In addition to allowing the placement of orders at the current market rate, the FXCM Trading Station also allows orders to be placed at a price above or below the current market rate.  These orders are referred to as Entry orders, and are only executed if the market rate reaches the rate specified in the order.

There are two types of entry orders on the FXCM platform, which are Stop Entry orders and Limit Entry orders.

• A Limit Entry order is an order to buy below the current market rate, or an order to sell above the current market rate.
• A Stop Entry order is an order to buy above the current market rate, or an order to sell below the current market rate.

Examples:

• If the current market price in EUR/USD is 1.2683 and a trader wishes to place an order to sell if the market moves to 1.2750, he or she would place a limit entry order.
• If the current market price in EUR/USD is 1.2683 and a trader wishes to place an order to buy if the market moves to 1.2750, he or she would place a stop entry order.

To place an entry order left click on the "Entry" button at the top of the trading screen.

After clicking the "Entry" button, the "Create an Entry Order Box" will appear.

There are five parameters which can be set prior to sending an entry order to the trading desk.

The first four are the same ones that appear in the "Market Order" Box as outlined on the right.

• Account
• Currency
• Buy/Sell
• Amount

The difference is that for an entry order you set a specific level to trigger the execution of the trade.

Once the order is accepted, it will be listed in the "Orders" window of the platform where it will remain as a waiting order until the market moves to the rate specified in the order, or the order is cancelled.   Once the trade is executed, the position will disappear from the "Orders" window and reappear as an open position in the "Open Positions" window.

Once an entry order has been placed, the order rate can be modified by right clicking on any part of the order in the orders window and selecting “change order rate”

After selecting “change order rate” as outlined above, the “change order rate” box will appear.  Here the order ID and new order rate can be specified.

Click on the “OK” button after all the modifications have been made. Once the trade is completed, the updated information will be reflected in the Orders window.

It is important to note that only the exchange rate can be changed for an existing entry order.  If you wish to change the order size or currency specified in an entry order, you must cancel the existing order and enter a new one.

To cancel an existing entry order, right click on any part of the orders window and select “remove order”.

After selecting “remove order” as outlined above, you will be asked to confirm that you wish to delete the selected orders.

Click “Yes” to cancel the trade or “No” to make no changes to the order. Once the “Yes” button is clicked, the order will be deleted from the “Orders” window and officially removed.