how to use the desktop terminal
HOW TO USE THE DESKTOP TERMINAL PLATFORM
This tutorial is all about the usage of Desktop terminal trading platform. It will cover practical trading steps, so let’s begin;
We assume you have funds in your account, and are ready to trade. The only thing you’ll need is a quick overview of the Desktop terminal application. After logging into the application, you will see various tabs as displayed on the screen. This is how it looks like under the Trading tab. The application was set default to display “Dealing Rates Table”, News Monitor, Open Position and one price chart.
If you are working just on one instrument, then this frame would satisfy you. However, in case you want to look at a couple of charts at the same time. Then you can move to the next tab named “Charts”. You can watch the dealing rates of a number of instruments while mulling over charts of your favorite ones.
Under the tab “Instruments”, you will have details of bid/ask/high/low prices, bid/ask volume, pip value, etc. of each instrument.
Under the tab “Summary”, there will be details of your trading account including balance, equity, used margin, etc. and other data that helps you assess your investment such as Summary by Instrument or Risk exposure.
Under the tab “Reports”, you will find two other subtabs namely “Account Statement and Trading Statistic”. Basically, this section allows you to build your own trading report based on your prefered period of time and report format.
MAKE A TRADE
To place a trade, you just need to click the bid price of a specific instrument if you are going to sell the asset and click the ask price if you intends to buy.
In the below example, after the trader clicked the bid price of the pair EURUSD, a pop up window appeared, stating that “You will be Selling EUR/Buying USD”.
Similarity, after he clicked Ask price of the pair EURUSD, a pop up window appeared, stating that “You will be Buying EUR/Selling USD”.
Another way to place a market order is to open a position from the FXVoyager toolbar (View -> FXVoyager), and click the Buy or Sell buttons in the Home or Trade tabs. This will open the New Position dialog as below
To place a trade, you need:
- Select the Instrument to trade
- Select the account you want to trade from (if you have multiple accounts).
- Enter the amount to trade into the “Amount” field.
Note: The default pre-set amount is determined by the account’s Default Amount setting.
4. Enter the Trader Range measured in pips.
Note: The Trader Range is your tolerance for price change. It is a range (in pips) from your original order price within which you would still be willing to place the order. If the market shifts while you are placing an order, you will receive the notification message offering you to ‘Accept New Price’ or ‘Remove Order’ within a certain time period. If the new price is within the Trader Range, then the order will automatically go through at the new price.
If the market shifts while you are placing an order, the dealer may reject your order and offer you the new market price. If the dealer’s new price is within the Trader Range, the order will automatically go through at the dealer’s new price.
Note: The default value of Trader Range can be set in the Main Settings.
5. Preset a stop/limit on this market order, check the “Set Predefined Stop/Limit” check box.
When creating a market, you can predefine a stop/limit. When the market order becomes a position, it will have the stop/limit order on it.When you check the “Set Predefined Stop/Limit” check box, the dialog box expands, allowing you to set a predefined stop and/or limit.
To set a predefined stop, trailing stop, or limit, click on the check box next to the desired order type. When you select the checkbox, the order rate becomes editable. The rate constraints to the right of the rate fields are based on the type of order and the condition distance setting.
Besides a market order, you can set a stop or limit order by clicking “Entry Sell” or “Entry Buy”. Under each button there are two options which allow you to choose to place a stop order or a limit order.
A dialog will appear as below:
To place a stop/limit trade, you need:
- Enter the amount in lots.
- Enter the rate in the “Rate” field. The allowed price range is shown to the right of the “Rate” field. You can also adjust the “Distance in pips” box to set up your order.
Note: Distance in points = The difference in points between the proposed entry order rate and the current market rate.
- If you are creating this entry order as part of an OCO pair, select the “Create as OCO for order” box. You will then be able to select an existing entry order from a pull-down menu.
Note: OCO means one-cancels-the-other order. A OCO order combines a stop order with a limit order. When either the stop or limit level is reached and the order executed, the other order will be automatically canceled.
4. To preset a stop/limit order on this entry order, check the “Set Predefined Stop/Limit” box.
BUILD YOUR LIST OF FAVOURITE INSTRUMENTS
To configure instrument subscription, click the Instrument Catalog button under the Home tab of the FXVoyager. The Instrument Catalog displays all the instruments that are available to you. You can subscribe to/unsubscribe from instruments from the pop-up window.
Once you have subscribed to an instrument, it will appear in the following windows:
Dealing Rates window
- Individual Dealing Rates window
- Dealing Rates Table window
- Instruments window
- Chart windows (drop down instrument boxes)
The above was a quick look at the basics of using the Desktop terminal Trading platform. Remember, you can always contact us in case you face any problem or have any doubts with respect to the usage of the platform
In the next tutorial on using the Desktop terminal trading platform, we shall cover some very neat tools that are available to use on the platform when trading. These advanced tools and features are very beneficial for traders, as they can make an important difference in the trading performance of an invest