Currency:
Each row in the “Dealing Rates” window contains information about a
specific currency pair. In the first column, the currency pair is defined.
There is a three-letter abbreviation for each currency. For example,
“EUR/USD” stands for the Euro/U.S. dollar currency pair. The first
currency listed in every pair is known as the base currency. The exchange
rate refers to the amount of the second currency that can be exchanged for
one unit of the base currency. For example, if the exchange rate for the
EUR/USD is 0.9500, then, 0.9500 U.S. Dollars (95 cents) can be exchanged
for 1 euro.
Sell And Buy:
Each row contains two numbers (with five digits each) following the
identification of the currency pair. The first number appears under the
column titled “Sell”. This is the market exchange rate that can
immediately be executed to “Sell”. The trader is selling the base
currency and buying the second currency. When executing a “Sell”
order, the trader expects the exchange rate to go down. For example, a
trader executing a “Sell” EUR/USD at 0.9500 would like the exchange
rate to move towards zero. The next column to the right of the “Sell”
exchange rate contains the “Buy” exchange rate. This is the market
price that can immediately be executed to “Buy” the base currency and
sell the second currency. When executing a “Buy” order, the trader
expects the exchange rate to move higher.
The “Sell” and “Buy” exchange rates move in tandem. When the
exchange rates are moving higher, the number is green. When they are
moving lower, the exchange rate turns red.
High and Low:
The next columns following “Buy” and “Sell” are titled “Hi” and “Low”. The high is the highest price the exchange rate has reached since 5:00 PM the previous day. The low is the lowest price the exchange has touched since 5:00 PM the previous day.
Interest Rate B and Interest Rate S:
At 5:00 PM, traders with open positions have their positions automatically rolled over to the next settlement date. If a trader has no open positions at 5:00 PM, even if the trader executed transactions during the previous 24 hours, there will be no rollover of positions. A rollover of positions will result in funds being added or subtracted from the traders account. The amount changes day-to-day for each currency pair depending on market conditions. At 3:00 PM, the rollover amounts are posted for each currency pair. Under the “IntrB” column, the amount in U.S. dollars per 10,000 dollar buy position is provided. If there is a minus sign next to the number, the amount will be subtracted. Under the “IntrS” column, the amount in U.S. dollars per 10,000 dollar sell position is also provided. If there is a plus sign next to the number, the amount will be added.
Time:
Every time an exchange rate is changed, a time stamp is placed next to the
currency pair. The time is recorded in Eastern Standard Time (US). A time
stamp of 14:00 would mean the last update occurred at 2:00 PM Easter
Standard Time.
HIGHLIGHTING:
In the “Dealing Rates” window, one of the rows will be highlighted.
The highlighted currency pair will be the default “currency pair” when
the trader enters market and entry orders. To change the highlighted
currency, click on the gray box directly left of the currency
identification. [Back
to Top]
Ticket and Acct ID:
Each row in the “Open Positions” window contains information about a specific open position. In the first column, there is a unique ticket number that enables the trader to easily track each position. The next column over contains the Account ID, which should be the same on each row.
Currency, B/S, Amount K, Open:
Each open position has four major characteristics: A) CURRENCY (see
CURRENCY under “Dealing Rates” window for explanations) B) B/S (see
BUY and SELL under “Dealing Rates” Window for explanations) C) Amount
K – the size of a position in increments of 10,000 of the base currency
D) Open – the exchange rate at which the positions were opened. For
example a “EUR/USD, S, 500, 0.9220”, means the trader Sold 500,000
Euros for US Dollars at an exchange rate of 0.9220.
Close:
The close rate is the current exchange rate at which the trader can exit
the position. (For information on how to close a position, see “Close an
Open Position”.)
Stop and Limit:
Stop-loss and limit orders can be placed on individual positions. A
Stop-loss order is used to prevent further losses on a position after the
exchange rate breaks through a pre-specified level. The position will be
liquidated at the next market price. A limit order is used to lock in
profits when the exchange rate hits a pre-specified rate. These orders are
only active for as long as the position remains open. For example, if a
position has both a stop and limit order on it and limit order is
triggered, the stop-loss order will be canceled.
