Open Position

Brief

This section describes all possible ways of opening a position.

Details

To open a position

1. Do one of the following:

• In the Dealing Rates window, click the appropriate rate of the symbol you want to buy or sell.
• On the toolbar, click Buy or Sell.
• In the Dealing Rates window, right-click the appropriate rate, and then click Create Market Order.
• On the Trading menu, point to Dealing Rates, and then click Create Market Order.
• Press SHIFT + M.
2. The Create Market Order dialog box will appear.
   
   
   
   To view a five minute chart for the symbol shown in the Symbol box, click Chart.*
   On the chart, you will see a line on the level of the current market price for the trading operation selected in the dialog box.
3. In the Account box, click the account you are going to trade on, if you are trading on more than one account.
4. In the Symbol box, click the symbol of your choice if necessary.
   
5. To choose the trade operation, click Sell or Buy.
6. In the Amount (K) box, select or type the amount.
   The cost of one pip price movement and necessary margin for the specified amount are shown in Per Pip and Usd Mr respectively. The total amount of the commission to be charged for opening and closing the position is shown in Comm.
   Note: Depending on the version of your trading station, you can see the Currency/Point box instead of the Amount (K) box in this dialog box. If necessary, you can change the Amount mode in Options. For details, see Change Amount Mode.
7. In the Order Type box, click the order type. For a Market Range order, select or type the range in the appropriate box.
   On the chart, if the range is greater than zero, you will also see two lines indicating the current range. You can change the range by dragging either of these two lines to the necessary level. You can also set the range by holding CTRL and dragging the order line to the necessary level.
8. To change the order Time In Force, click Advanced, and then choose the necessary Time-In-Force option.
9. To add a stop and/or limit order, click Advanced, and then specify your stop or limit prices by selecting the appropriate check boxes and specifying the rate directly or in pips. You can also make your stop order trailing by specifying the trailing step.
   On the chart, lines on the price levels of these orders will appear. You can change their prices by dragging the lines to the necessary levels.
10. Click OK.

The position will appear in the Summary and the Open Positions windows. If you created stop/limit orders, they will be displayed in the Orders window as a Stop/Limit group and can be changed like usual entry orders.

* If Marketscope is not installed on your computer, there is no Chart button in the dialog box, and the chart is unavailable.