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
- Risk Disclosure
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.
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.
As of October 28, 2016 Sierra Chart now has a new connection model to FXCM which uses a common FIX order routing connection managed by Sierra Chart. There is no longer a minimum account balance requirement as previously. This new connection model supports server-side OCO and Bracket orders, extremely simplified connections and long-term order fill history.
To use Sierra Chart with your FXCM account, you need to sign a Letter of Direction (LOD). Complete Instructions are below.
What is Included
- Streaming Real-Time Data: Yes.
- Historical Intraday Data: Yes. Tick by Tick for at least the last 1.5 years. 4 second units for prior years. Data goes 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.
- Server Managed Bracket Orders: Yes.
- Automated Trading (applies to Live or Simulated): Yes.
- The below instructions are for configuring Sierra Chart to work with a Live or Demo FXCM account.
- If you just want a market data demo, then go to the Sierra Chart Real-Time and Historical Forex/CFD Data Service page for instructions. Stop here.
- If you want to have your Live FXCM demo account that you want to use with Sierra Chart it is first necessary to complete the proper Letter of Direction from the list below. Any fields in the Letter of Direction relating to commissions, fees or markups, do not apply and are all 0. There is no cost for this service other than what you pay for a Sierra Chart Service Package.
If you are not sure which Letter of Direction to use, contact us through an Account Support Ticket and let us know what your FXCM account number is.
- FXCM Australia - Letter of Direction for Sierra Chart Order Routing.pdf (Use this letter of direction if your account is with FXCM Australia. Contact FXCM to find out what entity your account is with.)
- FXCM LLC - Letter of Direction for Sierra Chart Order Routing.pdf (Use this letter of direction if your account is with FXCM LLC. Contact FXCM to find out what entity your account is with.)
- FXCM LTD - Letter of Direction for Sierra Chart Order Routing.pdf (Use this letter of direction if your account is with FXCM Limited. Contact FXCM to find out what entity your account is with.)
- FXCM Markets - Letter of Direction for Sierra Chart Order Routing.pdf (Use this letter of direction if your account is with FXCM Markets. Contact FXCM to find out what entity your account is with.)
- If you want to try a FXCM demo for trading, then contact us through an Account Support Ticket and request this. In the ticket state: "I would like to have a FXCM demo account assigned to my Sierra Chart account". We will then assign one to your account for 30 days.
- Once your FXCM Live account or Demo account has been assigned to the Sierra Chart order routing connection, then in Sierra Chart select Global Settings >> Data/Trade Service Settings.
- In the Service list box select one of the following:
- FXCM Live Trading (Standard) - DTC for a FXCM Live standard account.
- FXCM Live Trading (DD) - DTC for a FXCM Live Dealing Desk account. This is not currently supported.
- FXCM Demo Trading (Standard) - DTC to use a FXCM Demo standard account which has been assigned to your Sierra Chart account.
- FXCM Demo Trading (DD) - DTC to use a FXCM Demo Dealing Desk account which has been assigned to your Sierra Chart account. This is not currently supported.
- In the case of a FXCM Live account, set the Service Setting >> Server setting to the appropriate server depending upon which server FXCM has assigned your account to. If you choose the wrong server, order entry will be rejected. If you are not sure which one to use, pick the most likely one and try submitting an order and if the order is rejected, try another one. Sierra Chart support does not know what particular server you should use because we do not know which one FXCM has assigned your account to.
- 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 server by selecting File >> Connect to Data Feed.
- If there is any connection error, it will be displayed in the Sierra Chart Window >> Message Log. Review all of the steps in this list if you have trouble connecting.
- Some things to understand with the FXCM connection used by Sierra Chart: 1. You can still use FXCM Trading Station at the same time when using Sierra Chart with your FXCM account. However, your FXCM account will be read only in FXCM Trading Station. In the rare event that a technical problem is encountered with Sierra Chart and you need to close out an existing position, establish a new position, or cancel an order, you can call the FXCM trade desk to do this.
- To open a 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 use 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.
Orders and trades entered from within Sierra Chart will display on the FXCM Trading Station platform. However, your FXCM account will be read only on FXCM Trading Station.
In the rare event that a technical problem is encountered with Sierra Chart and you need to close out an existing position, establish a new position, or cancel an order, you can call the FXCM trade desk to do this.
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 Live accounts. This is known as hedging.
Both of these accounts can be accessible on a single connection within a single copy of Sierra Chart. Just request Sierra Chart Support to assign both of these Live accounts to your Sierra Chart account.
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.
"Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss in excess of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss."
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 Wednesday, 10th May, 2017.