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User Guide - Swissquote

1. Order IF DOME OC Max Trade Size 975 03K USD Calculated Trade Size 1311 92 USD 1Pip 0 10 USD P amp L on Stop Loss 1 20 USD P amp L on Profit 0 10 USD m Order Book and Trade Log Order Book Trade Log Die K SE Ho Group ier CS eege 3 OU x mn OE June 06 2 Z B Swissquote Bank Ltd Console trading User guide 14 Modifying or Canceling orders Each pending order can be canceled or edited in order to modify parameters From the Order book amp Trade Log view right click on the order and select the appropriate action P Order Book and Trade Log L C B sl Order Book Trade Log We Group E view Only Related Orders QQ x Order ID Asset Buy Sell Type Qty Trigger P SpotPrice Stop Loss Take Profit Trailing S Trigger Ti Created Position ID Expiration Create Order gt IFD 3649483EURUSD Buy Stop rooo 1314 L 1335 IFD 3649517EURUSD Buy Stop 1 000 L Lamm m Modify Onder c IFX 3649559EURUSD Buy Stop mm 13125 1 31202 L L Canti Onir Cancel all similar 1 Cancel Order By right clicking on Cancel Order the trader will be prompted to confirm the cancellation of the trade The pending order is then removed from the order queue and will no longer be executed The following confirmation message is displayed to the trader e al Lrg Or l a Ara dea
2. DONE order Place Limit amp Contingent Orders Asset EURUSD e Spot price basis Trade Size 1000 e Stop Limit Orders Order ID 167543002 Buy Sell E Buy Sell Expiration Type im amp GTC Stop gt 1 2963 Dime lt as DS Attach Contingent Orders z i Order ID 167545003 Buy Sell Buy ei Sell Expiration Type a GFO ae GTC E Stop Loss lt L22953 Take Profit gt 1 2966 C Trailing Stop 3 Order IF DONE Trading for X1285021 Max Trade Size 0 00K USD Calculated Trade Size 1 296 03 USD 1Pip 0 10 USD P amp L on Profit 0 30 USD Empty Swissquote Bank Ltd Modifying an IF DONE OCO order Order Form D Alace Limit amp Contingent Orders Asset EURUSD Spot Price 12956 Lass Trade Size 1000 Stoo Limit Orders Order ID 167542019 Buy Sell a Buy Sell Expiration Type CH GO GTC Buy Sell Buy o Sell Expiration Type A oD e crc Ww Stoploss lt 1 2955 E VY Take Profit gt 1 2967 F Trailing Stop E l Description Order IF DOME OCO z Trading for X12685021 Max Trade Size 0 00K USD Calousted Trade Size 1295 7 USD 1Pin f 101 Console trading User guide 17 OPEN POSITIONS A position is deemed open if it has not been offset by an equal and opposite deal if hedging is deactivated An open position is defined primarily by the quantity of the underlying instrume
3. it EURUSD 2000 ie i ak i Swissquote Bank Ltd Console trading User guide 15 Modify Order Modifying a simple Stop order i Order Fon Place Market Order EE Asset EURUSD Buy Sell Buy sell Expiration Type GFD e GTC spot Price Attach Stop Limit Orders Stop Loss lt 1 2954 Take Profit gt Max Trade Size 99 73M USD Calculated Trade Size 1 295 73 USD 1Pip 0 10 USD Apply to position s 19353998 Order IF DONE A Trading for X1284230 KM Swissquote Bank Ltd By right clicking on Modify Order the appropriate order editor is displayed and all parameters can be modified Click the Place button to validate the modifications and replace the old order with the new one in the system Attention is required as long as the order has not been re placed the old one is still valid Modifying an IF DONE Trailing order Dowin 1 e Place Limit amp Contingent Orders EURUSD 1 3053 1 3056 2000 167526528 Buy Sell Expiration Type GFD GTC LA Stop gt 1 305914 3 F Limit lt 1 3052 4 Attach Contingent Orders z i 167526529 Buy Sell Expiration Type GFD GTC Stop Loss lt 1 3051 Take Profit gt 1 3060 Trailing Stop 21 16 0 Descrint Order IF DONE Trading for X1285021 Max Trade Size 0 00K USD Calculated Trade Size 2610 92 USD 1Pip 0 20 USD Console trading User guide 16 Modifying an IF
4. Swissquote Bank Ltd Console trading User guide 4 Reporting Five kinds of statements are available in the SWISSQUOTE BANK trading console Account Statement Account Summary Transactions Summary Closed Trades and Today s Activity The Account Statement returns the balance of the trading account the list of all open positions and the list of pending orders The Account Summary displays all the cash movements on the account and details the origin of such movements type of transaction Forex trade deposit withdrawal overnight swap etc In the example of a P amp L paid the report contains the information of the entry and close price the historical exchange rate between the currency of the P amp L and the reference currency of the account The Transaction Summary returns the list of all transactions grouped by transaction type performed on that trading account These order types include Forex trades Overnight Swap Rollovers operations etc The Closed Trades returns the list of all booked orders grouped by Order ld Ticket with the amount bid amp ask values and P amp L for each currency pair traded The reports Account Summary Transaction Summary and Closed Trades can be generated by selecting a period of activity By default the current month is selected im Report Management Dialog EZ A sl Parameters Report View Account Statement Vis d From June 0
