FXCM Trading Service
- What is Included
- Setup Instructions
- Order Quantities
- Hedging Versus Non-Hedging
- Trading Multiple Accounts/Hedging
- Using FXCM Trading Station at the Same Time
- Historical Daily Bar Data
Sierra Chart fully supports the FXCM Trading service. With this trading service, you have the ability to trade the foreign exchange markets and CFD's (contracts for difference), including Gold, Silver, Oil, and many world stock indexes.
Complete market data is provided. This includes real-time streaming data, detailed tick by tick historical Intraday data, and Historical Daily data. The historical Intraday data dates back to December 2007 for the Forex markets. Historical daily charts go back 10+ years.
With Sierra Chart you are now able to trade the spot Forex markets and CFD's using the popular FXCM trading service. Sierra Chart provides you a high-performance and easy to use trading environment to use with FXCM. Take advantage of clear and easy to use trading directly from the high-quality charts.
Sierra Chart uses a FIX connection to FXCM for market Data and Trading. We only support this type of connection with Live FXCM accounts. This is the most secure and reliable method of connectivity because it uses a very well-established protocol for market data, Order data and Trade Position data communication. There are no proprietary components used in this connection. It is a direct socket connection that Sierra Chart manages itself.
A new connection model for FXCM is planned and ready to be released where this will use a common FIX order routing connection which will eliminate the need for a minimum balance requirement from FXCM. This will be released as soon as possible. The reason for the delay is due to legal issues on the FXCM side which they are sorting out. For further information about this, refer to this Support Board thread. This notice was last updated/reviewed 2016-07-20.
To use Sierra Chart with your FXCM account, it needs to be a FXCM Trading station account. A Meta-trader 4 account will not work.
What is Included
- Streaming Real-Time Data: Yes.
- Historical Intraday Data: Yes. Tick by Tick. Back to December 2007 for Forex symbols.
- Historical Daily Data: Provided through the Sierra Chart Historical Daily Data service.
- Historical BidVolume and AskVolume: Yes.
- Live Trading Services: Yes. Forex and CFD trading.
- Simulated Trading: Yes by using Sierra Chart Trade Simulation Mode
- Order Types Supported: Market, Limit, and Stop.
- Server Managed OCO (Order Cancels Order): Yes.
- Automated Trading (applies to Live or Simulated): Yes.
- The below instructions are for configuring Sierra Chart to work with a Live FXCM account.
Sierra Chart does not support FXCM demo accounts. However, Sierra Chart does provide a complete trade simulation environment with market data that you can use.
In the case where you want to do simulated trading and you do not yet have a Live FXCM account, select Global Settings >> Data/Trade Service Settings. Set the Service to SC Forex Data (FXCM). Press OK. Enable Trade >> Trade Simulation Mode On on the menu. Continue with step number 3 on the Getting Started documentation page. If you have a Live FXCM account or intend to open one, continue with the step below.
- You need to have a Live account with FXCM with a minimum of a 10,000 USD balance or equivalent in the currency denomination of your account. If you do not already have an FXCM account, go to the FXCM website to open an account. FXCM will not provide FIX login credentials unless the account is of this balance or higher.
- Get your FXCM username. This is what is used to log into FXCM Trading Station. If you are not certain what that is, then contact FXCM. Your FXCM account must be one that supports FXCM Trading Station. A Meta-trader 4 account with FXCM will not work.
- FXCM will make the necessary FIX server connection details and provide them to you.
- Once you have these connection details, then select in Sierra Chart Global Settings >> Data/Trade Service Settings.
- In the Service list box select FXCM FIX Trading . Make certain this is set correctly.
- In the FIX Trading Server list box you need to enter the server name provided in the connection details from FXCM. They will also have provided you a port number. Both the server name and port number need to be entered in this format: [server name]:[port number]. Example: fixreal8.fxcorporate.com:80.
- The FIX Market Data Server box needs to be blank with no address. This is only used when connecting direct to the FXCM market data server and this is not recommended for most users.
- In the Sender Comp ID list box you need to enter the Sender Comp ID provided in the connection details from FXCM. Usually this is in the format [account number]_client1.
- In the Target Comp ID list box you need to enter the Target Comp ID provided in the connection details from FXCM.
- In the Target Sub ID list box you need to enter the Target Sub ID provided in the connection details from FXCM.
- In the Username list box you need to enter your FXCM username. Usually this will be your FXCM account number. If you are not sure what this is, then enter your FXCM account number.
- In the Password list box you need to enter your FXCM password.
- In the Account list box you need to enter your FXCM account number. Multiple account numbers can be separated by a comma.
- Use Data Feed 2: Set this to True to use a different FXCM price feed with different Bid and Ask spreads. This affects the Bid and Ask prices. You can see these prices through Window >> Current Quote Window when a chart is active. After connecting to FXCM, and the Bid and Ask prices are not correct according to your account, then change this setting and follow the instructions to reconnect to the data feed. Use the setting that gives you the prices that are correct according to your FXCM account.
- Use Direct FIX Market Data Feed: This must be set to False.
- Market Data Sender Comp ID: This must be left blank unless you are using the direct market data feed which is not supported for most users.
- Set the Time Zone setting to the time zone that you want times displayed in.
- Set the Intraday Data Storage Time Unit to what you require.
- Press OK.
- Connect to the FIX server by selecting File >> Connect to Data Feed.
- If there is any connection error, it will be displayed in the Sierra Chart Message Log. Review all of the steps in this list if you have trouble connecting.
