas horas antes do novo dia útil começa em Tóquio Estar ciente desses padrões e levá-los em consideração ao negociar com ordens abertas ou colocar novos negócios em torno destes tempos pode melhorar sua experiência comercial Isso pode ocorrer durante eventos de notícias e spreads podem alargar substancialmente a fim de compensar a enorme volatilidade na Mercado Os spreads alargados podem durar apenas alguns segundos ou, enquanto alguns minutos FXCM incentiva fortemente os comerciantes a utilizar cautela quando o comércio em torno de notícias véspera Margens utilizáveis e exposição ao mercado. Os spreads alargados podem afectar negativamente todas as posições numa conta, incluindo as posições cobertas discutidas abaixo. ORDENS HANGING. During períodos de grande volume, podem ocorrer ordens pendentes Esta é uma condição em que um A ordem está no processo de execução, mas a execução ainda não foi confirmada A ordem será destacada em vermelho ea coluna de status indicará executado ou processando, na janela de ordens Nestas instâncias, a ordem está em processo de execução, Mas está pendente até que FXCM receba a confirmação do fornecedor da liquidez que os preços cotados estão ainda disponíveis Durante períodos do volume negociando pesado, é possível que uma fila das ordens se forma que o aumento em ordens entrantes pode cría às vezes condições onde há um atraso de Os provedores de liquidez na confirmação de certos orders. Depending sobre o tipo de ordem colocada, os resultados podem variar No caso de uma ordem Market Range Que não pode ser preenchido dentro do intervalo especificado, ou se o atraso passou, a ordem não será executada No caso de uma ordem no mercado, cada tentativa será feita para preencher a ordem com o próximo preço disponível no mercado em ambos Situações, a coluna de status na janela de ordens tipicamente indicará executada ou processando. A negociação simplesmente levará alguns momentos para mover para a janela de posições abertas Dependendo do tipo de ordem, a posição pode de fato ter sido executada eo atraso é simplesmente Devido ao tráfego pesado do Internet. Mantenha na mente que é somente necessário incorporar toda a ordem uma vez As entradas múltiplas para a mesma ordem podem retardar ou travar seu computador ou inadvertidamente abrir posições indesejadas. Se a qualquer momento você não puder alcançar a estação de troca de FXCM Para gerenciar sua conta, você pode ligar para a Mesa de Negociação diretamente em 1 212-201-7300 Ver uma lista completa de números de contato internacional. GREYED OUT PRICING. Greyed fora de preços é uma condição que ocorre quando forex liquidez pr Os oviders que fornecem o preço a FXCM não estão fazendo ativamente um mercado para pares de moeda particulares e a liquidez conseqüentemente diminui FXCM não cinzenta intencionalmente para fora os preços entretanto, às vezes, um aumento severo na diferença do spread pode ocorrer devido a uma perda da conectividade com Um provedor ou devido a um anúncio que tem um efeito dramático no mercado que limita a liquidez Tal graying fora dos preços ou spreads aumentou pode resultar em chamadas de margem em uma conta de comerciantes Quando uma ordem é colocada em um par de moedas afetadas por acentuados os preços, O PL temporariamente piscará para zero até que o par tenha um preço negociável eo sistema possa calcular o balanço de PL. A habilidade de hedge permite que um comerciante mantenha posições de compra e venda no mesmo par de moedas simultaneamente. Os comerciantes têm a capacidade de entrar no Mercado sem escolher uma direção específica para um par de moedas Embora a cobertura possa mitigar ou limitar perdas futuras não impede que a conta seja subj Exceto para mais perdas completamente No mercado forex um comerciante é capaz de totalmente hedge por quantidade, mas não por preço Isto é por causa da diferença entre os preços de compra e venda, ou o spread Efetivo, 02 de dezembro de 2012, os comerciantes FXCM será obrigado a Colocar a margem para um lado o lado maior de uma posição coberta requisitos de margem pode ser monitorado em todos os momentos na janela de taxas de negociação simples Embora a capacidade de hedge é uma característica atraente, os comerciantes devem estar cientes dos seguintes fatores que podem afetar hedged posições . Margem decrescente. Uma chamada de margem pode ocorrer mesmo quando uma conta é totalmente coberta, uma vez que os spreads podem aumentar, fazendo com que a margem restante na conta diminua Se a margem restante for insuficiente para manter quaisquer posições em aberto, a conta pode sustentar uma chamada de margem , Fechando quaisquer posições abertas na conta Embora manter uma posição longa e curta possa dar ao trader a impressão de que sua exposição ao movimento do mercado é limitada , Se existir uma margem disponível insuficiente e os spreads se alargarem durante qualquer período de tempo, poderá certamente resultar numa chamada de margem em todas as posições. CUSTOS DE VOLTAR. O rollover é o fechamento e abertura simultâneos de uma posição num ponto específico durante o dia para Evitar a liquidação e entrega da moeda comprada Este termo também se refere aos juros cobrados ou aplicados à conta de um comerciante para posições mantidas durante a noite, ou seja, após as 5 pm ET nas plataformas da FXCM. O momento em que as posições são fechadas e reabertas e A taxa de rollover é debitada ou creditada, é comumente referido como Trade Rollover TRO É importante observar que rollover encargos será maior do que rollover accruals Quando todas as posições são cobertas em uma conta, embora a posição líquida total pode ser plana, a conta Pode ainda sustentar perdas devido ao spread que ocorre no momento em que a rolagem ocorre. Os spreads durante o rollover podem ser mais amplos quando comparados a outros períodos de tempo devido à liquidez pro Por favor, gerencie as posições em conformidade em torno de rollover e compreender as implicações dos spreads alargamento em relação à execução com posições existentes aberto ou novas ordens de posições. FLUCTUATIONS taxa de câmbio PIP COSTS. Exchange flutuações da taxa, ou pip custos, São definidos como o valor dado a um movimento de pip para um determinado par de moedas. Este custo é o valor da moeda que será adquirido ou perdido com cada movimento de pip da taxa de par de moedas e será denominado na moeda da conta em que O par está sendo negociado nas Plataformas FXCM, o custo de pip para todos os pares de moedas pode ser encontrado selecionando Exibir, seguido de Lidar com Views e, em seguida, clicando em Taxas Simples para aplicar a marca de seleção próxima a ele Se as Taxas Simples já tiver uma marca de seleção Ao lado dele, visualizar as taxas de negociação na visualização simples é tão fácil quanto clicar na guia Taxas de Negociação Simples na janela de taxas de negociação. Quando você troca forex com o FXCM usando um modelo de execução Sem