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Managing Your Trading Platform

Every trading platform is different, yet many have very similar characteristics. So while we can offer you a complete description of how to enter a trade, edit a trade and close a trade at our favorit broker, FX Solutions, the following information specific to FX Solutions will help you at most other brokers as well.

In the main menu here at MyAutoForex click on the FX Brokers tab for information on how to set up a free demo or live trading account.

In the process of setting up your account you will be downloading the software which gives you access to FX Solution's trading platform which is called the FX Solutions G.T.S. At the G.T.S platform is where you will place your trades and view all account activity. This software currently only works with the Windows operating system.

Once you have your account open and the software downloaded you can access the G.T.S by clicking on the icon on your desktop or by locating it from your Start menu.

At the G.T.S you'll see a main menu in a gray row at the top of the screen. The next gray row down contains a buton that says "View l" or "View ll". Click that button until it says "View ll".

Below the button you'll see a list of currency pairs that you can trade at FX Solutions. Associated with each pair is the current Bid price for if you want to sell the first currency in the pair, and the Ask price for if you wanted to buy the first currency. You'll also see the highest and lowest price each pair has reached since midnight of the current day.

Remember, if you want to sell the first currency you are in turn buying the second within the pair. If you are buying the first currency you are selling the second.

Click on either Sell or Buy, depending on what you want to do with a specific trade for a pair. A small window will appear listing the currency you are selling and buying, along with the current buy or sell price of the first currency.

You'll then see a dropdown menu called "Lots". Here you can select the number of lots you want to wager on this trade.

You'll then notice a small check box in the bottom left corner that says "Add Stop/Limit after order confirmation".

You'll notice that each trade we enter always has a Stop and a Limit. A Stop is a precautionary measure that says "close me out of the trade automatically if I lose a certain number of pips." A Limit says "close me out of a trade once I profit a certain number of pips."

The pros ALWAYS trade with Stops and Limits to protect them. On occassion, if a trade is going in our favor you will notice that we will update a trade by moving our Stop and Limit. Doing so enables us to lock in profits along the way.

Once you have entered your by clicking Submit, click the Exit button to close the small window.

Lower down on the screen you will now see your live trade. The reason you immediately start at a small loss is that there is a "fee" per trade. This fee is the difference in pips between the Buy and Sell price of the pair you are trading.

The next gray row down on the screen includes :My Accounts", Trading, and a few other items. My Accounts is the default screen that you see. If you click on Trading you will have the ability to update a trade.

Trading displays two tables. The top table shows the Stops and Losses for each trade. These are "Pending" because price has not yet reached either of these numbers you have set.

The bottom table displays all of your trades. Click on a trade and look to the left. Use the gray "Close" and "Manage Stops/Limits" tabs to manage your trade.