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Currency Trading System ("ICTS") User Manual - Mini Forex |
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Trading Specifications and Hours
Margin
Requirement: $50 per lot
Overnight Interest:
Generally $0.50 per day per lot charged on positions held past 5PM EST.
These amounts are indicated in the "Currency Reference Rates" window
as dollars per lot. Equity indices have no Overnight Interest charge.
Minimum Initial Deposit: $2000 to open an account
Margin
Call Procedure: When a client has less than $50 of equity per open
lot, some or all of the clients open positions will be automatically
closed. Clients are encouraged to avoid margin calls through the use of
stops and/or adequately funded accounts.
Trading Hours and Tick
Values:
Please see table below:
| Product |
Approximate Value of 1 Lot |
Approximate Tick Value per Lot |
Trading Hours |
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| EUR/USD | EUR 10,000 | 0.0001 = $1.00 | 24 hours | |||||
| USD/JPY | USD 10,000 | 0.01 = $0.80 | 24 hours | |||||
| GBP/USD | GBP 10,000 | 0.0001 = $1.00 | 24 hours | |||||
| USD/CHF | USD 10,000 | 0.0001 = $0.70 | 24 hours | |||||
| USD/CAD | USD 10,000 | 0.0001 = $0.60 | 24 hours | |||||
| AUD/USD | USD 10,000 | 0.0001 = $1.00 | 24 hours | |||||
| NZD/USD | NZD 10,000 | 0.0001 = $1.00 | 24 hours | |||||
| EUR/JPY | EUR 10,000 | 0.01 = $0.80 | 24 hours | |||||
| EUR/GBP | EUR 10,000 | 0.01 = $1.60 | 24 hours | |||||
| EUR/CHF | EUR 10,000 | 0.01 = $0.70 | 24 hours | |||||
| EUR/CAD | EUR 10,000 | 0.01 = $0.70 | 24 hours | |||||
| GBP/JPY | GBP 10,000 | 0.01 = $0.80 | 24 hours | |||||
| GBP/CHF | GBP 10,000 | 0.01 = $0.70 | 24 hours | |||||
| CHF/JPY | CHF 10,000 | 0.01 = $0.80 | 24 hours | |||||
| AUD/JPY | AUD 10,000 | 0.01 = $0.80 | 24 hours | |||||
| USD/ZAR | USD 10,000 | 0.01 = $1.10 | 24 hours | |||||
| USD/NOK | USD 10,000 | 0.001 = $1.45 | 24 hours | |||||
| EUR/NOK | EUR 10,000 | 0.001 = $1.45 | 24 hours | |||||
| USD/MXN | USD 10,000 | 0.001 = $1.00 | 24 hours | |||||
| USD/INR | USD 10,000 | 0.01 = $22.00 | 24 hours | |||||
| USD/RMB | USD 10,000 | 0.001 = $1.25 | 24 hours | |||||
| S&P 500 | USD 5,200 | .10 = $0.50 | 24 hours | |||||
| Nasdaq 100 | USD 3,000 | .10 = $0.20 | 24 hours | |||||
| Dow Jones Industrials | USD 10,000 | 1 = $1.00 |
24 hours (closed 5:00PM - 8:15PM) |
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| Nikkei 225 | USD 9,000 | 1 = $1.00 |
7:45PM - 9:15PM 10:15PM - 1:25AM 2:30AM - 6:00AM |
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| DAX 30 | USD 12,000 | 1 = $5.00 | 3:00AM - 2:00PM | |||||
| SPI 200 | USD 6,000 | 1.0 = $2.00 |
7:50PM - 2:30AM 3:10AM - 5:00PM |
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| MSCI Taiwan Index | USD 10,000 | 0.01 = $0.50 |
8:45PM - 1:45AM 4:00AM - 7:00AM |
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| Hang Seng | USD 9,500 | 1.0 = $1.00 |
9:45PM - 12:30AM 2:30AM - 4:15AM |
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| Crude Oil (Light) | USD 3,500 | 0.01 = $1.0 |
3:15PM - 9:30AM 10:00AM - 2:30PM |
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| Gold | USD 20,000 | .01 = $0.50 | 24 hours | |||||
| Silver | USD 6,000 | .01 = $10.00 | 24 hours |
Login screen appears when ICTS System starts:
Enter your UserName, Password, and press OK. The ICTS trading window will appear:
Dealer’s Rates window displays live dealing rates. The following functionality is available on the Dealer’s Rates window:
Market Order
This allows the trader to trade "at the market." Click on the rate (Sell or Buy) field within the order record or right click anywhere within the order record and then choose Market order command from pop-up menu. The Amount input screen will appear:
Enter desired "Amount" measured in lots and click OK. 1 lot is equal to about $10,000, so to trade this amount, you input "1" in the "Amount" field. New order marked with letter ‘I’ (Initiate) will appear on the Trader’s Orders window. Dealer now is able to confirm operation or to reject it due to market movement.