5. quick description SI Swissquote Europe Trading Console o E S Trading Windows Place Order Create Report Market News Settings Help Log Off EURUSD X USDCHF X cppusp x usppy 5 X Live Trading Quotes L 1 30523 lt 1 8 gt 1 31081 H L 0 94472 lt 2 5 gt 0 94955H L 1 52899 lt 2 7 gt 1 53731 H L 99 376 lt 1 7 gt 100 471H 1 30 1 30 0 94 0 94 1 53 1 53 99 63 65 81 84 598 62 77 78 l Sell EUR Buy 2 Sell USD Buy Sell GBP Buy si Sell USD Buy Ki usDIPY 99 788 eme 100 026 0 246 lt SELECT gt v as e 0 94840 0 94472 Gaass 0 94682 A 0 00146 1 53598 1 53625 1 52899 1 53731 1 53122 a 0 00490 e At market best At market best i EURGBP 5 X EUREN L0 84961 lt 1 7 gt 0 85493 H L 130 105 lt 2 7 gt 131 422 fi 0 85 0 85 130 130 153 153 o 95 0 95 04 05 34 37 Zil 30 76 797 Sell EUR Buy e Sell EUR Buy T Sell GBP Buy e Sell AUD Buy T lt SELECT gt e lt SELECT gt e lt SELECT gt e lt SELECT gt v E At market best e At market best At market best gt m Position Summary ox ell Has 1 3105 r i 1 31 Group by Asset H d 1 3095 r Account Balance 9 999 78 USD iz Open Profit Loss 2 86 USD ft ly ji 1 309 EURUSD Available Equity 9996 92 USD ai 1 3085 Max Trade Size 998 39K USD lenin Va d i 1 308 Margin Req Day rm GG
6. at 1 3400 and later he closes at 1 3410 The generated P amp L is 1 3410 1 3400 x 100 000 100 USD Note that if the account is expressed in EUR the amount will be credited after an exchange rate has been calculated with the mid price between the bid and ask price at closing In the above example if we consider that the client trades on 2 pips the bid price is 1 3410 and the ask price is 1 3412 The 100 USD are converted into EUR by using the following mid rate 1 3412 1 3410 2 1 3411 the realized P amp L is 100 USD 1 3411 74 5656 EUR Each open position has a corresponding unrealized P amp L or open P amp L which is calculated using the formula Current price purchase price x position amount expressed in the counter currency of the traded currency pair Swissquote Bank Ltd Console trading User guide 22 TRADING MARGINS A margin deposit is not as many traditional traders suggest the payment in cash for purchasing market shares A margin is in fact a guarantee or a trust deposit providing protection from losses during a deal It allows traders to open positions on amounts that greatly exceed their account limits and so increase their buying power For a full explanation of Swissquote Bank s FX margin rates please visit our website www swissquote com fx The formula for calculating margins is as follows Margin equity exposure Equity balance open P amp L Exposure sum open positions The equ
7. increases the exposure on the traded currency pair In the example above many buy orders have been executed on the EURUSD Each of these orders has generated a new position The calculation of the P amp L is specific to each position and is relative to the entry price of that position When the execution of an order reduces the exposure on the traded currency pair the FIFO First In First Out rule will apply and the oldest position on the traded currency pair is closed or reduced If the amount of the order is larger than the amount of the closed position the next oldest position is reduced or closed This process will continue as long as the entire amount of the order has not been booked If all positions are closed and there is still an available amount which has not been booked the order reverses the exposure from long to short or from short to long A new position with the residual amount will be created in the opposite direction The section Linked order describes how to close a specific position among all positions listed in this view Swissquote Bank Ltd Console trading User guide 18 Open Position summary A consolidated view of all positions can be displayed by selecting the menu item Open Positions Ssummary in the Forex View menu This view shows exactly one entry for each currency pair The average open price and the P amp L profit and loss is calculated for each consolidated position im Position Summar
