Saxo Academy SaxoTraderGO Trading Forex on Live Prices Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series.
Making an FX Spot Trade In this tutorial I m going to show you how to make a typical FX Spot trade using SaxoTraderGO. The easiest way to make an FX Spot trade is from the Trade Board. Or you can also search for instruments and place spot trades from the Trade Ticket. But in this example, we ll use the Trade Board. If you don t have an FX Trade Board, you can open one from the Instrument list selector under Forex, and select a regional list. If the Forex cross you want is not available in the list click the Edit button (You may need to copy the standard list to My Watchlists so that you can edit it.)
Now I can Add the instrument to the Trade Board using the Add Instrument button. I will be trading EURJPY - so I will just enter EURJPY. You can then select the instrument from the instrument finder. Then click Done to finish editing your Trade Board. EURJPY is now selected and it s available in the Trade Board. And I can now trade EURJPY very quickly and simply. -First, we select the amount to trade. In this case I am going to Sell 500,000.
What this means is, that I am going to sell 500,000 EUR, buying in JPY at the rate shown on the button, or alternatively, I think EUR is going to raise against the dollar. Before I place the trade, let s just take a look around the tiles in the Trade Board. The Bid and Ask buttons are where I will be making the trade when I am ready. I always sell at the Bid price and Buy at the Ask price and the buttons show me the current market prices for EURJPY. The first thing to note about the buttons is they are green. For most FX they will be green - except at the weekends, if you are trading very large amounts or if the market is extremely volatile. Green buttons mean that the price is a live tradable price. You can be sure that when I click to trade on a green price, the price displayed is the price I will get. The panel between the Bid and Ask buttons shows the spread this is the difference between the Bid and Ask prices. It is usually very small; quoted in PIPs or changes in the last whole decimal of the price - please note, not the small one at the end that is a deci-pip or a fractional-pip. Let s go ahead and make our trade. -First I click the Trade button. Now this is a safety mechanism to make sure I don t trade accidentally. It arms the buttons for up to 10 seconds before they are disabled again. If you are an aggressive trader, you can disable this safety mechanism in the Platform Settings by setting Trading to 1-click. -I will now click the Sell button (on the Bid) to make the trade.
The Trade Confirmation appears, to confirm the Trade was accepted and confirms the account, amount and price of the trade. And I will just acknowledge that. And now, I can see my new EURJPY position in the Positions list. As you can see we are Short 500,000, we opened it at this price and this is the current price in the Close Column. Based on the amount, the open and the current price, here is the current P/L on my position in real-
time, and here is the P/L converted back to my account currency. I can also see the difference since I opened the position in PIPs. I can add a Stop Loss or Limit Order to my position if I want to set a stop level in case the market goes against my position and/or a take profit if the market reaches a target I set. I can close the position at any time by clicking the Close button and the Close position dialog will guide me through closing the position. DISCLAIMER None of the information contained herein constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy. This material is produced for marketing and/or informational purposes only and Saxo Bank A/S and its owners, subsidiaries and affiliates whether acting directly or through branch offices ( Saxo Bank ) make no representation or warranty, and assume no liability, for the accuracy or completeness of the information provided herein. In providing this material Saxo Bank has not taken into account any particular recipient s investment objectives, special investment goals, financial situation, and specific needs and demands and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner and Saxo Bank assumes no liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation. All investments entail a risk and may result in both profits and losses. In particular investments in leveraged products, such as but not limited to foreign exchange, derivatives and commodities can be very speculative and profits and losses may fluctuate both violently and rapidly. Speculative trading is not suitable for all investors and all recipients should carefully consider their financial situation and consult financial advisor(s) in order to understand the risks involved and ensure the suitability of their situation prior to making any investment, divestment or entering into any transaction. Any mentioning herein, if any, of any risk may not be, and should not be considered to be, neither a comprehensive disclosure or risks nor a comprehensive description such risks. Any expression of opinion may be personal to the author and may not reflect the opinion of Saxo Bank and all expressions of opinion are subject to change without notice (neither prior nor subsequent). This disclaimer is subject to Saxo Bank s Full Disclaimer available at: www.saxobank.com/disclaimer