Dealing Desk, você está negociando em feeds de preços que estão sendo fornecidos por vários provedores de liquidez , Mais a marcação de FXCM s Em casos raros, estes alimentos podem ser interrompidos Isto pode durar apenas por um momento, mas quando isso acontecer, os spreads tornam-se invertidos Durante estas raras ocasiões, FXCM aconselha que os clientes evitem colocar ordens no mercado. Tentando colocar um livre comércio, tenha em mente que os preços não são reais e seu preenchimento real pode ser muitos pips longe do preço exibido No caso de negociações são executadas a taxas não realmente oferecidos pelos fornecedores de liquidez FXCM s, FXCM reserva o Direito de reverter tais negócios, como eles não são considerados negócios válidos Ao colocar ordens de mercado de intervalo ou não negociação durante esses momentos, os comerciantes podem evitar o risco associado com os cenários acima. HOLIDAY WEEKEND EXECUTION. TRADING DESK H OURS. A mesa de negociação abre aos domingos entre 5:00 PM ET e 5 15 PM ET A mesa de negociação fecha às sextas-feiras às 4 55 PM ET Observe que os pedidos colocados antes podem ser preenchidos até às 17:00 ET e que os comerciantes colocando negociações entre 4 55 pm e 5 00 pm ET pode ser incapaz de cancelar ordens pendentes de execução No caso de uma Ordem de Mercado GTC é submetida à direita no fechamento do mercado, a possibilidade existe que ele não pode ser executado até domingo no mercado aberto Por favor, tenha cuidado ao negociar ao redor Fechar sexta-feira e fator todas as informações acima descritas em qualquer decisão de negociação. Os horários de abertura ou fechamento podem ser alterados pela Mesa de Negociação porque depende de preços oferecidos pelos provedores de liquidez para FXCM Fora dessas horas, a maioria dos principais Bancos e centros financeiros estão fechados. A falta de liquidez e volume durante o fim de semana impede a execução e entrega de preço. ATUALIZAÇÃO DE PREÇOS ANTES DA OPEN. Shortly antes da abertura, a mesa de negociação atualiza as taxas para reflec T preços atuais do mercado em preparação para o aberto Neste momento, os comércios e ordens realizadas durante o fim de semana estão sujeitos à execução As cotações durante este tempo não são executáveis para novas ordens de mercado Após a abertura, os comerciantes podem colocar novos negócios e cancelar ou modificar existentes Os preços de abertura do domingo pode ou não ser o mesmo que os preços de fechamento de sexta-feira Às vezes, os preços no domingo aberto estão perto de onde os preços estavam na sexta-feira próximo Em outros momentos, pode haver uma diferença significativa entre sexta-feira s Fechar e domingo s aberto O mercado pode lacuna se houver um anúncio de notícia significativa ou um evento econômico mudando como o mercado vê o valor de uma moeda Traders segurando posições ou ordens durante o fim de semana deve ser totalmente confortável com o potencial do mercado para a diferença. Os pedidos de limitação são frequentemente preenchidos ao preço pedido ou melhor Se o preço solicitado ou um preço melhor não estiver disponível no mercado, o pedido não será preenchido Se o pedido solicitado O preço de uma ordem de parada é atingido na abertura do mercado no domingo, a ordem se tornará uma Ordem de mercado Ordens de entrada de limite são preenchidas da mesma forma que ordens de limite As ordens de entrada de parada são preenchidas da mesma forma que Stops. WEEKEND RISK. Traders que O medo de que os mercados possam ser extremamente voláteis durante o fim de semana, que o desvio pode ocorrer, ou que o risco de risco de fim de semana não é apropriado para seu estilo de negociação, pode simplesmente fechar ordens e posições antes do fim de semana É imperativo que os comerciantes que detêm Posições abertas durante o fim de semana entender que o potencial existe para grandes eventos econômicos e anúncios de notícias para afetar o valor de suas posições subjacentes Dada a volatilidade expressa nos mercados não é incomum para os preços a ser um número de pips de distância no mercado aberto do mercado Close Nós encorajamos todos os comerciantes a ter isso em consideração antes de tomar uma decisão de negociação. MARGIN CHAMADAS E FECHAR OUTS. Margin chamadas são acionadas quando a sua margem utilizável cai bel Ow zero Isso ocorre quando suas perdas flutuantes reduzem seu patrimônio de conta a um nível que é menor do que sua exigência de margem Portanto, o resultado de qualquer chamada de margem é liquidação subsequente, a menos que especificado de outra forma. A idéia de margem comercial é que sua margem atua como um bom De confiança para garantir o maior valor nocional de sua posição Margem de negociação permite que os comerciantes para manter uma posição muito maior do que o valor da conta real FXCM s Trading Station tem margem de gestão de recursos, que permitem o uso de alavancagem Claro, Risco como alavancagem pode trabalhar contra você, tanto quanto ele funciona para você Se o saldo da conta cair abaixo dos requisitos de margem, o FXCM Trading Station vai desencadear uma ordem para fechar todas as posições abertas Quando as posições foram sobre-alavancadas ou perdas comerciais são incorridos até o ponto Que a insuficiência patrimonial existe para manter as posições em aberto correntes ea margem utilizável da conta cair abaixo de zero, uma chamada de margem resultará e al L posições abertas serão fechadas liquidated. Please manter em mente que quando a margem utilizável da conta cai abaixo de zero, todas as posições abertas são acionadas para fechar O processo de liquidação é projetado para ser inteiramente eletrônico. Embora o recurso de chamada de margem é projetado para fechar Quando o saldo da conta está abaixo dos requisitos de margem, pode haver casos em que a liquidez não exista à taxa exata de call de margem. Como resultado, o patrimônio da conta pode cair abaixo dos requisitos de margem no momento em que os pedidos são preenchidos, Torna-se negativo Isso é especialmente verdadeiro durante as lacunas do mercado ou períodos voláteis FXCM recomenda que os comerciantes usam ordens Stop para limitar o risco de queda em vez de usar uma chamada de margem como um stop. It final é fortemente aconselhado que os clientes mantêm o montante adequado de margem em suas contas Os requisitos de margem podem ser alterados com base no tamanho da conta, posições abertas simultâneas, estilo de negociação, condições de mercado e Discrição de FXCM. Metatrader 4.Por favor, note que os usuários MT4 estão sujeitos a diferentes procedimentos de chamada de margem Quando uma chamada de margem é acionada na conta, as posições individuais serão liquidados até que o patrimônio restante é suficiente para suportar posições existentes s Para decidir quais posições serão Ser liquidado individualmente a maior posição perdedora será fechada em primeiro lugar durante a liquidação. CAPÍTULO PREÇOS VS PREÇOS INDICADOS NA