.
P/L and Net P/L:
The profit/loss on each position is tracked in real time in both pips and U.S. dollars. Pips are calculated under the “P/L” by multiplying the difference in pips between the open and close price by the size of the trade. The profit/loss in U.S. dollars is under the “Net P/L”. A plus in front of the “P/L” and “Net P/L” indicates the position has gained in value. A minus sign means the opposite.
Commissions:
Excelsior Worldwide Corp. charges a nominal commission of $25 per trade rould turn. Managed Accounts are available on an incentive fee basis of 20% of gross profits in addition to trade commission.
Interest:
This is the cumulative dollar amount that is added to or subtracted from an open position as a result of a rollover.
Time:
Each position bears a time stamp for when the position was opened.
HIGHLIGHTING:
In the “Open Position” window, one of the rows will be highlighted.
The highlighted position will be the default “position” when you enter
orders to “close” or “S/L OP”. To change the highlighted position,
click on the gray box on the far left of the row. [Back
to Top]
Account:
All account information is updated on a tick-by-tick basis giving traders a comprehensive view of their accounts. Each account has a unique ID. If a trader has multiple accounts, for example a trader manages funds on behalf of several individuals, the trader has multiple account Ids. The information for each account is maintained on a separate row.
Balance:
This is the value of funds in the account without taking in consideration profits and losses on open positions. The account balance is updated in real time.
Equity:
This is the value of funds in the account including profits and losses on
open positions. The account equity is updated in real time.
UsdMr (Used Margin):
This is the amount of account equity currently being committed to maintain open positions. The trader must maintain $50 for each 10,000 position. For example, if the trader has 50,000 in open positions, the trader would have $250 in used margin. The Used Margin is updated in Real time.
UsblMr (Usable Margin):
This is the amount of account equity that is not currently being committed to maintain open positions. The formula for calculating Usable Margin is the Account Balance minus Used margin. The Usable Margin is updated in real time.
MC (Margin Call):
In the margin call box, there will be a Y (yes) or N (no). If Y appears,
the usable margin reached zero and the open positions in the account were
closed because there were insufficient funds. Please note: if this occurs,
all open positions in the account will be closed. [Back
to Top]
Order ID:
Each row in the “Order” window contains information about a specific active entry order. In the first column, there is a unique order ID that enables the trader to easily track each entry order.
T (Type):
There are two types of entry orders: 1) limit entry and 2) stop entry orders. If “LE” appears under the Type column, the order is a limit entry. When placing a limit entry order, the trader expects the exchange rate to move to a pre-specified level and reverse direction. The limit entry order will be executed if the exchange rate touches the pre-specified level. If “O” appears under the Type column, the order is a stop entry. When placing a stop entry order, the traders expects that if the exchange rate breaks through its pre-specified level, the exchange rate will continue to move in the same direction. The stop entry order will be executed if the exchange rate breaks through the pre-specified level.
Currency, Rate, Amount K, B/S:
Each entry order has four major characteristics: A) CURRENCY (see CURRENCY
under the “Dealing Rates” window for explanations) B) Rate – the
level which the exchange rate must touch (limit entry) or break through
(stop entry) for the order to be executed C)B/S (see BUY and SELL under
the “Dealing Rates” Window for explanations) D) Amount K – the size
of the position in increments of 10,000 of the base currency.
Stop and Limit:
The Stop and Limit orders that appear in the “Order” window are non-active orders until the entry order is executed. The entry order will then disappear from the “Order Window” and appear in the “Open Positions” window with the stop and limit orders becoming active.
Time:
Each position bears a time stamp for when the position was opened.
HIGHLIGHTING:
In the “Orders” window, one of the rows will be highlighted. The
highlighted position will be the default “position” when you enter
orders to “remove order” or “S/L OP”. To change the highlighted
position, click on the gray box on the far left of the row. [Back
to Top]
There are four different ways to open the “Market Order” Box:
Market Order Box:
There
are four parameters which a trader can set prior to sending an order to
the trading desk.
