Forex-ICE Dealing Platform User Manual:
- Login
- Dealing Rates window
- Trader’s Orders window
- Open Positions window
- Currency Reference Rates window
- Account Information window
- Summary window
- Trading
- History
- Menu Commands
Purpose of the Forex-ICE Dealing Platform
The Forex-ICE Dealing Platform is a dealing and account management system allowing individuals and institutions to efficiently and securely trade Forex online.
Trading Specifications
Lot Size: 10,000 units of the base currency.
Pip Value: $1 in GBPUSD and EURUSD; Approximately $.5 per day per lot charged on positions held past 5PM EST. Clients on 2% margin will receive this amount on long USD positions, and pay this amount on short USD positions. Clients on 1% margin will always pay this amount, regardless of the position. Most clients opt for 1% margin, as the Overnight Interest charge is only about 1 pip.
Margin Call Procedure: When a client has less than $50 of equity per open lot, some or all of the clients open positions will be automatically closed. Clients are encouraged to avoid margin calls through the use of stops and/or adequately capitalized accounts.
Trading Hours: Sunday 7:00 PM EST through Friday 4:00 PM EST.
Symbol Currency Pair Trading Terminology GBPUSD British Pound / US Dollar "Cable" EURUSD Euro / US Dollar "Euro" USDJPY US Dollar / Japanese Yen "Dollar Yen" USDCHF US Dollar / Swiss Franc "Dollar Swiss", or "Swissy" USDCAD US Dollar / Canadian Dollar "Dollar Canada" AUDUSD Australian Dollar / US Dollar "Aussie Dollar" If you deal on a phone you can tell us either the "Currency Pair" or "Trading Terminology" while placing a trade.
Login
Click on the "Demo & Real Trading" button that appears on our website, and then click on the "Real or Demo Trading Login" arrow. The login window below should appear.
Enter your User Name, Password, and click OK. The FX-Station 2002 trading tab will appear as below:
There are six windows on the main page of the Internet Currency Trading System. The size of each window can be adjusted to your personal preference. To expand or truncate a window, left click on one of the internal window borders. While pressing on the left mouse button, move the mouse back and forth. Let go of the left mouse button when the border is adjusted to your preferred specifications.
(Upper Left Hand Window)
Dealing Rates window displays the exchange rates at which CBFX is prepared to deal. Prices are constantly updating and can be clicked to enter or offset a position. "Sell" or "Buy" refers to the currency listed in the column "Cur1". The opposite operation happens to the currency listed in column"Cur2" when a trade is executed. Each time an exchange rate is changed, the time of the change is indicated under the column "Time".
The following functionality is available on the Dealing Rates window:
- Take Market Order
Allows Trader to trade at the market. Left click on the exchange rate for the desires currency and operation (Buy or Sell). Or right click on the appropriate rate and select Market Order command from pop-up menu. The "Take Order" window will appear and prompt the account Trader to input the desired number of lots.
Enter desired amount measured in lots and press OK. New order marked with letter ‘I’ (Initiate) will appear under "T" column on the Trader’s Orders window. Dealer now is able to confirm or reject transaction due to market movement.
If Dealer confirms the order, the ‘I’ record will disappear and the new position record will be added to the Open Positions window. The account information will be updated.
Note:
If you already have opened one or more positions on the same instrument but in opposite direction, the oldest of those positions will be closed instead of creating new position record. (So called "First in, first out")If not answer returned from Dealer for a long time, Trader is able to cancel the order: right clicking on the specific order information and selecting Remove Order command from the pop-up menu.
If Dealer rejects the order because of market movement, a new order marked with letter ‘R’ (Reject) will appear under "T" column on the Trader’s Orders window instead of the ’I’ order. This order will show the new market price. Trader is now able to accept or reject the Dealer's market price by right clicking on the specific order information and selecting Place Order (please try to make decision within 5 seconds, otherwise Dealer may rejects you again due to market movement) or choose Remove Order command to cancel the order from the pop-up menu.
- Place Entry Order
Right click on the exchange rate of the desired currency pair and operation (buy or sell). Then select the Entry Order command from pop-up menu. The "Entry Order" window will appear and prompt the account Trader to input the desired number of lots and the desired price at which the account Trader wants to enter the market.
Enter desired amount measured in lots, adjust the price and click OK. A new order marked with letter ‘E’ (Entry) will appear on the Trader’s Orders window. Dealer will execute the order when the market exchange rate touches or breaks through the specified price.
- Sort Records
Click on the column title.
All records will be sorted by that column.(Middle Left Hand Window)
Active orders appear in this window. Each order has unique ticket number and is located on a separate row. The currency pair, the operation (Buy or Sell), the number of lots, and activation level are displayed for every order. In addition, the time the order was entered is also displayed.
