In this article you’ll learn:
- How to open and close your trades right from the chart
- How to open a limit order from the chart
- How to set and modify stop loss and take profit orders from the chart
The Forex and OTC market in general are ones of the most dynamic financial markets, so it helps to be able to place your trades as quickly as possible. In order to increase your ability to respond to rapid market movements, xStation 5 has a built-in “Click & Trade” module. Once you’ve analysed a certain market and would like to place a trade, you’re able to do so from the top left-hand corner of the chart - where the BUY and SELL buttons are available, with the option of modifying the volume as well.
To open the position, simply press the BUY green button if you want to go long or SELL red button if you want to go short. You can also set stop loss and take profit levels by activating the SL/TP icon.
Here’s an example on how to do so. As you can see, I’ve currently got a US500 chart open and for example purposes, let’s say I think prices are going higher, so I want to buy it. In the top left hand corner, I adjust the amount of lots to my relevant trade size, then click on the SL/TP button and switch it on to activate, adding a stop loss and finally now I’m ready to press BUY and confirm the trade.
The ‘Confirm’ window will appear by default.
By clicking Yes button you confirm your trade. If you mark ‘Do not show again’ and then press Yes, you will switch off confirmations, so the next orders will be placed immediately after click BUY/SELL button.
There’s also another way of to open a trade from the chart. You could click the right button on the mouse while analysing charts and a new window will appear. In this window you’ll see types of orders that are available.
If you click the right button above the current price, you’ll see sell limit and buy stop orders. On the other hand, if you click below, sell stop and buy limit orders will appear. If you click on one of them, the following window will appear in which you could confirm the volume, price and type of your trade.
Setting and modifying SL and TP from the chart
Now you can instantly see your trade and stop loss and take profit visible on the chart, and if at any time you want to move your stop loss or take profit, all you have to do is simply drag it to the level you want.
As you can see xStation 5 will automatically also show you how many pips from the current price SL and TP are set and the nominal value. At any time you can cancel SL or TP by clicking ‘x’.
Closing orders from the chart
The xStation 5 allows you to close your positions in very fast way from the chart. To close the position simply point at the dotted line, which shows the open price of the transaction. Besides SL and TP set lines you have order line with closing ‘x’ at the end. Just click on it and transactions will be closed.
As you can see, it's for good reason that the chart window is the main part of the xStation 5 platform. It is not just useful for technical analysis, but also for placing and managing your orders. Good knowledge of these features will certainly be very useful in your daily work as a trader.