EFX Platform Help

[bexabarr]

Well I've decided to go live. I've chosen EFX group as my broker, and plan to get used to their platform for a few weeks before I put any live trades in. Can anyone that uses them help me out understanding some of the basic executions options. For instance setting stop losses and take profit limits. Or opening a position and then modifying the stop loss and take profits. I've found some info on the subject, but I guess I still need some clarification.

[Mr Average]

I use EFX, and they have a lot of order options and combinations (trailing stops and so on), but I only really use market, limits and stops.

It's simply a case of choosing the order you want, setting the number of lots (unless you have a preset amount which you can change in the FX Board preferences), then hitting the buy/sell button. The order then goes into the orderbook. Assuming you've entered a limit or stop, you can change the level and amount of an existing order by right-clicking it in the orderbook, selecting "change order", then making the changes you want.

I haven't had many problems with EFX and on the odd occasions I've had to phone them, they've been helpful. They have a PDF that outlines all the order combinations, available on their website, if you need clarification.

[bexabarr]

When I hit the buy/short on a market position (without setting the limit or stop price) the order goes into the positions window and not into the open orders.

To set the stop loss and take profit, do I hit the currency I want on the fx board... then go to "type" put in limit+stop and insert my t/p and s/l right?

I'm going to look for that pdf. see if it clears things up. I'm sure this is extremely simple and that's why it is confusing me so much. lol.

Thanks

[bexabarr]

wait or is it maket + tto? I just saw this.

[Mr Average]

I only use stops and limits (independent of each other). I haven't used any of the other options, like TTO - I check in regularly and adjust my orders accordingly. Sorry I can't be of more help.

[daedalus]

I've been using efx for a couple months. Their web site webinars are really good. Its an hour well spent to understand all of the order types and should explain everything quite well for you!

EFX: Experience Forex Freedom