The following functionality is available on the Trader’s Orders window by right clicking on a particular order:
- Place Order
Right click within the order record and then select Place order command from the pop-up menu. Selected order will be sent to Dealer. This operation is used with Initiate, Reject, Close, and Terminate order records.Note:
Pop up rejection menu is exists only on real trading accounts, it may appear due to market movement. Position will be appeared in the "Open Positions window" without notification when the price keeps as the same.
Allows Traders to place Stop and Limit order for their Entry orders, but Stop and Limit order will only be appeared in the " Open Positions window", not "Trader’s Orders window".
- Remove Order
In the Trader’s Orders window, right click on the information for the appropriate position and select Remove Order command from pop up menu. The order will disappear.
- Change Rate
Allows Traders to change rate for their Entry (Stop and Limit) orders. Left click on the exchange rate under the "Rate" column for the appropriate position. Or, right click on the information for the appropriate position and select Change Price command from pop up menu. A" Entry Order" window will appear and prompt the account Trader to enter a rate. Adjust the rate and click OK. The new exchange rate at which the Entry order will be triggered will then appear in the box under the "Rate" column for the appropriate.
(Lower Left Hand Window)
All open positions are displayed in this window. Each position has unique ticket number and is located on a separate row. Below are explanations for several of the columns that appear in this window.
"Open" – The exchange rate at which the position was opened.
"Close" – The exchange rate at which the position can be immediately liquidated.
"Stop" – The exchange rate at which a stop-loss order will be triggered to close position. If there is no stop-loss order on a particular position, the box under this column will appear empty for that position. (Stop-loss orders do not show in the Trader’s Order window.)
"Limit" – The exchange rate at which a limit order will be trigged to liquidate the close position. If there is no limit order on a particular position, the box under this column will appear empty for that position. (Limit orders do not show in the Trader’s Orders window.)
"Prm"(Interest) – The payments deducted or added to the account equity as a result of holding the position.
"P/L" – The profit or loss in pips, if the position was liquidated at the current market price.
"Net$P/L" – The profit or loss in U.S. dollars, if the position was liquidated at the current market Price.
"Time" – The time the position was opened.
The following functionality is available on the Open Positions window:
- Close position
In the Open Position window, right click on the information for the appropriate position and select Close position command from the pop up menu. The Close position window will appear indicating the number of lots for the particular position the Trader desires to close and Dealer’s current market price at which the position will be closed.
Click OK. A new order marked with letter ‘C’ (Close) will appear on the Trader’s Orders window. Dealer is able to confirm transaction or reject transaction due to market to marker movement. One of three scenarios may occur from here:
- If Dealer confirms the order, the ‘C’ record will disappear and the desired position will be closed. The account information will be updated.
- If no answer returned from Dealer for a long time, Trader is able to cancel the order: right click within the order record and select Remove order command from the pop-up menu.
- If Dealer rejects the order because of market movement, new order marked with letter ‘T’ (Terminate) will appear under "T" column on the Trader’s Orders window instead of the ’C’ order. This order will show the new market price. Right click within the order record to choose Place order (please try to make decision within 5 seconds, otherwise Dealer may rejects you again due to market movement) or choose Remove order command to cancel the order from the pop-up menu.
- Place Stop Order
Allows Trader to place Stop order on a particular positionLeft click in the box in the "Stop" column for the appropriate position. Or, right click on the information for the appropriate position and select Place Stop command from pop-up menu. A "Stop" window will appear and prompt the account Trader to enter a rate.
Enter desired Stop rate and click OK. The exchange rate at which the Stop order will be triggered then appear in the box under the "Stop" column for the appropriate position.
- Place Limit Order
Allows Trader to place Limit order on a particular positionLeft click in the box in the "Limit" column for the appropriate position. Or, right click on the information for the appropriate position and select Place Limit command from pop-up menu.
Enter desired Limit rate and click OK. The exchange rate at which the limit order will be executed then appear in the box under the "Limit" column for the appropriate position
- Change price on Stops and Limits
Click on the exchange rate under Stop or Limit column for the appropriate position. Or, right click on the information for the appropriate position and select Change Stop or Limit command from pop up menu. Enter desired Stop or Limit price and click OK.
- Remove Stops and Limits
Right click on the information for the appropriate position and select Remove Stop or Limit command from pop up menu. The exchange rate under "Stop" or "Limit" column for that position will disappear.Currency Reference Rates window
(Upper Right Hand Window)
Currency Reference Rates window displays all currency rates information including the High and Low of the day for each currency and Prm Buy/Prm Sell (Interest Rate) differentials. Under the "High" and "Low" columns, the extreme high and low quotations are recorded over 24 hour period of time beginning at 5:00 PM Eastern Standard Time. The "Prm Buy/Prm Sell (Interest Rate) refers to the amount of funds in dollars per open lot that are added or subtracted from an account at 5:00PM Eastern Standard Time when positions are rolled over. For each currency pair, this number is different.
The following functionality is available on the Currency Reference Rates window:
- Sort records
Click on the column title.
All records will be sorted by that column.
- Access Charts
Right click within any of the records. Choose Charts command from pop-up menu.