8. open positions Place orders linked to the selected position or close selected position 5 Open Positions summary Real time summary view of all open positions consolidated by currency pair Close selected position 6 Account Overview View real time information about margin P amp L and account balances Swissquote Bank Ltd Console trading User guide 3 7 Order book amp Trade Log View real time information about all open trades as well as trades that have been closed out during the selected period Create new cancel or modify orders 8 Market News View containing the latest news published Market News This view is composed of a folder containing the latest news published The second folder contains archives which provide specific search criteria to retrieve particular kinds of published news im Market News et Last updated 13 Sep 2012 11 10 29 CEST Time Title 11 09 00 MARKET TALK Malaysia Govt Bonds Mixed In Light Trade FOMC Eyed 11 08 00 MARKET TALE Dutch Elections Result Good For Euro ING 11 07 00 MARKET TALE USD ZAR Needs To Clear 8 50 Commerzbank 11 05 00 Asia Pacific Political Economic Calendar Month Ahead 11 05 00 Asia Pacific Political Economie Calendar Month Ahead 1 11 05 00 Asia Pacific Political Economic Calendar Month Ahead 2 11 05 00 Asia Pacific Political Economic Calendar Month Ahead 3 11 05 00 Asia Pacific Political Economic Calendar Month Ahead A 11 05
9. orders will together help to create more complex trading strategies OCO order cancels others and IF DONE orders also known as slave orders are typically used in that context L OCO order cancels other An OCO order is a mixture of one limit and one stop order Two orders with price and duration variables are placed above and below the current price When one of the orders is executed the other order is cancelled To illustrate how an OCO order works let s take the following example The price of EURUSD is 1 3318 Trader x wants to either sell 100 000 at 1 3307 below the resistance level in anticipation of a breakout or initiate a selling position if the price reach 1 3327 e Order Form Place Limit amp Contingent Orders Asset EURUSD xe Leger vr Spot Price 13318 1 3319 Trade Size 100 000 e Stop Limit Orders Buy Sell Buy Sell Expiration Type i GFD GTC VY stop lt 7 Limit gt E Ne Apply to position s a Attach Contingent Orders z i Buy Sell Buy Expiration Type GFD StopLoss gt Take Profit lt 1 33 Trailing Stop 2 Descrinti Order O0CO Max Trade Size 753 91K USD Calculated Trade Size 133 185 USD 1Pip 10 00 USD JILL PS Place Close m Order Book and Trade Log 4 CA gt o R Order Book Trade Log No Group v 0i View Only Related Orders 2 Swissquote Bank Ltd Console trading User guide 12 2 I
10. 00 Asia Pacific Political Economic Calendar Month Ahead 5 11 05 00 MARKET TALE Barclays Sees USD Ip Risk To 77 10 Before Bounce 10 47 00 MARKET TALK Market Pressure On EUR CHF Floor Should Abate ING 10 43 00 MARKET TALE USD MYR Higher 3 0650 3 0900 Band Tipped 10 34 00 MARKET TALE USDB TWD Tad Higher 29 500 29 670 Band Tipped Fri 10 28 00 MARKET TALE EUR CHF Likely Heading For 1 22 Barclays 10 28 00 MARKET TALE Hike in EURCHF Floor Likely Deutsche Bank 10 22 00 DATA SNAP Italy s August Final CPI Climb Due to Gasoline 11 re MAROTTA Dim L zeck Dafanan Den seh iT eee k mlz 0909 GMT Dow Jones Malaysia government bonds are mixed in thin volume as investors await outcome of the FOMC meeting later in the globa day dealers say trading remains sluggish so far with only a noticeable trades in the mid to4ong term end of the yield curve Although expect ation for the Fed to act and roll out some form of stimulus is high the market is still cautious after previous disappointments says a dealer with a local bank Tf the Fed does disappoint there will be some spillover to local bonds from spike in U S Treasury yields too he adds The yield o n October 2017 MGS is up 1 bp at 3 31 while September 2018 MGS yield is down 3 bps at 3 43 and August 2022 MGS yield is up 1 bp at 3 4 9 October 2015 MGS is untraded with last yield at 3 12 jason ng dowjones com Contact us in Singapore 65 64154 140 MarketTalk dowjones com