PLATAFORMA. É importante fazer uma distinção entre preços indicativos exibidos em gráficos e preços negociáveis exibidos nas plataformas, como Trading Station e MetaTrader 4 Cotações indicativas são aquelas que oferecem uma indicação dos preços no mercado e da taxa a que estão a mudar Estes preços são derivados de uma série de contribuintes, tais como bancos e empresas de compensação, que podem ou não reflectir onde a liquidez da FXCM Os preços indicativos são geralmente muito próximos dos preços de transacção, mas apenas dão uma indicação de F onde o mercado é Citações executáveis asseguram a execução mais fina e assim um custo de transação reduzido Porque o mercado forex do ponto falta uma única troca central onde todas as transações são conduzidas, cada negociante do forex pode cotar preços ligeiramente diferentes Portanto, Provedor, que não emprega o preço de mercado do fabricante, irá refletir os preços indicativos e não necessariamente os preços de negociação reais onde os negócios podem ser executados. PLACAS COMERCIAIS MÓVEIS. Há uma série de riscos inerentes ao uso da tecnologia de negociação móvel, como A duplicação de instruções de encomenda, a latência nos preços fornecidos e outras questões resultantes da conectividade móvel Os preços apresentados na plataforma móvel são apenas uma indicação das taxas executáveis e podem não reflectir o preço real executado da encomenda. II utiliza circuitos de rede de comunicação pública para a transmissão de mensagens. A FXCM não será responsável por As circunstâncias em que você experimenta um atraso na cotação de preços ou uma incapacidade para o comércio causado por problemas de transmissão do circuito de rede ou quaisquer outros problemas fora do controle direto de FXCM problemas de transmissão incluem mas não estão limitados à força do sinal móvel, latência celular, Ou quaisquer outros problemas que possam surgir entre você e qualquer provedor de serviços de internet, provedor de serviços de telefone ou qualquer outro prestador de serviços. É altamente recomendável que os clientes familiarizar-se com a funcionalidade do FXCM Mobile Trading Station antes de gerenciar uma conta ao vivo via portátil Device. TS TABELA MÓVEL APPLICATION. FXCM s Trading Station Web plataforma foi modificada para ser executado em dispositivos móveis e tablet A plataforma móvel para dispositivos tablet é chamado de Trading Station Mobile e tem as mesmas características comerciais como Trading Station Web Os mesmos riscos de conectividade descritos acima Sobre o nosso Mobile TS II aplicar para usar com qualquer aplicativo disponibilizado para negociação tablet Forex Execução Trading Risks. HIGH RISK INVESTMENT. Trading câmbio sobre margem carrega um alto nível de risco e pode não ser adequado para todos os investidores Antes de decidir negociar esses produtos oferecidos pela Forex Capital Markets, Limited FXCM você deve considerar cuidadosamente Os seus objectivos, a sua situação financeira, as suas necessidades eo seu nível de experiência A FXCM mantém a sua sede social na Northern and Shell Building, 10 Lower Thames Street, 8th Floor, Londres EC3R 6AD FXCM pode fornecer comentários gerais, sem levar em conta seus objetivos, situação financeira ou necessidades Conselho geral dado, ou o conteúdo deste site não se destinam a ser aconselhamento pessoal e não deve ser interpretado como tal A possibilidade existe que você poderia sofrer uma perda Em excesso de seus fundos depositados Você deve estar ciente de todos os riscos associados à negociação na margem FXCM recommen As opiniões, notícias, pesquisas, análises, preços ou outras informações contidas neste site são fornecidas como comentário geral do mercado e não constituem conselho de investimento. A FXCM não aceitará qualquer responsabilidade Por qualquer perda ou dano, incluindo, sem limitação, qualquer perda de lucros, que possam surgir direta ou indiretamente do uso ou da confiança nessas informações. RISCOS DE NEGOCIAÇÃO INTERNACIONAL Existem riscos associados à utilização de um sistema de negociação de transação baseado na Internet Incluindo, mas não se limitando à falha de hardware, software e ligação à Internet Uma vez que o FXCM não controla a potência do sinal, a sua recepção ou encaminhamento através da Internet, a configuração do seu equipamento ou a fiabilidade da sua ligação, não podemos ser responsáveis por falhas de comunicação , Distorções ou atrasos ao negociar através da Internet FXCM emprega sistemas de backup e planos de contingência para minimizar a possibilidade de failu do sistema Que inclui permitir que os clientes para o comércio via telefone. DEALING DESK FOREX EXECUÇÃO MODEL. FXCM também oferece execução forex através de um modelo de execução Dealing Desk Neste modelo, a compensação FXCM s não pode ser limitada a nossa marcação padrão e os nossos interesses podem ser em directo Conflito com o seu FXCM enfrenta o risco de mercado como resultado de entrar em negociações com você FXCM pode tomar medidas para mitigar o risco decorrente de mercado de forma mais eficaz, a nosso exclusivo critério ea qualquer momento e sem prévio consentimento, a transferência de sua conta subjacente para A nossa oferta de execução NDD FXCM também pode optar por transferir a sua conta para a nossa oferta de NDD Não Dealing Desk se o saldo de capital na sua conta exceder o máximo de 20.000 unidades monetárias em que a conta é denominada Capital da conta é definido como o saldo da sua conta mais o Flutuante PL de suas posições abertas. Execução e negociação de escrivaninha de mesa não é conduzida em uma troca FXCM está agindo como uma contraparte nestes t Como resultado, os interesses da FXCM podem estar em conflito com os seus Salvo especificação em contrário em seu contrato escrito ou outros documentos escritos FXCM estabelece os preços a que ela oferece Para negociar com você Os preços FXCM ofertas podem não ser os melhores preços disponíveis e FXCM pode oferecer preços diferentes para clientes diferentes Se FXCM optar por não cobrir sua própria exposição de negociação, então você deve estar ciente de que FXCM pode ganhar mais dinheiro se o mercado vai Contra você. Os pares de moeda listados abaixo estão disponíveis na oferta de execução da Mesa de Negociação que a FXCM não garante que as cotações, os preços ou os spreads serão sempre melhores em uma forma de execução em comparação com os outros Clientes devem considerar muitos fatores ao decidir qual execução Tipo melhor se adapte às suas necessidades, por exemplo, conflito de interesses, estilo de negociação ou estratégia, etcFXCM visa proporcionar aos clientes a melhor execução disponível e para obter todos ord Os pedidos podem estar sujeitos a escorregamento. O deslizamento ocorre mais comumente durante eventos de notícia fundamentais ou períodos de alta volatilidade. Instâncias como a rolagem comercial às 5h EST é um período conhecido Em que o montante de liquidez tende