Various charting broadcasting windows will appear. Please consult on-line help materials provided on the Charts page for detailed information on using charts.(Middle Right Hand Window)
Account Information window displays values representing the status of your accounts. Account information normally refreshes as a result of any Trader's action. This window displays important account information, under the following columns "Equity", "UsdMr", "UsblMr", "MC", "OP", and "Net$P/L".
"Equity" – The combined value of the account deposits and holdings, if open positions are immediately closed at market prices.
"UsdMr" (Used Margin) – The amount of equity required to maintain all open positions.
"UsblMr" (Usable Margin) – The amount of equity available to open new positions.
"MC" (Margin Call) - All open positions are monitored by FX-Station 2002 in the event that client's account contains insufficient funds to maintain current positions in the market. If such a situation occurs, FX-Station 2002 generates a Margin Call on a particular account, account will be marked inactive and all open positions on this account will be closed. Right click on MC field within the account record then select MC Rates command from the pop-up menu.
"OP" (Open Positions) – The number of lots currently held open by the account.
"Net$P/L" (Net Profit/Loss in US dollar) – The profit or loss that would result from the closing of all open positions.
The following functionality is also available on the Account Information window:
- Refresh information
Right click within the account record and then select Refresh Account Data command from the pop-up menu. Account Information will be renewed.
- Generate reports
Right click within the account record and then choose desired report from the pop-up menu: Current, Daily, Weekly, Monthly or Yearly report page will be generated. You could print it out for your reference.
- Enter Trading Ratio
Trading Ratio is used to allow Trader to predefine the default amount of contracts to be used when open a position on the particular account. This is a key feature primarily used by those who manage several accounts.
Click on TR field within the account record. The Trading Ratio pop-up menu will appear:
Enter desired amount and press OK.
- Enter Group name
Group name is used to allow Trader to group accounts.
Click on Group field within the account record. The Group pop-up menu will appear:
Enter desired Group name and press OK.
- Save Group information
Group names and Trading Ratio values for accounts could be saved for later use.
Right click within the account record and then select Save Group information command from the pop-up menu. Group information will be saved.(Lower Right Hand Window)
Summary window displays trading summary information by Currency for all open positions.
This window enables you take an overall view of the positions held in an account. For each currency pair in which you have a position or positions, there is separate row with data. Below are explanations for several of the columns that appear in this window.
"Lot" – The number of lots in that specific currency pair when all open positions are netted.
"AvOpen" – The average exchange rate at which the lots were open.
"Close" – The exchange at which a lot can be closed.
"BEP" – Break event point.
"P/L" – The profit or loss in pips for the lots held in a currency pair.
"Net$P/L" – The net profit or loss in U.S. dollar for the lost held in a currency pair.
Trading window displays Dealing Rates window, Trader's Orders window, Open Position window, Currency Reference Rates window, Account Information window and Summary window. Click on the Trading tab handle, located at the bottom of the main page, to switch to the Trading page.
History window displays last 30 completed deals in chronological order. Only sorting functionality is available on the trading History window.
Click on the History tab handle, located at the bottom of the main page, to switch to the Trading History page. A detailed record of your last thirty completed trades in chronological order will be displayed. This page is extremely useful in tracking specific information on any recently closed trade.
The Menu has four headings including, "File", "View", "Window" and "Help".
"File" – After clicking on this heading, the following four options command can be accessed. Traders can save or reset setting and change Login password here.
- Save Settings
- Reset Settings too default
- Change Password
- Exit
"View" – After clicking on this heading, six options can be accessed. Each option if pressed will give the main window a slightly different visual style without altering the content. Traders can view their reports, updated news, charts under this command.
- Look and Feel
- Reports
- News
- Charts
- System Log
- Communication Information
"Window" – After clicking on this heading, eight options command can be accessed. It is easy for trader to manage how many windows that you want to show out.
- Show All
- Arrange by Default
- Dealing Rates
- Trader’s Orders
- Open Positions
- Currency References Rates
- Account Information
- Summary
"Help" – Please feel free to contact CBFX at 617-357-0682 if there are any questions regards using the Internet Currency Trading System. After clicking on the heading, two options command can be accessed as following:
- User Manual
- About
Symbol Currency Pair Trading Terminology GBPUSD British Pound / US Dollar "Cable" EURUSD Euro / US Dollar "Euro" USDJPY US Dollar / Japanese Yen "Dollar Yen" USDCHF US Dollar / Swiss Franc "Dollar Swiss", or "Swissy" USDCAD US Dollar / Canadian Dollar "Dollar Canada" AUDUSD Australian Dollar / US Dollar "Aussie Dollar" GBP/JPY British Pound / Japanese Yen "Pound Yen" If you deal on a phone you can tell us either the "Currency Pair" or "Trading Terminology" while placing a trade.
Lot Size: For Japanese Yen, Swiss Franc and Canadian Dollar, $10,000.
For Euro, British Pound and Australian Dollar, 10,000 units of the base currency.