11. 6 2015 00 00 00 To June 06 2015 230959 Swissquote Bank Ltd Console trading User guide 5 The report Today s Activity is a derivation of both Transaction Summary and Account Summary but focused on today Today s Activity June 13 2013 17 26 11 Cash Movement Client 124935 Account USD Date Amount Balance Type Description 13 06 2013 11 20 27 45 00 10 466 23 p amp l 100 000 EURUSD 1 33425 1 00000 0 ID 37006228 P ID 8350712 13 06 2013 11 20 27 93 06 10 559 29p4l 99 000 EURUSD 1 33425 1 00000 0 ID 37006228 P 1D 8350519 13 06 2013 11 43 53 35 00 10 594 29 p4l 100 000 EURUSD 1 33285 1 00000 0 1D 37010532 P 1D 8361265 13 06 2013 13 23 22 0 56 10 594 85 p l 1000 EURUSD 1 33284 1 00000 0 1D 37016319 P ID 8362506 173 62 10 594 85 Executed Transactions Client 124935 Account USD Order ID Date Buy Sell Asset Qty Price Op By SPO06228 1306 2013 11 20 27 S ll EURUSD 99 000 1 33425 Trader SPO06228 1306 2013 11 20 27 Gell EURUSD 100000 1 33425 Trader SPOO627TB 1306 2013 11 22 33 S ll EURUSD 100000 1 3332 Trader 3r010532 1306 2013 11 43 53 Buy EURUSD 100000 1 33285 Trader 3r010rS7 1306 2013 12 32 37 S ll EURUSD 1 000 1 3334 Trader SfO016319 13 06 2013 13 23 22 Buy EURUSD 1 000 1 339284 Trader Please carefully review all transactions on this statement and report any differences immediately The failure to report differences within 30 minutes after a difference has occurred will be considered as an a
12. FDONE Two legged order whereby the second single order stop loss or take profit is placed only upon execution of the first single order saci a neers Course Asset EURUSD 7 Spot Price 1 3120 1 3122 Trade Size 1000 e Buy Sell Buy Sel Expiration Type OD ger ase sm ae C Limit lt 1 31204 2 Apply to position s a Attach Contingent Orders Buy Sell Buy Sell Expiration Type W Stop Loss lt ES Take Profit gt 1 3126 Trailing Stop 3 35 ee Order IF DONE Max Trade Size 974 77K USD Calculated Trade Size 1 312 08 USD 1Pip 0 10 USD P amp L on Stop Loss 2 00 USD Order Book and Trade Log em Pa Een Order Book Trade Log No Group L a eii g Di x Swissquote Bank Ltd Console trading User guide 13 3 IFDONE OCO This is a variation of the IF DONE order whereby an OCO stop loss and take profit where the execution of one order cancels the other order is placed after the order in the IF section has been successfully executed Order E Place Limit amp Contingent Orders Asset EURUSD some ne 5 Trade Size 1000 e Stop Limit Orders Buy Sell Buy Sell Expiration Type GFD GTC ste gt E Limit lt 1 31184 2 Apply to position s 4 P Attach Contingent Orders S i Buy Sell Buy oi Sell Expiration Type A GD GTC W Stop Loss lt L31133 W Take Profit gt 1 3124 Trailing Stop
13. RUSD v Spot Price 1 3302 Trade Size 100 000 e Stop Limit Orders Buy Sell Expiration Type Stop gt Limit lt Apply to position s Attach Contingent Orders z i Buy Sell Expiration Type GFD o GTC StopLoss lt Take Profit gt 1 3304 Trailing Stop 2 Description Order Stop Max Trade Size 862 97K USD Calculated Trade Size 133 013 USD 1 Pip 10 00 USD Place Cose e Order Book and Trade Log 5 X o R Order Book Trade Log No Group v WS Q x Swissquote Bank Ltd Console trading User guide 10 Note here that the Swissquote Bank trading system will only validate stop buy order with a triggering price above the actual market price For sell order the stop limit price should be below the market price When these rules are not respected the Swissquote Bank trading system will reject that order and return an error message to the client with an indication of which direction it makes sense to trade in 3 Trailing Stop orders Placing trailing stop orders is similar to a normal stop order with the difference that additional order parameters are prompted to specify Trailing Points which is the number of pips from the current rate at which you want the stop loss order to be executed at The advantage of a trailing stop is that the order automatically trails the rate if the position moves in the trader s favor offering the potential for greater gains while still guardin
14. Swissquote Bank Trading Console User Guide 2005 2013 SWISSQUOTE BANK LTD all rights reserved The content of this document is confidential and the intellectual property of SWISSQUOTE BANK LTD This documentation is protected by copyright and distributed under licenses restricting its use copying and distribution No part of this documentation may be reproduced in any form by any means without prior written authorization of SWISSQUOTE BANK LTD SWISSQUOTE BANKING SELF MADE CONTENTS QUICK AT 3 DV Fallin SCS Ci g ick SSC i IN ee EE 3 WEI ICSU INS einer E EE E EA AAE satgeqstesata tencuraeuereuctannicaeesetesaiateccor cane 4 H leie gl e eo ecw ena enwa ype vevevena saive ys eo v6 ah 056 pene E E E S E neve yan ores yap yenavanereusveoe mae yereneuatenecanersaen 5 TRADE EXECUTION E 7 MKE CONI EE 7 EI OGIO E 8 1 LIAE gie 9 2 ON Re 10 3 Re Wee ee re EE 11 Rented el 12 1 OCO order cancels Other aeente ene eee ene eee nn nee eee en ere eee 12 2 HEEN 13 3 I DONE CO E 14 Modifying OF Eelere TEE 15 1 Caa EOE eee ee e E EE E E EE E E E EE A E E 15 2 Mody ONAE aere a e E E E ETE T E E O E EA 16 OFEN POTONS oere E A E E AE EA E E E AE E E E AEN E 18 Open POS e Ee TU EE 18 Open Position KE too Ee E 19 Bi e Beie 19 ee tie E 20 Marein ReguremeNt EE 21 PEE CALCULATION LE 22 TRADING MAR GUNS E 23 OVERNIGHT Ge ER Kl 24 ET KE 24 Swissquote Bank Ltd Console trading User guide 2 QUICK OVERVIEW Main Screen