a ser limitado como muitos provedores de liquidez liquidar as transações para esse dia Para obter mais informações sobre por que rollover ocorre, consulte a seção sobre Rollover Custos Durante períodos como estes, o seu tipo de ordem, quantidade exigida, Pode ter um impacto na execução global que você recebe. A volatilidade no mercado pode criar condições onde as ordens são difíceis de executar Por exemplo, o preço que você recebe na execução de sua ordem pode ser muitos pips longe do preço selecionado ou cotado devido Para o movimento de mercado Neste cenário, o comerciante está olhando para executar a um determinado preço, mas em uma fração de segundo, por exemplo, o mercado pode ter movido si Significativamente a partir desse preço A ordem do comerciante seria então preenchido com o próximo preço disponível para essa ordem específica FXCM fornece um número de tipos de ordem básica e avançada para ajudar os clientes a mitigar o risco de execução Uma maneira de mitigar o risco associado com derrapagem é utilizar O Margem de Mercado Desvio Máximo para os usuários MT4 recurso em FXCM s Plataformas A Faixa de Mercado característica permite comerciantes para especificar a quantidade de potencial derrapagem eles estão dispostos a aceitar em uma ordem de mercado, definindo um intervalo zero indica que não derrapagem é permitida Selecionando zero em the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed In this scenario the order will be filled at the best price available within the specified range For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists If the order cannot be filled within the specified range, the order will not be filled Please note, Market Range orders specify a negative range only If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price Stop orders guarantee execution but do not guarantee a particular price. When trading Forex via FXCM s dealing desk execution model, FXCM is the final counterparty to these transactions Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty FXCM is able to make auto execution available by limiting the max trade size of all or ders to 2 million per trade. DELAYS IN EXECUTION. A delay in execution may occur using a dealing desk model for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the currency pair that trader is attempting to trade Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection There are circumstances when the trader s personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection A disturbance in the connection path can sometimes interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server One way to check your internet connection with FXCMs server is to ping the server from your computer. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within m illiseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. When a client makes an order, FXCM first verifies the account for sufficient margin The order is then matched against quotes from liquidity providers A hedge order is then sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liqui dity providers in confirming certain orders. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price at which FXCM s Trading Desk is willing to take a position may be several pips away. In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be executed For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received. WIDENED SPREADS. There may be instances when spreads widen beyond the typical spread Spreads are a function of market liquidity and in periods of limited liquidity, at market open, or dur ing rollover at 5 00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of market liquidity It is not uncommon to see spreads widen particularly around rollover Trade rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience This may occur during news events and spreads may widen substantially in order to compensate for the tremendous amount of volatility in the market The widened spreads may only last a few seconds or as long as a few minutes FXCM strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure Widened spre ads can adversely affect all positions in an account including hedged positions discussed below. HANGING ORDERS. During periods of high volume, hanging orders may occur This is a condition where an order is in the process of executing but execution has not yet been confirmed The order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay in confirming certain orders. Depending on the type of order placed, outcomes may vary In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed In the case of an At Market order, every attempt will be made to fill the order at the next available price in the mar ket In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. Greyed out pricing is a condition that occurs when FXCM s Trading Desk is not actively making a market for particular currency pairs and liquidity therefore decreases FXCM does not intentionally grey out prices however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on a currency pair affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair simultaneously Traders have the ability to enter the market without choosing a particular direction for a currency pair Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether In the forex market a trader is able to fully hedge by quantity but not by price This is because of the difference between the buy and sell prices, or the spread Effective, 02 December 2012, FXCM traders will be required to put up margin for one side the larger side of a hedg ed position Margin requirements can be monitored at all times in the simple dealing rates window While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. DIMINISHING MARGIN. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account Although maintaining a long and short position may give the trader the impression that his exposure to the market s movement is limited, if insufficient available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the p urchased currency This term also refers to the interest either charged or applied to a trader s account for positions held overnight, meaning after 5 p m ET on FXCM s Platforms The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO It is important to note that rollover charges will be higher than rollover accruals When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs Spreads during rollover may be wider when compared to other time periods because of FXCM s Trading Desk momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair This cost is the currency amount that will be gained or lost with each pip movement o f the currency pair s rate and will be denominated in the currency denomination of the account in which the pair is being traded On the FXCM Platforms, the pip cost for all currency pairs can be found by selecting View, followed by Dealing Views, and then by clicking Simple Rates to apply the checkmark next to it If Simple Rates already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the Simple Dealing Rates tab in the dealing rates window Once visible, the simple rates view will display the pip cost on the right-hand side of the window. INVERTED SPREADS. When trading Forex with FXCM s dealing desk execution model, all quotable prices are provided by our Trading Desk FXCM s Trading Desk may rely on various third party sources for the prices that it makes available to clients In the event that a manifest misquoted price is provided to us from a source that we generally rely on, all trades executed on that manifest misquoted price may be rev oked, as the manifest misquoted price is not representative of genuine market activity These manifest misquoted prices can lead to an inversion in the spread. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The trading desk opens on Sundays between 5 00 PM ET and 5 15 PM ET The trading desk closes on Fridays at 4 55 PM ET Please note that orders placed prior may be filled until 5 00 p m ET and that traders placing trades between 4 55 p m and 5 00 p m ET may be unable to cancel orders pending execution In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday market open Please use caution when trading around Friday s market close and factor all the information described above into any trading decision The open or close times may be altered by the Trading Desk because it relies on prices being offered by third party sources Outside of these hours, most of the major world banks and financial centres are closed The lack of liquidity and volume during the weekend impedes execution and price delivery. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, trades and orders held over the weekend are subject to execution Quotes during this time are not executable for new market orders After the open, traders may place new trades, and cancel or modify existing orders. Sunday s opening prices may or may not be the same as Friday s closing prices At times, the prices on the Sunday open are near where the prices were on the Friday close At other times, there may be a significant difference between Friday s close and Sunday s open The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap. ORDER EXEC UTION. Limit orders are often filled at the requested price or better If the price requested or a better price is not available in the market, the order will not be filled If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order Limit Entry orders are filled the same way as Limit orders Stop Entry orders are filled the same way as Stops. WEEKEND RISK. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from mark et close We encourage all traders to take this into consideration before making a trading decision. MARGIN CALLS AND CLOSE OUTS. Margin calls are triggered when your usable margin falls below zero This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position Margin trading allows traders to hold a position much larger than the actual account value FXCM s Trading Station has margin management capabilities, which allow for the use of leverage Of course, trading on margin comes with risk as leverage may work against you as much as it works for you If account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions When positions have been over-leveraged or tra ding losses are incurred to the point that insufficient equity exists to maintain current open positions and the account s usable margin falls below zero, a margin call will result and all open positions will be closed out liquidated. Please keep in mind that when the account s usable margin falls below zero, all open positions are triggered to close The liquidation process is designed to be entirely electronic. Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative FXCM recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop. It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times Margin r equirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of FXCM. METATRADER 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidity providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile T S II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform for tablets is called Trading Station Mobile and has the same trading features as Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. CFD Execution. HIGH RISK INVESTMENT. Trading Contracts for Difference CFD S on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD FXCM may provide general commentary without regard to your objectives, financial situation or needs General advice given, or the content of this website are not intended to be personal advice and should not be construed as such The possibility exists that you could sustain a loss in excess of your deposited funds You should be aware of all the risks associated with trading on margin FXCM recommends you seek advice from an independent financial advisor. FXCM MARKET OPINIONS. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice FXCM will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. INTERNET TRADING RISKS. There are risks associated with utilising an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection Since FXCM does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the i nternet FXCM employs backup systems and contingency plans to minimise the possibility of system failure, which includes allowing clients to trade via telephone. CFD EXECUTION MODEL. Contract for Difference products are generally subject to dealing desk execution FXCM reserves the right to switch a client s execution to No Dealing Desk without prior consent from client, for any reason, including but not limited to, the product being traded, trading style of client, or volume traded FXCM does not generally execute CFD orders with an external counterparty FXCM is the final counterparty for most CFD positions which you undertake Please note that as the final counterparty FXCM may receive compensation beyond our standard fixed mark-up FXCM makes prices for the CFD instruments it offers to its clients Although these prices may be indicative of the underlying market for the product being traded, they do not represent the actual prices of the underlying asset on the physical market or exchange w here it is listed. As dealer, FXCM accumulates exposure for the products we deal to you As such, FXCM may take steps to mitigate risk accumulated during the market making process Therefore, FXCM provides automatic execution of all orders submitted for execution up to a certain amount In the event that you exhibit behaviours that prevent FXCM from mitigating exposure, we may, in our sole discretion remove you from participation of auto execution Removal from auto execution means that each order will be confirmed by a dealer before it is processed to ensure that we are able to