Safe Forex. Forex trading with Forexite company
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Operations with orders in Forexite TradeRoom

  1. Introduction
  2. Registration and trading account opening
  3. Forexite TradeRoom interface
  4. Crediting and activation of trading account
  5. Making deals
  6. Operations with orders
  7. Charts of the currency rate changes
  8. Review of trading system reports
  9. Service functions in TradeRoom
  10. Some system settings
  11. Withdrawals from trading account
  12. Trading conditions; session termination
  13. TradeRoom features, distinctions and advantages
 

There are the tools to place, edit and cancel the orders as well as to trace their status and changes in them, in TradeRoom.

The orders can be placed at any distance from the current market rate, even up to one point. You can place the orders for any amount: the same rules as for trading amounts are applied here. Besides, you can place orders with a zero amount (more detailed information on this unique possibility will be provided hereafter). You can place OCO orders (linked orders) as well as If-Done orders (they are activated after the parent order has been executed). You can also specify the type of the trade you need, a Forex one or that of conversion, in the order. It is possible to enable trailing in any Stop order. There is an opportunity to limit the order validity as well. You can execute Forex trades and conversion deals with the orders in TradeRoom.

Order placement to close positions

After each Forex trade is executed, the TradeRoom offers to place orders for the automatic close of the open position, in case you have the "Offer order operations" option enabled in the trading preferences. E.g., if you opened a position by selling 200 000 EUR, the system offers placement of two linked (OCO) orders, Stop and Limit, for the open position.

Order placement to close positions
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The rate values proposed for the orders by the system are calculated according to the settings specified on the "Order Preferences" page.

Order Preferences

The distance in the points from the reference rate, in this case it is the Forex trade rate, to the appropriate rate is set in the "Order Preferences". The order rate value is computed by adding the set number of points to the trade rate.

The system proposes a placement of two linked (OCO) orders, Stop and Limit, for the open position. The orders are linked with each other, which means the automatic cancellation of one order when the other is executed.

A Stop-order is used for the limitation of a possible loss when the market rate moves in an undesirable direction, whereas a Limit-order is for the fixation of profit when the direction is desirable. The Stop-order can be placed with Trailing enabled, for that option you should mark the column "Trailing" as it is shown on the previous picture. The trailing means that in case the market rate moves away from the order, the order rate automatically shifts following the market one. If the market rate moves towards the order, the order rate is not changed.

When the "Trailing" option is enabled, the distance of trailing is calculated as the distance between the specified Stop-order rate and the current rate at the moment of the order operation, and the trailing step is set to minimum. It is possible to change these values at the order editing.

If you want to place only one of the proposed orders (either Stop or Limit) you should unmark the order you do not need in the column that follows "Notes". For instance, in this case the Limit-order will not be placed:

If you want to place only one of the proposed orders

Forex trade orders are placed after you press the "Place" button.

"Order" tab

It is possible to edit, cancel or add new orders on the "Order" tab.

Order operations tab
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Note.
This tab displays the active orders only. If you want to see the executed or cancelled orders, go to the "Orders list" report which is located in the "Reports". We will get acquainted with the reports later.

To change the order rate you should click on its value in the "Rate" column. A small edit box, where you can set a new order rate, will appear.

Changing the order rate

In case you need to change the order more essentially, you should click on its line. Then the order edit box will be displayed.

Editing order

In the editing window you can edit the instrument, operation, amount, currency, rate, order type and type of deal (trade); add an OCO order as well as If-Done orders; activate trailing and set its parameters; limit the order validity; write your own comment to the order. If you modify the order many times, then you might want to look at the history of its changes. You can do it in the "Change log" tab.

The changes will be applied after you press the "Save" button.

To place a new order it is necessary to click on the "New order" button on "Orders" tab. The window (very much like that for editing) for the placement of a new order will appear. You should set the necessary parameters.

Placing a new forex order

The point of this article is not to tell about all parameters of the orders and the way of their placement, the detailed information on this is to be found in the help to the Forexite TradeRoom trading system. There is a number of unique and very useful features in TradeRoom to work with the orders. They are:

Let us take a detailed look at the peculiarities.

Open position optionality for order placement

In TradeRoom the orders being placed do not depend on the presence of the open positions. That is the important feature of TradeRoom and, as a result, you can use orders to open a new position.

The majority of similar trade platforms don't let you place a new order if there is no open position for the instrument. It means that at first you have to open a new position and only after that you will be able to place the orders.

If-Done and OCO order placement

If-Done orders are the orders which become active after the parent order is executed.

If-Done and OCO order placement

The example of the placement of an order, which opens the position for the EUR/USD instrument and is being linked with two linked if-Done orders, is shown on the picture below. After the parent order (the parameters of which are set at the top of the form) is executed, the two OCO orders (the parameters of which are set at the bottom part of the form) functioning in this case as Stop and Limit, will become active. If one of the two OCO-orders is executed, the other one will be automatically cancelled.