15. an the asking price A green box confirms the deal was executed A red box will contain the reason for which the trade has not been executed Order Status We Order refused Reason The trade is not possible as the available margin is not sufficient for the trade Please dose other positions or deposit additional funds in order to place this trade Order type Sell Spot Order amount EURUSD 7 000 im Order Status Order has been executed booked Order type Sell Spot yi Order amount EURUSD 10 000 Booked At 1 31202 Order Ticket 36493546 Order Date June 06 2015 09 49 11 Order Price 1 30262 Order Ticket 167506231 Order Date September 14 2012 10 32 44 Swissquote Bank Ltd Console trading User guide 7 Entry Orders Two possibilities are offered to the client for placing an entry order The client may either choose the desired type of order in the menu Place order Place Order Create Report Market News Place Market Order Place Stop Limit Orders or by right clicking in the view Order List m Order Book and Trade Log Order Book Trade Log SEN i No Group v View Only Related Orders QJ La Create Order Place Market Order Modify Order Place Stop Limit Orders Place Timed Order Cc Ord eee EER ancel Uraer H The description of each order type is then presented in the next section Swissq
16. ccount Overview es EL 5 BT Account Balance 9 999 82 USD Open Profit Loss 1 90 USD Available Equity 9997 92 USD Max Trade Size 2 998 48K USD Margin Reg Day 0 50 Margin Reg Night 0 50 Margin Level 100 00 o a Account Balance The quantity of money resulting from the sum of all deposits and realized gains minus all withdrawals realized losses costs and fees which have been booked on the money account Open Profit Loss The net P amp L of all open positions calculated at the current rate This amount changes as the rates fluctuate Available Equity Represents Account Balance plus the total of current unrealized gains losses Max Trade Size The maximum position expressed in the reference currency of the client which the margin balance will allow to trade At 1 margin this represents 100x the current margin balance if no position is open Margin Level represents the ratio between the Available Equity and the absolute sum of all open positions This ratio is expressed in percentage Swissquote Bank Ltd Console trading User guide 20 Margin Requirements Day Overnight margin represent the margin level at which all open positions will be liquidated closed during the day or overnight The margin can and will change depending on the total absolute dollarized value of all current positions held Day margin requirement is applicable from 08 00 CET to 22 49 CET Overnight margin requirement is applicable fro
17. es a cost of carry on behalf of the market or the customer on open positions held overnight This overnight cost of carry is presented as a simple flat fee either paid or charged on a customer s account This process makes for extremely simple statements and greatly increases execution transparency since we do not modify the original price of the position entered into by the customer Please note that the total open position for precious metals is the equivalent dollarized value Example 200 ounces of gold are worth about 177 000 USD 08 04 2009 rates Overnight costs are credited amp debited on any positions held after 23 00 CET every day of the week Please note that SWISSQUOTE BANK applies a triple swap Wednesday evenings to account for weekend rollovers The fees applied for credit and debit can be found at the following URL which is updated daily according to market conditions http www swissquote com fx products trading conditions SwapRates action CHARTS A complete charts user guide presentation is available at the following link http www swissquote com fx trading software trading software troubleshooting js Swissquote Bank Ltd Console trading User guide 24 Headquarters Swissquote Bank Ltd Chemin de la Cr taux 33 CH 1196 Gland T 41 22 999 94 11 F 41 22 999 94 12 Zurich Office Swissquote Bank AG Schutzengasse 22 24 CH 8001 Zurich TEL 0848 25 88 88 FAX 41 44 825 88 89 Bern Office Swissquote Ba