Account:
If the trader has more than one
account, clicking on the “Account” option will enable the trader to
select the account from which the trades will be placed.
Currency:
The “currency” will automatically default to the currency pairing that
is highlighted in the “Dealing Rates” window. However, any pairing can
be selected by simply scrolling down the list of currencies.
Buy/Sell:
This command will either buy or sell the first currency listed. The
command will default to either “Buy” or “Sell” depending on how
the user summons up the pop up menu. Left clicking on the dealing rate or
clicking the “Buy” or “Sell” button will prompt the default. Right
clicking on the dealing rate or clicking on the “Action” heading will
not automatically set the default to the operation desired.
Amount:
Trades are made in increments of 10,000 of the base currency.
Rate:
This is the rate the trade will be executed at, which the trader cannot
change.
At anytime during the trade input process, the trader can cancel the order
by clicking the “Cancel” button. Click on the “Ok” button after
all the selections have been made to execute the trade.
After “Ok” has been selected one of the following two responses will
occur:
When the trade appears in the “Open Positions”
window this confirms the order has been executed.
Note: Opening a new position (Buy EUR/Sell USD) that is
the opposite and in the same amount as an existing open
position (Buy USD/Sell EUR) will effectively close the
original position and serve to cancel each other out.
[Back to Top]
PLACING A STOP/LIMIT ON AN OPEN POSITION
There are four different ways to open the “Stop/Limit Order” Box:
Stop/Limit Order Box:
There are three parameters which a trader can set prior to
sending an order to the trading desk.
Ticket:
Select the specific ticket number of the ticket the stop or limit will be
placed on. The “ticket” option will automatically default to whichever
ticket is highlighted in the “Open Positions” window. However, any
ticket can be selected by simply scrolling down the list of numbers and
clicking on the correct number.
Stop/Limit:
This command will allow the trader to either place a stop or limit order
on the selected ticket.
Rate:
This command will allow the trader to select the exchange rate from which
the stop or limit should be triggered. The rate automatically defaults to
1 pip below the current sell rate for stop orders, and 1 pip above the
current sell rate for limit orders. However, the trader can click onto the
box to the right of the “Rate” option and enter a specific rate for
their stop/limit order.
At anytime during the stop/limit input
process, the trader can cancel the order by clicking on the “Cancel”
button. Click on the “New” button after all the selections have been
made to place the stop/limit order. Once the order is placed, the
information will be updated under the “stop” or “limit” box in the
“Open Positions” window. [Back
to Top]
CHANGE
PRICE ON STOP/LIMIT (OPEN POSITION)
To change the price for an existing stop/limit
order for an open position, the trader must click onto
the “Rate” option from the “Stop Order” box and
enter the new rate for the specific ticket number. The
trader can bring up the “Stop Order” box four
different ways as explained in Stop/Limit Market Orders
heading above. The trader then clicks “Okay” and the
new rate should be updated in the appropriate “Stop”
or “Limit” box in the “Open Positions” window.
[Back to Top]
DELETE
STOP/LIMIT (OPEN POSITION)
To delete an existing stop/limit order for an
open position, the trader must click on the “delete”
button from the “Stop Order” box for the specific
ticket number. The trader can bring up the “Stop
Order” box four different way as explained in the
Stop/Limit Market Orders heading above. Once the trader
deletes the existing stop/limit order, the applicable
“Stop” or “Limit” box in the “Open
Positions” window will be empty. [Back
to Top]
There are four different ways to open the “Close Position”
Box:
Close Position Box:
There are two parameters which a
trader can set prior to sending the close to the trading desk.
Ticket:
Select the specific ticket number that is to be closed. The “ticket”
option will automatically default to whichever ticket is highlighted in
the “Open Positions” window. However, any ticket can be selected by
simply scrolling down the list of numbers and clicking on the correct
number.
