FXCM is a leading provider of online trading with access to foreign exchange (FX), CFD trading, spread betting, and more. FXCM gives its users access to markets 24 hours a day, five days a week and provides multinational access to global investments using a number of online platforms such as Metatrader 4 (MT4), NinjaTrader, and ZuluTrade.
FXCM was founded in 1999, convinced that a unique online trading experience would allow the public, increasingly armed with personal computers and the internet, to trade the global currency market 24 hours a day - a task that had been previously available only to professional traders or wealthy clients of investment houses. By the end of that first year, FXCM was trading $250 million a month, which has grown $435 billion of monthly volume today.
In this tutorial we will focus on FXCM's own proprietary Trading Station Web platform to get an overview of how customize and trade from its 1,000's of available instruments as well as its advanced charting features.
Homepage - FXCM is a leading provider in online trading access to foreign exchange (FX), CFD trading, spread betting, and more. It provides multinational access to global investments using a number of online platforms, such as Metatrader 4 (MT4), NinjaTrader, and ZuluTrade. In this tutorial we will only cover FXCM's own proprietary Trading Station Web platform.
Login - When you're ready to log in, enter your username and password. You can also sign up for a new account, including a free demo one to take for a test drive.
Trading Station - FXCM Trading Station is FCXM's proprietary web trading platform. When you log in, the first screen you will see is the trading station dashboard. This is your one-stop shop for trading FX, spreads, commodities, shares, and other global assets. Along the top of the window is a menu bar, which we will look at first.
System Menu - First on the menu bar is the System menu. This is where you can change the system language or any of the many settings and options. Foreign exchange trading is a worldwide activity, so multiple languages are available.
Options… - If you need to change settings or customize the Trading Station to fit your preferences, choose Options from the System menu. Here you can change global settings as well as customize your charts settings.
View Profiles - The View dropdown menu lets you further customize your layout. You can add or remove buttons and features as well as save your profile for later use
Trading - When you're ready to enter a trade, there are a few ways to go about it. One is to find the Trading dropdown menu and choose Orders, Create Entry Order, or use the keyboard shortcut Shift+E. You can also open order tickets by clicking on any asset price on the ticker screen, or directly from the charts. Alternatively, you can choose from among the buttons (Sell, Buy, Stop/Limit, etc.) that appear just below the menu bar.
Advanced Dealing Rates - There are dozens of assets available to trade with FXCM's platform. The Dealing Rates box, which appears on the upper left quadrant, is where you can access these and get real-time quotes. Search for a specific asset using the search box or click on the down arrow to browse all of the available products. The Advanced Dealing Rates tab is the default and provides a wealth of market information in a compact box. Double-click on any price to open an order entry ticket.
Simple Dealing Rates - If Advanced Dealing Rates is too much information to digest, click on the Simple Dealing Rates tab to get a more streamlined ticker. Click on any price to open an order entry ticket.
Order Ticket - The entry order ticket is where you'll input your trades. Make sure the symbol is correct (you can change the symbol from the dropdown menu). Select buy or sell, enter the quantity, price level, and other order details. Click on the Chart >> button to display a chart inside the order ticket window. If you choose a limit or stop order, those levels will appear on the chart itself. When you're ready to input the trade, click OK. When trades are pending they will appear in the lower right box under the Orders tab. When they've been filled they will show up in the lower left box under Open Positions.
Simple OCO - If you'd like to submit a one-cancels-the-other (OCO) order, you can open an OCO order ticket by going to Trading, Orders, Simple OCO. An OCO order lets you input multiple orders, and if any one of them gets filled, it automatically cancels the others. FXCM also has an option for you to construct more complex OCO orders.
Orders Box - Entered orders appear in the Orders box before they are filled, located in the lower right quadrant. If you need to change an order, click on a quantity or price to make your modifications. To cancel an order, right-click on it choose Remove Order.
Positions Box - When your trades are filled, they will appear on the Positions Summary box on the lower left. The Summary tab shows your positions along with the profit and loss. The Open Positions tab shows the same information but also allows you to close out positions at the click of the mouse. If you want to close all positions simultaneously, there is an option for that under Trading, Summary, Close All Positions.
One-Click Trading - Do you consider yourself an advanced trader? Maybe you'd like to turn off order tickets and confirmations so that you can buy and sell actively without interruption. Turn on One-Click Trading by clicking the Trading Settings button located just under the menu bar and set it up to fit your needs.
Charts - If you're like a lot of FX traders, you're probably a fan of technical analysis and charting. The Charts dropdown menu lets you use FXCM's numerous charting tools and signals to overlay on your charts to help you determine when to buy and sell. You can also use the keyboard shortcut Shift+Ctrl+N to open a new chart at any time.
Chart Indicators - Your charts appear in the Charts tab in the box to the upper right. You can overlay indicators or other signals from the Charts dropdown menu along the menu bar or by using the icons above the chart itself.
Web Charts - The charting tools inside the Trading Station are quite good, but FXCM also has some charting you can access from its main website. If you'd like to check this out, head over to the Research section from the homepage and click on Charts.
News - For news and markets headlines, click on the News tab in the charts box. You can search for headlines or browse by topic. Click on a headline to open the story; those that you've read will appear grayed out.
Global Market News - If you're looking for more in-depth, searchable news, you'll probably want to see what FCXM offers on its main website as opposed to what it has inside the trading platform. From the homepage, click on Research, Market News to access this wealth of up-to-the-minute headlines.
Layout - The FXCM Trading Station is fairly customizable. You can add or remove modules and then save your layouts for future use. You can also export and import saved layouts from your computer or other device.
EDUCATION & RESOURCES
Education - Just getting started in FX or spreads trading? FXCM puts several useful educational resources at your disposal. Click on the Education link from the homepage to access these. You'll find an extensive video library that you can watch, as well as more technical product and trading guides for learning how to forecast with technical analysis.
FXCM University - Get your learn on! FXCM University is a resource for teaching yourself in the ins and outs of FX trading, with levels progressing in complexity from "Freshman" to "Senior." This is a free resource that follows a well thought-out curriculum to turn a novice into an expert Forex trader.
RESEARCH & INSIGHTS
Research - If you're interested in market research, FXCM has some insightful and useful tools. Click on the Research link from the homepage to access market news, charts, an economic calendar of key events, and more. Most of the research is free, but you can also upgrade to premium analytical tools, such as FXCM PLUS and Trading Signals.
Economic Calendar - FX markets are driven by macro events - both economic and political. Open the Economic Calendar in the Research section to get a snapshot of past and upcoming data announcements and events, along with analyst expectations and volatility for that metric. You can also search for a specific calendar event. Click on an event or data release to get more information about it.
Grid Sight Index - For data nerds, one really cool tool is the Grid Sight Index technical analysis tool found in the Research section. This plug-in is intended to be used with the Trading Station desktop software and allows you to load and run automated trading strategies based on technical signals. If you have the desktop trading software, you can download this add-on to recognize patterns in the data and trade on them in real time.
Market Scanner - If you want a quick snapshot of which currency pairs are signaling a strong buy or sell at the moment, choose the Market Scanner tool from the Research section to filter and scan for the top five potential trades for you to consider.
Market Data Signals - FXCM publishes its latest technical signals to its Twitter account, @FCXM_MarketData. If you don't want to follow it on Twitter, you can view the latest posts under the Market Data Signals link in the Research section. Click on any post to open it in Twitter.
Help - When you need a little assistance, the Help menu is the first place to look. Here you can view the platform User Guide and get tech support.