mitigate any market risk. In the case that FXCM provides execution for CFD s through a straight through processing, or No Dealing Desk execution model, FXCM passes on to its clients the best prices that are provided by one of FXCM s liquidity providers with a fixed mark-up for each product In this model, FXCM does not act as a market marker and is reliant on liquidity providers for pricing and there are certain limit ations to liquidity that can affect the final execution of your order. For more information on the CFD execution model, read the CFD FAQs. FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage Slippage most commonly occurs during fundamental news events or periods of limited liquidity Instances such as trade rollover 5pm EST is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day For more information on why rollover occurs, see the section on Rollover Costs During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive. Examples of specific order instructions include. Good Til Cancelled GTC Orders - Your entire order will be filled at the next available price s at the time it is received. Immediate or Cancel IOC Orders - All or part of your order will be filled at the next available price with the remaining amount cancelled should liquidity not exist to fill your order immediately. Fill or Kill FOK Orders - The order must be filled in its entirety or not at all. The volatility in the market may create conditions where orders are difficult to execute For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price The trader s order would then be filled at the next price available price for that specific order Similarly, given FXCM s models for execution, sufficient liquidity must exist to execute all trades at any price. FXCM provides a number of basic and advanced order types to help clients mitiga te execution risk One way to mitigate the risk associated with slippage is to utilize the Market Range Max Deviation for MT4 users feature on FXCM s Platforms The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range Zero indicates that no slippage is permitted By selecting zero on the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed In this scenario the order will be filled at the best price available within the specified range For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists If the order cannot be filled within the speci fied range, the order will not be filled Please note, Market Range orders specify a negative range only If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price Stop orders guarantee execution but do not guarantee a particular price Therefore, stop orders may incur slippage depending on market conditions. When trading Forex via FXCM s dealing desk execution model, FXCM is the final counterparty to these transactions Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty FXCM is able to make auto execution available by limiting the max trade size of all orders to 2 million per trade. In addition to the order type, a trader must consider the availability of the instrument prior to makin g any trading decision As in all financial markets, some instruments within that market will have greater depth of liquidity than others Ample liquidity allows the trader to seamlessly enter or exit positions, near immediacy of execution, and minimal slippage during normal market conditions However, certain products have more liquid markets than others. DELAYS IN EXECUTION. A delay in execution may occur for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the instrument that the trader is attempting to trade Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection There are circumstances when the trader s personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection A disturbance in the connection path can sometimes interrupt the signal and dis able the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server One way to check your internet connection with FXCMs server is to ping the server from your computer. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these ins tances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price may be several pips away. There may be cases where a Market Range order is not executed due to a lack of liquidity or the inability to act as counterparty to your trade For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution Depend ing on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received. Depending on the type of order placed, outcomes may vary In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed In the case of an At Market order, every attempt will be made to fill the order at the next available price in the market In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. Greyed out pricing is a condition that occurs when FXCM s Trading Desk or liquidity provider that supplies pricing to FXCM is not actively making a market for particular instruments and liquidity therefore decreases FXCM does not intentionally grey out prices however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on an instrument affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. The ability to hedge allows a trader to hold both buy and sell positions in the same instrument simultaneously Trade rs have the ability to enter the market without choosing a particular direction Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether FXCM traders are required to put up margin for one side the larger side of a hedged position Margin requirements can be monitored at all times in the simple dealing rates window While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. DIMINISHING MARGIN. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account Although maintaining a long and short position may give the trader the impression that his exposure to the market s movement is limited, if insufficie nt available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency This term also refers to the interest either charged or applied to a trader s account for positions held overnight, meaning after 5 p m ET on FXCM s Platforms The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO It is important to note that rollover charges will be higher than rollover accruals When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs Spreads during rollover may be wider when compared to other time periods because of FXCM s Trading Desk or liqui dity providers momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular instrument This cost is the currency amount that will be gained or lost with each pip movement of the instrument s rate and will be denominated in the currency denomination of the account in which the pair is being traded On the FXCM Platforms, the pip cost can be found by selecting View, followed by Dealing Views, and then by clicking Simple Rates to apply the checkmark next to it If Simple Rates already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the Simple Dealing Rates tab in the dealing rates window Once visible, the simple rates view will display the pip cost on the right-hand side of the window. INVERTED SPREADS. FXCM s Trading Desk may rely on various third party sources for the prices that it makes available to clients In the event that a manifest misquoted price is provided to us from a source that we generally rely, all trades executed on that manifest misquoted price may be revoked, as the manifest misquoted price is not representative of genuine market activity These manifest misquoted prices can lead to an inversion in the spread. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The hours for each CFD are determined by FXCM s Trading Desk based on the schedule for trading on the exchange for the underlying market, commodity, or asset. Please refer to the CFD Product Guide for specific hours for each instrument. FXCM aims to open markets as close to the posted trading hours as possible However, liquidity at or around market open close for any CFD instrument can be very thin FXCM may delay market open on specific instruments by several minutes to protect clients from quoted prices that are not representative of the true market price Traders are advised to use extreme caution during these periods and to utilize FXCM s basic and advanced orders types to mitigate execution risk Based on the illiquidity illustrated during these time periods traders using market orders can experience slippage, or gapping in prices that can have a material impact on your final execution price. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, trades and orders held over the weekend are subject to execution Quotes during this time are not executable for new market orders After the open, traders may place new trades, and cancel or modify existing orders. There is a substantial risk that stop-loss orders left to protect open positions held overnight may be executed at levels significantly worse than their specified pricemensurate with the opening closing of the market for the underlying instrument, CFD traders may experience gaps in market prices Due to the volatility expressed during th ese time periods, trading at the open or at the close, can involve additional risk and must be factored into any trading decision These time periods are specifically mentioned because they are associated with the lowest levels of market liquidity and can be followed by significant movements in prices for both the CFD, and the underlying instrument. ORDER EXECUTION. Limit orders are often filled at the requested price or better If the price requested or a better price is not available in the market, the order will not be filled If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order Limit Entry orders are filled the same way as Limit orders Stop Entry orders are filled the same way as Stops. WEEKEND RISK. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and posit ions ahead of the weekend It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close We encourage all traders to take this into consideration before making a trading decision. MARGIN CALLS AND CLOSE OUTS. Margin calls are triggered when your usable margin falls below zero This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. FXCM process all liquidations for CFD products automatically Open and close times for the underlying reference market are determined by the exchange, or third party execution venue, and not by FXCM If the client s liquidation event i s triggered during the period when the underlying reference market is closed, it may be necessary for the FXCM Trading Desk to wait until the underlying reference market re-opens before liquidation of the CFD positions can be finalized Depending on market conditions, this could mean that the final price the client receives is a significant number of points away from the price that triggered the client s liquidation If the clients account contains open positions for both CFD and forex at the time liquidation is triggered it is possible that only the client s forex positions will be liquidated This would only occur in situations where the underlying reference market for the client s CFD positions is closed, and the liquidation of the client s forex positions satisfies the liquidation requirement. METATRADER 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidity providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex deale r may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile TS II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission prob lems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. Please note some features of the FXCM Trading Station will not be available on the FXCM Mobile Trading Station Key differences include, but are not limited to, charting packages, daily interest rolls will not appear, and the maintenance margin requirement per financial instrument will not be available It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform is called Trading Station Mobile With the exception of OCO orders one-cancels-other , Trading Station Mobile for tablet devices has the same trading features a s Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. FXCM MetaTrader 4 Execution. Individuals should review the information below carefully which details the differences regarding execution, trading features, and platform settings specific to the FXCM MT4 platform. Trade Execution. Orders to open and close trades, as well as take profit TP orders execute Fill or Kill These orders only execute if they can fill in their entirety at the requested price These orders cannot be broken up and filled at multiple prices. In the event that sufficient liquidity is not immediately available to execute a Fill or Kill order in its entirety, execution ceases. Stop Loss SL orders, and orders submitted due to margin call do not execute Fill or Kill These orders do fill in their entirety at the same price however, execution will not cease if sufficient liquidity is not immediately available Execution w ill continue until a price becomes available to fill the entire order. The maximum number of open orders is capped at 500 individual orders per account This restriction includes both open orders and pending orders The MT4 platform will display an error message if traders attempt to open more than 500 individual orders Stop Losses and Take Profits are exempt from this restriction. Margin Call. The margin call policy for FXCM MetaTrader 4 accounts is different from all other FXCM accounts When a margin call occurs, trades will be closed one by one until Free Margin is greater than zero. Interest rates are not displayed on the MetaTrader 4 Platform however, traders will pay or accrue interest in accordance with the current FXCM rates To obtain the rollover rates traders can view them on the FXCM Trading Station II platform