Amount:
Select the dollar amount to be
closed. The “Amount” option automatically selects all dollars to be
closed out. However, any amount can be selected by simply scrolling down
the list of dollar figures.
At anytime during the close position process, the trader can cancel the order by clicking on the “Cancel” button. Once the position is closed it will disappear from the “Open Positions” window. Click on the “Ok” button after all the selections have been made to close the position. Once the order is completed, the account balance will be adjusted in the “Account Information” window. [Back to Top]
There are three different ways to open the “Entry Order”
Box:
Entry Order Box:
There are five parameters which a trader can set prior to sending an order
to the trading desk. The first four are the same ones that appear in the
“Market Order” Box (Account, Currency, Buy/Sell, Amount). However, the
difference is that for an entry order the trader sets a specific level to
trigger the execution of the trade. Entry orders remain active until
either the trade is executed or the trader cancels it.
At anytime during the trade input process,
the trader can cancel the order by clicking the “Cancel” button. Click
on the “Ok” button after all the selections have been made to execute
the trade. Once the order is accepted, the information will be listed in
the “Orders” window. Once the trade is executed the position will
disappear from the “Orders” window and reappear as an open position in
the “Open Positions” window. [Back
to Top]
There are four different ways to open the “Change Entry Order” Box.
Note: The “Order ID” automatically defaults to the highlighted order in the “Order Entry” window.
Change Entry Order Box:
There are two parameters which a trader can set prior to sending an order
to the trading desk.
Order ID:
If the trader has several pending
entry positions, select the specific order number of the order that is
going to be changed. The “Order ID” option will automatically default
to whichever order is highlighted in the “Orders” window. However, any
order can be selected by simply scrolling down the list of numbers and
clicking on the correct number.
Rate:
This option allows the trader to
select the new exchange rate from which the entry order should be
triggered. The trader clicks onto the box to the right of the “Rate”
option and enters a specific rate for the selected entry order.
At anytime during the order change process, the trader can cancel the changes by clicking the “Cancel” button. Click on the “Ok” button after all the selections have been made. Once the trade is completed, the updated information will be listed in the “Orders” window.
Only the exchange rate can be changed for an existing entry order. The
dollar amount or currency selection cannot be changed for any particular
“Order ID” number. The user must input a new entry order and remove
the existing one to affect changes in amount and currency. [Back
to Top]
CANCEL
AN ENTRY ORDER
There are two different ways to open the “Delete Orders” Box:
Delete Order Box:
The trader will be asked if the
highlighted Order ID number is to be deleted. Click “yes” to cancel
the trade and click “no” to make no changes to the order. Once the
“yes” button is clicked, the order will be deleted from the
“Orders” window and officially removed. [Back
to Top]
PLACING A STOP/LIMIT ON AN ENTRY ORDER
There are four different ways to open the “Stop/Limit Entry Order” Box:
Stop/Limit Entry
Order Box:
There are three parameters which a trader can set prior to sending an
order to the trading desk.
Order ID:
Select the specific ticket number
of the ticket the stop or limit will be placed on. The “Order ID”
option will automatically default to whichever ticket is highlighted in
the “Orders” window. However, any order can be selected by simply
scrolling down the list of numbers and clicking on the correct number.
Stop/Limit:
This command will allow the trader
to either place a stop or limit order on the selected Order ID.
Rate:
This command will allow the trader to select the rate from which the stop
or limit should be triggered. The rate automatically defaults to 1 pip
below the current sell rate for stop orders, and 1 pip above the current
sell rate for limit orders. However, the trader can click onto the box to
the right of the “Rate” option and enter a specific rate for their
stop/limit order.
