Programs / PFG FX Trader / Trading / Orders

Orders

The client terminal allows to prepare and send commands for trade opertaions execution as well as control and manage the open positions. There are several orders' types used for these aims. Order is an instruction to brokerage company to execute a trade transaction. The terminal has the following orders: Market Order, Pending Order, Stop Loss, Take Profit. Besides, there is also Trailing Stop — the advisor's equivalent that automatically moves Stop Loss.

Market Order

Market order is the order to brokerage company to buy or sell the financial instrument at the current price. The execution of this order by the brokerage company leads to the opening of trade position. Buying is being made at ASK price, and selling is made at BID price. The orders Stop Loss and Take Profit can be attached to Market Order.

The order can be send for execution from the order control window "New Order". This window can be opened by menu command "Tools — New Order", button on "Standard" toolbar, the hot key F9, command "New Order" of the context menu of windows "Market Watch" and "Terminal — Trade", and also by the double-click on the financial instrument name in the window "Market Watch". After that in the window there is necessary to:

• Symbol
  select the financial instrument;


• Volume
  choose the order volume (amount of lots);


• Stop Loss
  set the level of the stop loss order (optionally);


• Take Profit
  set the level of the take profit (optionally);


• Comment
  comment (optionally);


• Request
  request current quotations (if the technology Instant Execution is not used);


• Sell/Buy
  select order direction "sell" or "buy".

Attention: the quotations offered after the request will be active only for a few seconds. If the decision is not made during this time period, the buttons "Sell" and "Buy" will be blocked again.

If during order placement the levels Stop Loss and Take Profit were too close to the current price in the field "Market Order" will appear the message "Invalid Price". It is necessary to move the levels aside from the current price and repeat the request for market order execution. The trade position opening will occur after the brokerage company execute a trade operation and sets Stop Loss and Take Profit. At that in the window "Terminal — Trade" will appear the record of opened position and in the chart will appear the opened order price level.

Pending Order

Pending Order placed an order to brokerage company to buy or sell the financial instrument in future on the fixed price. This order type is being used for the opening of trade position on the condition that future quotations are equal to the set level.

There are four types of the pending orders:

• Buy Limit
  buy if the future "ASK" price is equal to specified level. At that the current price level higher than the price value of plased pending order;


• Buy Stop
  buy if the future "ASK" price is equal to specified level. At that the current price level below than the price value of plased pending order;


• Sell Limit
  buy if the future "BID" price is equal to specified level. At that the current price level below than the price value of plased pending order;


• Sell Stop
  buy if the future "BID" price is equal to specified level. At that the current price level higher than the price value of plased pending order;

Stop Loss and Take Profit orders can be attached to Pending Order.

In order to use this order it is necessary in the window "New Order":

• Type
  select delayed order type (Buy Limit, Buy Stop, Sell Limit, Sell Stop);


• At Price
  set the order price level;


• Expiry
  order expiration time;


• Send
  send order for execution.

Execution of Pending Order is being carried out in two stages:

• After order placement the brokerage company makes its execution. At that in the "Terminal — Trade" appears the line with the number and status of pending order. In the chart, if the context menu option "Show on the Charts" is enabled, appear the marks of the executed orders displayed;


• A trade position is opened in case the future prices correspond to the order condition. At that in the window "Terminal — Trade" the line of the delayed order is removed and the line of the open position appears.

The delayed order can be removed or changed by command from context menu of window "Terminal — Trade — Modify or Delete Order" or by double-click on required order. After that, to make a change, it is necessary to fill the field "Price" with the new data and press the button "Modify". The order can be deleted by command "Delete" from context menu.

Stop Loss

Stop Loss order is intend to minimize losses in case the financial instrument price has started moving in the unprofitable direction. The order is always connected either with an open position or with pending order. In both cases to make a change it is necessary to run the context menu command of the window "Terminal — Trade — Modify or Delete Order" or to double-click by the left mouse button on the required position (pending order). After that to place the order one should enter the required value in the field "Stop Loss". In case the order is changed in this field is stored a new value. To delete this order it is necessary to indicate a zero value in this field. After each of these actions one should press the button "Modify Order".

The execution of the Stop Loss order attached to the open position occurs in two stages:

• after Stop Loss order placement the brokerage company makes order execution. At that in the chart window appears the mark of the order price level.


• trade position closing can occur on the condition that the future prices are equal to specified order level. At that occurs the order execution and in the window "Terminal — Trade" open position line will be removed, and in the tab "Account History" stored the information about the trade operations being carried out.

Attention: Stop Loss works only with opened positions and does not respond to pending orders. Stop Loss placement on pending orders is enabled only after Pending Order becomes an opened position.

Take Profit

Take Profit order is intend for profit earning after the financial instrument price reaches the predicted level. Order can be placed for brokerage company execution together with Market Order or Pending Order. The order can be also changed or removed. In this case one needs to follow the pattern action of the Stop Loss order, except that the field "Take Profit" should be filled in.

Trailing Stop

Stop Loss order is intend to minimize losses in case the chart of the financial instrument price has started moving in the unprofitable direction. When an opened position becomes profitable, Stop Loss can be moved manually at the certain distance from the current price. Trailing Stop is used to automate this process and maximize the profit. This tool is especially useful by the strong unit-directional motion of the price (by the pronounced trend without a deep backoff) and also in case there is no possibility to watch closely the changes of the markets.

To set Trailing Stop it is necessary to run the context menu command in the window "Terminal — Trade — Trailing Stop". After that one customize the desired value of distance between the order level and the current price.

After this by each tick-quotation incoming the terminal starts proving cheking for position profitability. If an open position is profitable and Stop Loss Order is missing and the predicted level of Trailing Stop is in the loss zone, this mechanism is idle. The terminal traces the boundary in price levels and as soon as the jump into the profitable zone occurs (profit at the points is equal or is more than the parameter Trailing Stop), the command for Stop Loss placement is being executed automatically. The order level is set at the distance indicated from the current price. Later in case the price moves to large profitability of the position, Trailing Stop automatically moves Stop Loss behind the price. If each incoming tick-quotation decreases profitability of position then no order modification occurs. Thus, there happens limitation of losses of the opened position without the participation of the trader. By each automatic modification of the Stop Loss Order there is an record being made in journal. By the considerable current trend correction there can occur Stop Loss execution. At that Trailing Stop stops being executed.

The execution of the Trailing Stop Order can be stopped if one shows the parameter "None" in the order management menu. To cut off all Trailing Stops it is necessary to run the command "Delete All".

Attention: Trailing Stop woks on the client terminal and not on the server like Stop Loss or Take Profit. Therefore, by exit from terminal, in contrast to the specified above orders, Trailing Stop will not be worked. At the deactivated terminal there is only Stop Loss, placed by Trailing Stop that can be executed.

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