18. g against price declines In the example below the live rate is 1 3342 and the Trailing Stop is set to 10 pips Assume that the position would be opened at 1 3332 by the IF order section The buy stop order will be filled if EURUSD ask reaches 1 3334 1 3332 2 spread 10 pips If EURUSD moves in the trader s favor e g down 5 pips the stop order will automatically adjust to 1 3329 always 10 pips from the live rate after the IF section execution Technically speaking the only difference with a normal stop order is that the stop price changes as the order trails the market price action in the trader s favor EI Order Form ES Place Limit amp Contingent Orders Asset EURUSD Y Spot Price 1 3342 Trade Size 100 000 e Stop Limit Orders Buy Sell Buy e Sell Expiration Type GFD GTC v Stop lt 1 3332 Limit gt 1 3345 Apply to position s af Attach Contingent Orders z i Buy Sell Expiration Type StopLoss gt Take Profit lt J Trailing Stop amp Description Order IF DONE Max Trade Size 1 06M USD Calculated Trade Size 133 433 USD 1Pip 10 00 USD Place 1 Close e Order Book and Trade Log Order Book Trade Log Take Profit Trailing S Trigger Ti Created 100 000 1 3332 Entry Stop Trailing Stop Swissquote Bank Ltd Console trading User guide 11 Related Orders At this point we will present how the use of related trade orders to link
19. greement that this statement is correct and ratified Swissquote Bank Ltd reserves the right to annul transactions made online by a customer within the space of 48 hours after the transactions were made Swissquote Bank Ltd Console trading User guide 6 TRADE EXECUTION Market Order A market order Spot is an order to buy or sell at the current market price Customers using Swissquote Bank s online trading platform click on the buy or sell button after having specified their deal size The execution of the order is instantaneous The most common way to place a market order Spot is to use the trading box The real time bid ask prices appear in the trading box for each currency pair A client only needs to click on the current bid or ask offer for execution of the trade Click to SELL EURUSD X at current bid L 1 30742 lt 1 8 gt 1 31277 H Click to BUY at current ask Permit to place SPOT orders as Qty lt SELECT gt Market Best E At market best The first step to passing an order is to select an amount from the proposed drop down list The combo box is editable so that the client can edit the desired amount which must be a multiple of the lot The second step is to click one of the prices to sell or buy at the proposed price At market best At market best option Pl Atma This order is filled at the first available price the order is filled for the full amount but can be filled differently th
20. ity and the open P amp L must be expressed in the same currency for example USD Here is an example Let s consider a client with 10 000 USD in his account with an open position of 500 000 EURUSD opened at 1 3594 quoted actually at 1 3600 The actual open P amp L is 300 USD The equity is 10 000 300 USD 10 300 USD The exposure is equal to exposure 1x500 000 EURUSD gt 500 000 EUR x 1 36 680 000 USD Margin equity exposure 10300 680000 0 015147 gt 1 51 Swissquote Bank Ltd Console trading User guide 23 OVERNIGHT POSITIONS Traditionally inter bank foreign exchange transactions are settled on pre arranged value dates In other words if a trader sells 1 million EUR against USD spot on Wednesday that means he must deliver the value of 1 million Euros on Friday in order to receive the USD equivalent sum based on the exchange rate agreed upon Settlement dates in the spot market are valued on a 2 working day basis SWISSQUOTE BANK adopts a method of operation by which there are no value dates on any operations and no close out and re opening of open positions at close of business We call this process a synthetic spot transaction This results in a simple one line transaction on the customer s transaction statement instead of an extremely complicated multi entry statement which is generally unintelligible for anyone not very well acquainted with interbank transactional dynamics SWISSQUOTE BANK appli
21. lace Cose m Order Book and Trade Log om P XX No Group X 1 View Only Related Orders 9 Q x Spot Pri Stop Loss Take Profit Trailing S Trigger Ti Created 37037695 EURUSD Entry Limit Note here that our trading system will only validate limit buy orders with a limit price below the actual market price For sell order the limit should be higher than the market price If these rules are not respected the Swissquote Bank trading system will reject that order and return an error message to the trader with an indication of which direction it makes sense to trade in Swissquote Bank Ltd Console trading User guide 9 Stop Orders A stop order is an order to buy or sell when a specific price is reached either above on a buy or below on a sell the price that prevailed when the order was given A stop order to buy always at a higher price than the current market price is usually designed to protect a profit or limit a loss on a short sale A stop order to sell always at a lower price than the current market price is usually designed to protect a profit or limit a loss on a position already purchased at a higher price From the trader s point of view a buy stop order is placed when the trader believes that if the price moves upwards and reaches a certain limit the price will continue its trend and continue upwards In the case of a sell stop order the trader believes that if the p