The TradeRoom allows to link two active orders and, on the contrary, to unlink already linked orders. E.g., let us have two OCO orders:

Unlink OCO orders

To unlink these orders, it is necessary to select them first - put a mark near them (in the last column after "Notes"). Then click on any of the orders. A menu window will appear where you should select "Unlink OCO". As a result, the OCO group literal mark will disappear from the "OCO" column of the selected orders. It means that the orders are unlinked from each other.

Unlink OCO orders

Setting order rate as increment

The TradeRoom system allows setting the rate as an increment to the reference rate instead of the exact execution rate for any order.

Setting order rate as increment

The figure above shows the rates of the Stop and the Limit orders set as increments, whereas the rate of the parent one is specified explicitly.

The increment is put as a formula starting with "=". The "+" and "-" signs specify the direction of the increment. E.g., the "=+100" entry means, the order rate at the activation moment will be 100 points more than the reference rate, whereas the "=-50" means the order rate will be 50 points less than that of reference.

You can set the rate as an increment for any order, active or pending. If the order is active the current rate is taken as a reference rate at the order activation. For the pending order (If-Done), the current rate is taken as the reference rate when the order is activated (it is usually the parent order execution rate).

It is always recommended to set the order rate as increments for the If-Done orders. In this case, the position of these orders relative to the parent order will be permanent and will not depend on the market changes.

The possibility of setting the order rate as increment not only releases you from the necessity of counting the exact execution rate of the orders but also allows for the automatic correction of the linked orders when there are changes in the rate of the parent order.

Order placement at any distance from market rate

One more fundamental difference of the TradeRoom from the similar trade platforms is that in the TradeRoom you can place the order rate not just close to the market (to the current rate) but even at one point distance.

Note.
In the most competing trade platforms it is not allowed to activate the orders with the rate which differs from the current rate less than 5-10 points, and the limitation "not closer than 15-20 points" is a common thing.

This feature of TradeRoom allows you to make successful deals in the conditions of a fast market rate change when it is hard to make a deal manually, while you press the "Buy" or "Sell" button, since the quote changes rapidly for a short period of time. In this case for opening/closing the position it is suitable to use the orders rate as increments. Let us have a look how it is done.

E.g., you need to open a position for buying 200 00 EUR when the market rate is increasing rapidly. Then, to make the deal you need:

  1. to create an order with the rate specified as "=+1";
  2. to check the "OCO Order" option in the "Linked orders", the rate "=-1" will be entered into the "OCO order rate" automatically.
Order placement at any distance from market rate

After you press the "Save" button, two OCO orders will be placed. The first order will be with the rate 1 point up from the market rate, and the second one 1 point down. If the EUR/USD market rate changes, one of the linked orders will be executed and another will be cancelled.

Neither fast changes in quotes, nor a low internet connection influence this method which always allows you to open/close the position.

Zero amount orders

Zero amount orders allow tracing the rate movements and are used for:

  1. control of the other orders (for an OCO order cancellation or an If-Done order activation);
  2. receipt of messages about certain events in the Forex market.
Zero amount orders

On the picture above it is shown how to place a zero-amount order for the EUR/USD instrument. The purpose of the order is to catch the point when the EUR buying rate becomes equal to 1.6 USD. As soon as the order is executed, the system automatically sends the message to your email address.

Note.
Mobile network operators can provide you with receiving SMS from E-mail service (E-mail2SMS). Therefore, it is possible to set the receiving of the orders execution notifications to your mobile phone. You do not have to constantly sit at the computer and follow the quote changes.

Event notifications receiving can be changed on the "Notifications" page of the system preferences.

Event notifications

Position-independent trailing-stop with position opening possibility

Trailing order (also called "a tracking order") is a Stop order the rate of which automatically changes so that the difference between the order rate and the market one does not exceed the specified value called "a trailing distance". After setting the trailing order the system acts as follows: in case the market rate moves away from the order, the order rate automatically shifts following the market one. If the market rate moves towards the order, the order rate is not changed.

The TradeRoom system employs a discrete trailing - the order rate is changed only after the market rate changes by a certain value called "a trailing step". The distance and step of the trailing are set in the order editing form in the "Trailing" tab.

Position-independent trailing-stop with position opening possibility

Peculiarities:

  1. the trailing order can be used not only to close a position, but also to open a new position;
  2. since the orders allow for zero amounts, the trailing orders can be used for reporting of the changes in the Forex market.

Thus, a skilful work with the orders can simplify your life, allow you to automate a number of trading operations without a permanently staying by the computer.