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If you mean the instrument spread costs, they're whatever FXCM is showing in Trading Station and cost the same in whatever platform used for trading.
In my example, NT uses bid prices for charting and execution. The broker gets paid first; so you're down 4 ticks/pips right away. In SC, charts display the spread mid-point and handle executions differently. Any traders with more experience can correct me.
As I get successful, I plan to trade futures instruments because for FXCM customers in Canada, Friedberg Direct is the market maker for CFDs.
Executions are not influenced by the platform. You submit your order through any platform, this order is then filled at FXCM and a fill price is reported back to the platform. Since there is no last trade data in FX, the platform provider must decide what to chart. Implying that using SC you would be down less is inaccurate. Let me provide you an example:
- Bid 31 x Ask 34
- You enter long at 34
- NT chart would show that you are down 3 pips relative to the bid price meaning, if you exited at market you would be filled at 31
- SC might chart 32.5 (mid point as you stated) might show you are only down 1.5 pips which is inaccurate since the bid is truly at 31 and is the price you would be filled at
I find the mobile platform interesting but I don't see any way to really scale out of positions. Am I missing something? (I tried to do this on the downloadable software as well and can't find it either) It looks like what happens is that it shows a net position of all orders I've entered on a specific currency pair and allows only one stop/limit on that net position. Even if I enter more than one position it won't allow me to enter different limits or stops on those extra positions on the same pair. Would I have to connect FXCM to another platform other than their own to scale out of positions?
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
I notice your forum profile mentions that you live in Philadelphia. The reason for the net positions is that as a US resident, your FXCM trading account has to comply with CFTC regulations regarding FIFO (first-in, first-out) execution. It is still possible for US traders to scale in and out of net positions on the FXCM platform, but it works a bit differently than for non-US accounts. Below are instructions on how to set multiple stop/limit levels for a position on an FXCM US account using Trading Station Mobile.
1. On the Rates screen, tap on the currency relevant currency pair.
2. On the Currency screen, tap on OCO (One Cancels the Other order type).
3. On the OCO screen, select the amount of your position that will be closed if this OCO order triggers and specify the price levels for both the stop and limit.
4. On the Orders screen you can see OCO orders designated by a connecting line. If one of those orders is triggered, the related order will automatically be cancelled.
Please let me know if you have any further questions.
Jason
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