Along with the well-known MetaTrader 4, the US broker FXCM Group has developed its own forex platform called FXCM Trading Station. Platform is available as desktop and web-based versions.
The desktop version requires downloading and installing an executable file of 18 MB. It is java-based and some users may not like it because working in a java environment implies a higher load on the computer’s resources.
Following the installation and logging into the platform, the default workspace is loaded. Initially, there are five windows that can be resized, detached and moved at a different location, even outside the platform. The Symbol list window is on the left side of the platform. It contains a list with all offered instruments separated into groups, such as Popular, Forex (Majors, Minors and Exotics), Index CFDs, Commodity CFDs and My Watchlist. There is a search bar as well.
Next to the Symbol list is the Trading window, which is organized in tabs. The default tabs are Simple and Advanced dealing rates and new ones can be attached. The Advanced dealing rates tab represents the selected instruments as cubes. Each cube shows time, daily low and high values, spread and Buy and Sell buttons. Clicking on a cube opens a ‘Create Market Window’ where the customer can set order properties, including attached to the order take-profit and stop-loss levels. Right click opens a context menu, allowing all types of orders to be placed. Simple dealing rates tab represents all instruments properties in rows.
Open positions are shown in the ‘Positions’ window, at the bottom. They can be modified and closed here. This window is organized in tabs that show Summary of deals, Orders, Closed Positions and Strategy Dashboard. There is an Account window above it. Information about Equity, Profit/Loss and Margin can be found here.
The window on the right side is for news and messages. Subscriptions and newsfeeds can be managed here.
There is a main menu bar on the top of the workspace where the platform properties can be adjusted, such as password, language, skins and sounds. Customers can choose which windows to be viewed, default layout or can create orders from the Trading menu. Charts can be opened from the Charts menu or from the context menu when right-clicking on the instruments name. They can be shown in the platform as a tab in the Trading window or as a new window in the module Marketscope.
The trading menu bar is located below the main bar and contains the most used buttons such as Buy, Sell Stop/Limit, Entry, Trading Settings, Strategies and Reports. Customers can select one-click trading from the Trading menu. Once the order parameters are set into the cube, opening of positions is only one click away.
Along with the platform, the charting and strategies module ‘Marketscope’ is also loading as a separate application. Charts can be viewed in 13 time-frames – from 1 minute to 1 month. Customers can choose between bid and ask price to be shown. Charts can be displayed as candlesticks, bars or lines. Graphical objects include trend lines, vertical and horizontal lines and Fibonacci retracements. There are more than 50 indicators sorted by groups. Fans of automated trading can use Alerts and Trading Automation section.
In conclusion, this is too complicated platform that could be appropriate for advanced traders but beginners will face difficulties for sure.