At anytime during the stop/limit input process, the trader can cancel the order by clicking on the “Cancel” button. Click on the “New” button after all the selections have been made to place the stop/limit order. Once the order is active, the information will be updated under the “stop” or “limit” box in the “Orders” window. [Back to Top]
CHANGE
THE PRICE ON A STOP/LIMIT ENTRY ORDER
To change the price for an
existing stop/limit order for an entry position, the trader must click
onto the “Rate” option box from the “Stop Order” window and enter
the new rate for the specific ticket number. The trader can bring up the
“Stop Order” window four different ways as explained under the
Stop/Limit Entry Orders heading above. The trader then clicks “Okay”
and the new rate should be updated in the appropriate “Stop” or
“Limit” box in the “Orders” window. [Back
to Top]
DELETE
A STOP/LIMIT ENTRY ORDER
To delete an existing stop/limit order for an entry position, the trader
must click on the “delete” button from the “Stop Order” window for
the specific ticket number. The trader can bring up the “Stop Order”
window four different ways as explained under the Stop/Limit Entry Orders
heading above. Once the trader deletes the existing stop/limit order, the
applicable “Stop” or “Limit” box in the “Orders” window will
be empty. [Back to Top]
REPORT
To access this feature, click on the "Reports" button, located
on the top of the screen, and select the time period of interest. Traders
can pull up a detailed report on their account status, on a daily, weekly,
monthly or yearly basis. This report presents in a format ideal for
printing key account information, such as records of floating positions
and completed trades. [Back
to Top]
CUSTOMIZING
THE TRADING SCREEN
Each window can be customized to meet a trader’s
personal specifications. There are several different
kinds of specifications that can be made.
Show
or Hide Window Screens:
To show or hide any of the four window screens
(Accounts, Dealing Rates, Open Positions, Entry Orders)
simply click on the boxes located at the top of the
trading screen. To hide a screen, the trader may also
click on the “X” box in the upper right hand corner
of the window.
Change
Window Screen Size:
To move a window, or adjust the window sizes, follow the
same procedures one would use for any Windows based
program. Simply click on the outer edge of the window
and drag it to the size desired.
Adjusting Box Sizes
inside Window Screen:
To adjust the individual box sizes inside each Window Screen, simply click
on the outer edge of the box and drag it to the left or right to the
desired size.
Changing Font Sizes
For A Window:
To change the font size of the letters and numbers inside each Window
Screen, simply click onto that screen and right mouse click on any of the
characters in the box. A Font Box will appear which will allow the trader
to change the Font type, style, and size. Click the “ok” button after
the changes have been made and the desired font will be updated inside
that box.
The font size may also be changed by clicking on the “Action” heading located on the top of the screen above the “Quote” button. From there, select either “Accounts”, “Dealing Rates”, “Orders”, or “Positions” and then click on “Font” to change the font for the desired Window Screen.
Selecting the
Currency Pairing for the “Dealing Rates” Window:
The trader has the option of adding and removing currency pairings to and
from the “Dealing Rates” window. To do this, the trader must open the
“Currency Subscribe List” box. There are two ways to open this box.
Currency Subscribe List
Box:
The trader can either add or remove
a currency pair from the 17 currency pairings that Excelsior Worldwide Corp. offers. Note: Once
an order is placed or a position is opened, the trader will be unable to
unsubscribe from any currency pairings until all positions are closed or
removed.
To add a currency pairing, simply highlight the pairing and then click the “Subscribe” button. The pairing will then show up in the “Dealing Rates” window and there will be a “T” in the “Status” column inside the “Currency Subscribe List” box.
To remove a currency pairing, simply highlight the pairing and then click the “Unsubscribe” button. The pairing will then show up in the “Dealing Rates” window and there will be a “D” in the “Status” column inside the “Currency Subscribe List” box.
Saving changes:
Once the changes have been made, the new specifications will automatically
be saved. [Back to Top]
APPENDIX
The following is a listing of the currencies that you can trade in.
EUR- The Euro
USD- The American Dollar
JPY- The Japanese Yen
GBP- The British Pound
CHF- The Swiss Franc
AUD- The Australian Dollar
CAD- The Canadian Dollar
NZD- The New Zealand Dollar
[Back
to Top]
To download this Real-time Trade Station, go to Download Trade Station
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