or call FXCM customer service for current rates Please be advised that interest rates are provided to FXCM by multiple liquidity providers Every effort is made to display r ollover rates one day in advance on the FXCM Trading Station II However, during times of extreme market volatility, rates may change intraday. Any positions that are open at 5 p m ET sharp are considered to be held overnight, and are subject to rollover A position opened at 5 01 p m is not subject to rollover until the next day, while a position opened at 4 59 p m is subject to rollover at 5 p m ET. Expert Advisor. Expert Advisor s EA are automated trading tools that can perform all or part of a trading strategy While FXCM offers proprietary EAs, there are others developed by third parties FXCM does not vouch for the accuracy or reliability provided by the EAs not in its control Traders utilizing an EA do so at their own risk Additionally, many EA s employ the use of micro lots and do not account for fractional pip pricing On the FXCM MetaTrader 4 platform the smallest lot size increment is 1k and fractional pips are used Prior to trading, please contact your EA provider to discuss the lo t sizes used in the program and any potential issues that may arise from fractional pip pricing. Max Deviation. With FXCM MetaTrader 4, all orders execute using instant execution This MetaTrader 4 execution type enables the maximum deviation max deviation feature. The maximum deviation feature was designed to control slippage - both negative and positive - in the following way When creating an order, a number is specified in tenths of a pip 0 in the max deviation field This number is the maximum amount of slippage the order can receive If the market price moves beyond this amount while the order is executing, the order will cancel automatically This is how the maximum deviation feature was designed to function. FXCM trading policy allows for unlimited positive slippage on all order types Therefore, FXCM has developed a way to override the restriction that the maximum deviation feature places on positive slippage All orders placed on the FXCM MetaTrader 4 platform fill with the greatest amo unt of positive slippage possible. In the event that an order fills with positive slippage beyond the maximum deviation the platform logs a message in the Journal tab The message has the following format - Positive Slippage - is the positive slippage the order received beyond the maximum deviation. If the market price moves negatively beyond the maximum deviation, the order cancels automatically When this occurs, an Off Quotes message is displayed This is a standard MetaTrader 4 message notifying the user that an order canceled because the market price deviated beyond the order setting. Please note dependent upon market conditions, a lower maximum deviation amount can increase the likelihood that an order will be rejected due to the market price moving outside of the maximum deviation. Pending Orders. You cannot use a pending order to close a trade or a portion of it Pending orders can only be used to open new trades For example, assume that an account is long 0 2 EUR USD A trader then crea tes a pending order to sell 0 1 EUR USD If the pending order price is reached, the order will trigger for execution However, because the pending order is attempting to trade in the opposite direction of the existing long trade, the pending order will automatically cancel, leaving the long trade unaffected. When closing a trade, MetaTrader 4 users can use stop loss and take profit orders as an alternative to pending orders. Cross-Platform Compatibility. FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station platforms Therefore, FXCM MetaTrader 4 account holders can place and manage trades and orders through the FXCM Trading Station platforms Account details for retail clients e g orders, trades, P L, margin, equity will match on all of these platforms and their statement of records However, please note that some functionality available on the FXCM Trading Station platforms may not be available on the FXCM MetaTrader 4 platform. FXCM MetaTrader 4.FXCM MetaTr ader 4 allows for order sizes up to 50 million per trade Traders have the ability to trade incremental sizes multiple orders of 50 million for the same pair The FXCM MetaTrader 4 Platform does not show pip costs The potential exists for variations in pricing displayed between servers These differences do not have an impact on prices available for execution but can impact the prices used to trigger resting orders. FXCM MetaTrader 4 Server Information. Under rare circumstances it may be necessary to type in a server address when logging into FXCM MetaTrader 4 A list of FXCM s MT4 server names and addresses has been provided below So long as you download FXCM MetaTrader 4 here and install it on your computer or VPS, you will not need these server addresses. If you need to enter the server address when logging in, be sure to use the one that corresponds to the server name that your account is assigned to As an example, if your account s server name is MT4USDREAL01, you would use. TIMEFRAME COM PLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under rev iew. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Risk Warning Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds The products may not be suitable for all investors Please ensure that you fully understand the risks involved. High Risk Investment Warning Trading foreign exchange and or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors The possibility exists that you could sustain a loss in excess of your deposited funds Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience You should be aware of all the risks associated with trading on margin FXCM provides general advice that does not take into account your objectives, financial situation or needs Th e content of this Website must not be construed as personal advice FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning. Forex Capital Markets Limited FXCM LTD is an operating subsidiary within the FXCM group of companies collectively, the FXCM Group All references on this site to FXCM refer to the FXCM Group. Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority Registration number 217689.Tax Treatment The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. Copyright 2017 Forex Capital Markets All rights reserved. Northern Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD Company incorporated in England Wales No 04072877 with registered office as above. We use cookies to enhance the performance and functionality of our site, which ult imately improves your browsing experience By continuing to browse this site you are agreeing to our use of cookies You may change your cookie settings at any time Learn More. Your browser is out of date.
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