22. m 22 50 CET to 07 59 CET Please follow this link for exposure thresholds and their respective margin requirements http www swissquote com fx products trading conditions Spreads action Please Note Clients will be expected to be fully aware of their margin requirements and trade accordingly SWISSQUOTE BANK Declines all responsibility as to the untimely liquidation of positions due to an automated margin change Margin Requirement rules Ifa client has a margin requirement above 1 00 during the day he she will be notified upon closure of the platform or at 22 30 CET that his her margin requirement will change for the night at 22 50 If and when the client attempts to open a position that will a Take the client passed a superior margin requirement threshold And b Passed his her margin level liquidation the platform will refuse the order Margin Thresholds reached passed through market moves due to dollar exchange rates as well as additional positions opened by the client will trigger a warning for the client Client accounts denominated in currencies other than USD will have thresholds calculated in real time to the equivalent dollar amount Swissquote Bank Ltd Console trading User guide 21 P amp L CALCULATIONS Gain or loss resulting from the closing of a position The P amp L calculation uses the formula Closing price purchase price x position amount For example a client buys 100 000 EURUSD
23. mM Nyon VC Open Positions x Ba x 1 00 2 00 3 00 4 00 5 00 6 00 7 00 8 00 9 00 10 00 11 00 Select ID Asset Qty Entry Price Spot Price P amp L P amp L USD P amp L pips g IKI DI 8264995 FURUSD 1 000 1 30924 1 30638 2 86 2 86 28 6 J ae z Archive Last updated 05 Jun 2013 11 19 29 CEST C Time Title m 11 17 00 FX CHAT USD PHP Tad Lower 41 80 42 20 Tipped Near Term a R 11 09 00 FX CHAT USD MYR Dips 3 0800 N T Support Tipped 11 02 00 UK Services Grow at Fastest Pace in over a Year Lessens Chances of BOE Action 11 00 00 Euro Zone 1Q GDP Forecast At 0 2 QQ 1 0 YY 11 00 00 Euro Zone 1Q GDP Revised At 1 1 YY Last Est 1 0 YY Order ID Asset Buy Sell Type Qty Trigger P Spot Price Stop Loss _ Take Profit T 15 00 00 Euro Zone 10 GDP Unrevised At 0 2 QQ 11 00 00 Euro Zone 4Q GDP Revised To 1 0 YY From 0 9 YY 11 00 00 Euro Zone Apr Retail Sales 0 5 On Mo 1 1 On Yr Group E F view only Related Orders 8 Q x 1 Trading Boxes One box for each currency pair View real time bid ask rates Click on the BUY or SELL to execute a trade 2 Live Trading Quotes View a list of real time bid ask quotes as well as today s highs lows etc 3 Chart Tool Real time charts on all currency pairs Many customizable technical analysis tools are accessible 4 Open Positions detail Real time summary view of all
24. nk AG Schauplatzgasse 9 3011 Berne TEL 0848 25 88 88 FAX 41 44 825 88 89 Dubai Office Swissquote Bank Ltd DMCC Branch Jumeirah Lakes Towers Almas Tower Level 33 Office 33 P O Box 121364 Sheikh Zayed Road Dubai UAE TEL 971 4 450 1700 FAX 971 4 450 170 Swissquote Europe Ltd Tower Business Centre Tower Road Swatar BKR 4013 Malta TEL 356 2546 6720 FAX 356 2546 6103 Customer Care Center TEL 0848 25 87 88 From abroad TEL 41 44 825 87 88 www swissquote ch www swissquote com x Se SWISSQUOTE BANKING SELF MADE
25. nt or asset and the price at which it was opened An open position can be long if the trader bought the underlying asset or short if the trader sold that position Note that an asset can be sold before being bought A long or short position can be closed or reduced but not increased If a client wants to increase the exposure on an instrument a new position will be created On Swissquote Bank trading platforms each open position is displayed with corresponding unrealized Profit amp Loss or open P amp L Normally all positions on a specific instrument are opened in the same direction long or short For example a client can only have long positions in EURUSD but not simultaneously long and short positions If the client decides to place a trade in the opposite direction of the current exposure some open positions will be closed or reduced given the hedging function isn t activated If no instruction has been given the oldest open positions will be closed first following the FIFO First In First Out rule FIFO rule is not followed when an order is linked to a given open position When a linked order is executed its linked position will be closed or reduced Open Positions detail One of the specificities of the SWISSQUOTE BANK Java Trading Platform is the possibility to manage many open positions in the Same currency pair m Open Positions emm a A A new open position is created when the execution of an order