- If Dealer confirms the order, the ‘I’ record will disappear and the new position record will be added to the Open Positions window. The account information will be updated.
- If Dealer rejects the order because of market movement, new order marked with letter ‘R’ (Reject) will appear on the Trader’s Orders window instead of the ’I’ order. This order will show the new market price. Trader is now able to accept the Dealer's market price by right clicking within the order record and selecting Place order command from the pop-up menu. Trader may choose not or to to accept the Dealer's market price by right clicking within the order record and selecting Remove order command from the pop-up menu.
Entry Stop and Entry Limit Orders
Right click anywhere within the order record and select either "Entry Stop" or "Entry Limit" from the pop up menu, as illustrated below:
An "Entry Stop" will place an order to Buy above the current market, or Sell below the current market, at the rate you specify. This order will be filled if and only if your specified price is reached.
An "Entry Limit" will place an order to Buy below the current market or Sell above the current market, at the rate you specify. Again, this order will be filled only if your specified price is reached.
After selecting "Entry Stop" or "Entry Limit", you can then specify your price and number of lots, and then press "OK". A New order marked with letter ‘EL’ or 'ES' ('Entry Stop' or 'Entry Limit') will appear on the Trader’s Orders window, and remain there until it is either filled by the dealer, or cancelled by you.
Sort records
Click on the column title.
All records will be sorted by that column.Hedging Positions
Placing trades from the Dealer's Rates window will never offset your open positions, but will always open a new position. Open positions can therefore be "hedged" by placing trades in the opposite direction of an open position from the Dealer's Rates window. The only way an open position can be closed is by right-clicking on that position in the "Open Positions" window and selecting "Close Position", or selecting a "Stop" or "Limit", which will then close the position if it is filled.Add/Remove Products
You can add or remove products (shares, indices, or currencies) from the Dealing Rates window. To add a product, find the Share, Index or Currency you wish to add in the "Instruments" window and Right-click on it. Select "Add into Dealing Rates" from the pop-up menu.To remove or rearrange products from the Dealing Prices window, right click on the product in the Dealing Rates window, and select from the pop-up menu. When you have your Dealing Rates window customized as desired, be sure to select "File", "Save Settings" before you exit.
Click here for detailed visual instructions on adding and removing products from the Dealing Prices window.
"Trader’s Orders" window
Trader’s Orders window displays your own Entry and OCO orders. It also allows Trader to operate with Initiate, Reject, Close, and Terminate order records (those operations have been already discussed above). The following functionality is available on the Trader’s Orders window:
Place order
Right click within the order record and then select Place order command from the pop-up menu. Selected order will be sent to Dealer. This operation is used with Initiate, Reject, Close, and Terminate order recordsRemove order
Right click within the order record and then select Remove order command from the pop-up menu. Selected order will be removed.Change price
Click on the rate field within the Entry order record or right click anywhere within the record and then choose Change Price command from pop up menu. The Entry Change Price input box will appear:
Enter desired price and press OK. The price on the order will change.
Hedging: As with the "Dealer's Rates" window, any orders filled from the "Trader's Orders" window will not offset open positions.
Open Positions window displays all open positions and allows placing Stop, Trailing Stop, and Limit orders, as well as closing the position at the market price. Any executed orders that are entered from the "Open Positions" window will serve to close out part or all of that position. The following functionality is available on the Open Positions window:
This is a conventional "stop" or "stop loss" order. From the "Open Positions" window, right click within the position row and choose "Stop" from the pop-up menu. The Stop dialog box will appear:
Enter desired Stop rate in the top field and click "Submit" (other parameters in this dialogue box are for a "Trailing Stop" and can be ignored). The Stop order has now been placed and the Stop price will appear in the "Stop" column in the "Open Positions" window.
A Trailing Stop will remain at a specified distance as the market moves in your position's favor (following or "trailing" the market), but will remain fixed if the market moves against the position, acting like a one-way ratchet. To place a Trailing Stop, go to the "Open Positions" window, right click within the position row and choose "Trailing Stop" from the pop-up menu. The Stop dialog box will appear with the "Set Trailing Stop Distance" checked:
Enter the distance in pips/ticks in the bottom field and click "Submit". The Trailing Stop order has now been placed and the specified "Distance" will appear in the "TrailD" column in the "Open Positions" window, and the resulting stop price will appear in the "Stop" column.
From the "Open Positions" window, right click within the position row and choose "Limit" from the pop-up menu. The Limit dialog box will appear:
Enter desired Limit rate and click "Submit". The Limit rate will appear in the "Limit" column in the "Open Positions" window.
From the "Open Positions" window, right click within the position row and select "Close position" from the pop-up menu. The Close position confirmation box will appear:
The "Amount (Lots)" field will default to the entire position size. If you wish to close out only p