- 2 things to understand with the FIX connection: 1. You can still use FXCM Trading Station at the same time when connected to the FIX server with Sierra Chart using the same Username. Orders entered from either program will show up in the other program. 2. Only a single connection to the FIX server is possible per Sender Comp ID.
- If you have any technical difficulties, contact Sierra Chart Support and we will assist you.
- To open an Historical chart, Intraday chart or Trading DOM, select File >> Find Symbol on the menu. Select a symbol from the list and press the appropriate button.
- Continue with step number 3 on the Getting Started documentation page.
When setting the Order Quantity on the Trade Window or through the Trade Mode Box at the top left of the chart or Trade DOM, you need to specify the actual quantity in currency units you wish to trade for a particular Forex pair.
For example, to trade 10000 units of the EURUSD, then you would enter 10000 (this means 10,000 euros).
In the case of a CFD, the quantity is the actual quantity you wish to trade of the CFD contract itself.
For example, to trade 100 contracts of Gold, you would enter 100. A contract in gold is equal to 1 ounce.
All order quantities in Sierra Chart when using FXCM are the actual quantity. No divisor is used.
Using FXCM Trading Station at the Same Time
You can definitely run FXCM Trading Station and Sierra Chart at the same time on the same account so long as your FXCM account supports the FXCM Trading Station. A Meta-trader 4 account will not work.
Trades entered on the FXCM Trading Station platform will display in Sierra Chart and can be easily modified. The opposite is true as well. You can enter trades in Sierra Chart and see them in FXCM Trading Station and can modify them from there as well.
Hedging Versus Non-Hedging
Sierra Chart is only designed to be used on a FXCM account that does not support hedging. Otherwise, you will not be able to close your Positions or enter orders.
If you have both a long and short position in the same currency, Sierra Chart will give you a consolidated view of that. It will not indicate the individual positions. For example, if you are +10000 and -10000 in the EURUSD, your position in Sierra Chart would be displayed as zero.
In the futures markets, hedging on a single account is not supported in the US. In the US, hedging is also not allowed on a single Forex account. Therefore, hedging is not something which is essential on an account and you need to disable it on your FXCM account, if it supports it, when using Sierra Chart. You can easily disable hedging through your FXCM account settings.
Trading Multiple Accounts/Hedging
It is supported to have two opposite positions at the same time in the same symbol by using two separate FXCM accounts. This is known as hedging.
Both of these accounts can be accessible on the single FIX connection within a single copy of Sierra Chart.
You will need to contact FXCM and have them add another account to your FIX connection if you want to do hedging.
Make sure you are running Sierra Chart version 1214 or higher, to have proper support for multiple accounts.
You need to specify each of your trade accounts within Sierra Chart so it is aware of them. To do this, select Global Settings >> Data/Trade Service Settings. In the Connection Details>> Account field enter the account numbers separated by a comma. Example: 1234, 1235
Refer to the Selecting Trade Account instructions for selecting another account to trade from on the Trade Window for the chart or Trade DOM.
For a list of symbols you can use with the Sierra Chart Real-Time and Historical Forex and CFD Data Service, select File >> Find Symbol in Sierra Chart. A large set of Forex pairs and CFDs for various markets are available.
With Intraday charts you can append -BID or -ASK to the symbol when opening it from File >> Find Symbol. When you do this, real-time data received will always draw the Bid or Ask price respectively rather than the average of the Bid and Ask. These symbol suffixes cannot be used with Historical daily charts. For a description of the suffixes, see Recording Modes.
Keep in mind if you do not use the symbol suffixes, -BID or -ASK, you will always still see the current Bid and Ask displayed in a chart along the top line of the chart or you can enable Trade >> Draw DOM Graph on Chart, to get the Bid and Ask lines graphically drawn on the right side of the chart. Or you can enable Chart >> Show Bid and Ask Lines to get the Bid and Ask lines also drawn on the chart, but with less detail.
Historical Daily Bar Data
The Sierra Chart Real-Time and Historical Forex/CFD Data Service and the FXCM Trading Service both use by default Historical Daily bar data that is from FXCM. Attributes of this Historical Daily data are described in this section.
The session times for the FXCM historical Daily bars is as follows: 17:00 EST to 17:00 US Eastern Time in the next day.
When Sierra Chart requests Historical Daily bar data from FXCM, FXCM provides the open, highest, lowest, close Bid and Ask values. Sierra Chart sets the bar Open to the average of the open Bid and Ask, sets the bar High to the average of the highest Bid and Ask, sets the bar Low to the average of the lowest Bid and Ask, and sets the bar Close/Last to the average of the close Bid and Ask.
FXCM provides Historical Daily bar data individually for Sunday and Monday. To combine Sunday and Monday into a single bar on a Daily bar chart, enable Chart >> Chart Settings >> Advanced Settings >> Combine Sunday-Monday Daily Bars. When Sunday and Monday combined, the Date of this bar will be Sundays date. Bars in Sierra Chart always show their starting Date-Time.
Another attribute of FXCM Historical Daily data is that the Open price of each bar is equal to the Close price of the prior day.
To obtain Historical Daily data in a Historical chart that does not have the Open price equal to the Close price of the prior bar, select File >> Open Historical Chart. Enter a symbol with the following format in the Filename box: ^[forex pair] and press the Open button. Example: ^EURUSD.
FXCM Ltd. is an independent legal entity and is not affiliated with Sierra Chart. FXCM does not endorse any product or service described on this website. Sierra Chart acts as a Service Provider for FXCM and the FXCM platform is able to support Sierra Chart technology.
*Last modified Tuesday, 30th August, 2016.