26. rice moves downwards and reaches a certain limit the price will continue its trend and continue to move downwards The main difference with a limit order is that the trader believes the opposite behavior once the limit price has been reached The order contains the same two variables Amount and Expiration Type The same variations are used to specify the expiration as in limit orders GTC and GFD Let s look at the following examples Example Trader x buys EURUSD 100 000 1 3302 expecting a 60 to 70 pips move in the market but wants to safeguard against an overestimation of the potential strength of the Euro Trader X knows that 1 3272 is a strong support level and therefore places a stop loss order to sell at that level Trader X has limited the risk on this particular trade to 30 pips or USD 300 Another usage of a stop order is when a trader is expecting a price breakout to occur and wishes to grasp the opportunity to ride the breakout In this case a trader will place an order to buy or sell on stop To illustrate the logic behind this let s review the following scenario Example Trader x sees EURUSD breaking through the 1 3310 resistance level He believes that if this happens the price of EURUSD could be headed to 1 3340 and over At this point the market is at 1 3302 so Trader X places an order to initiate a buying position of 100 000 at 1 3310 on stop Si Order Form PEM Place Limit amp Contingent Orders Asset EU
27. uote Bank Ltd Console trading User guide 8 1 Limit Orders A limit order is an order placed to buy or sell at a certain price The order essentially contains four variables price duration direction and size The trader specifies the price at which they wish to buy sell a certain currency pair specifies the Expiration Type the amount of time that the order should remain active and the size of the order GTC Good till cancelled A GTC order remains active in the market until the trader decides to cancel it The dealer will not cancel the order at any time therefore it is the client s responsibility to remember that the order is in place GFD Good for the day A GFD order remains active in the market until the end of the trading day Since foreign exchange is an ongoing market the end of day must be a set hour For Swissquote Bank the end of the trading day occurs at exactly 23 00 CET e Order Form xs Place Limit amp Contingent Orders Buy Asset EURUSD Y earen Kal bz Trade Size 1000 e Stop Limit Orders Sell Buy Sell Buy Sell Current Price Expiration Type GFD e GTC Stop gt Buy J Limit lt Lang Apply to position s af Attach Contingent Orders z i Stop Buy Sell Buy Sel e 7 Sell Expiration Type GFD GTC Stop Loss lt LEJE l Take Profit gt 1 3329 Trailing Stop amp Sa Order Limit Max Trade Size 1 06M USD Calculated Trade Size 1 332 45 USD 1Pip 0 10 USD P
28. y el e en Group by Asset El ka e P amp L pat USD Pat pips Order s GEERT Linked orders Orders linked to an open position are called Linked orders It means that the execution of linked orders will only affect the linked position by closing it Linked orders are easily configured by the client The client simply needs to select a position from the list of all open positions by right clicking on it and selecting the appropriate order type to close that position m Open Positions 5 A Kn io leg Select d i P amp L USD P amp L pips Open Date Order s o E ET Pace Limit amp Contingent Orders Asset EURUSD soree a a Trade Size 1000 e Stop Limit Orders Buy Sell Buy Sell Expiration Type GFD GTC 7 Stop 31291 SCH P Limit lt 1 3122 4 DN Apply to position s F ie Attach Contingent Orders z i Buy Sell Buy Sell Expiration Type GFD GTC Stop Loss lt 1 3120 Take Profit gt 1 3127 4 E Traiing stop E ees eng sooo Laisa A9 1 une 06 2 SR Order Stop Max Trade Size 974 41K USD Calculated Trade Size 1 312 3 USD 1Pip 0 10 USD Swissquote Bank Ltd Console trading User guide 19 Account Overview The margin analysis window provides traders with real time information about their trading account m A

User Guide - Swissquote

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