How to place orders in FXOpen TickTrader Desktop Terminal
Trading Mode is a way of placing, changing and canceling orders in the Terminal.
There are three trading modes: Confirm Trade Request, One Click Trading, and Double Click Trading.
You can select the trading mode in Options > Trade.
Confirm Trade Request
All operations in this trading mode must be confirmed in the confirmation window. This is the default trading mode.
One/Double Click Trading
One Click Trading: Operations in this mode are performed in one click.
Double Click Trading: Operations in this mode are performed in a double click.
If you are using the One/Double Click Trading mode for the first time, the terminal will prompt you to read and accept the terms of the agreement.
Market Order (a simple Buy or Sell order) is an order to buy or sell currency at the current market price.
Market Order is an order that lets you fill your order the fastest way. You can usually expect your order to be filled, however this might not be at the best price you want. During volatile times, the difference between the price you see when you enter the order and the price you get your order filled at may be wide, but when the market is fast moving this might be the only option in order to fill your position before the market moves further away.
When performing trade operations on the TickTrader Platform, a physical exchange of one asset for another takes place, i.e. one asset is exchanged for another at the currently available exchange rate. All transactions are carried out in the following manner: asset X is exchanged for asset Y at the exchange rate X/Y available in the Terminal at the time of transaction. As the result, the values of balances expressed in assets X and Y on your trading account change. The values of assets are recalculated after each exchange transaction or a balance operation.
Pending order is the client's instruction to a brokerage company to buy or sell a trading instrument at pre-defined conditions in the future. When placing pending orders, the indicated execution price is not checked. The execution price can be higher than the current Ask price (for Buy orders) or lower than the current Bid price (for Sell orders).
Pending order types:
- Limit order. A Limit order is executed at a specified or better price. A Buy Limit order can only be executed at the requested or lower price, and a Sell Limit order can only be executed at the requested or higher price.
- Stop order. A Stop order is placed below the current market price for Sell positions and above for Buy positions. When the price reaches the Sell Stop or Buy Stop level, the position automatically opens at the current market price, similar to the Market Order execution. The order execution price may differ from the price you set.
- Stop Limit order. A Stop Limit order combines two orders: Stop and Limit. When you open a Stop Limit order, you need to specify 2 prices: Stop and Limit. After the Stop order is activated at the Stop price, a new Limit order with a new ID is created. Then the order is executed as a regular Limit order – at a specified or better price.
You can see your current pending orders that are waiting to be activated in the Orders tab of the Trading window.
Place pending orders
You can place a pending order in one of the following ways:
1. On the Limit, Stop, or Stop Limit tabs of the New Order window.
2. In the Depth of Market section of the New Order window.
To place a pending order in the Level 2 section, double-click the price level.
- Market and Limit tabs: To place a Buy Limit order, double-click the Bid price level. To place a Sell Limit order, double-click the Ask price level.
- Stop tab: To place a Buy Stop order, double-click the Ask price level. To place a Sell Stop order, double-click the Bid price level.
- Stop Limit tab: To place a Buy Stop Limit order, double-click the Ask price level. To place a Sell Stop Limit order, double-click the Bid price level.
Placed Limit orders are indicated by a star in L2:
— Limit order
— Iceberg Limit order
— Hidden Limit order
Double-click the star to open the Order Modification window.
3. In the chart window using context menu commands.
- Right-click in the chart area and click Buy Limit or Sell Limit.
- Right-click in the chart area, point to Trading, and then click Buy Limit / Sell Stop or Sell Limit / Buy Stop.
Pending orders are displayed on the Orders tab in the Trading window.