Fri, May 18, 12:00
Welcome to the Dukascopy Platform Tutorial. This tutorial will be guiding you through all the features of our proprietary system.
0:09 After entering your Login and Password, you have an option to choose a Language for your personalised platform.
0:15 Check the PIN Code Box to access the Secure Code System, which we’ve created to maximise the security to your personalised platform.
0:24 This will bring up the numerical keypad. The Secure Code is a combination of numbers used in addition to the Login and Password.
0:32 Type the numbers in the grey crossed boxes, next to the numbers of your PIN combination, in the Secure Code Aisle. For example, if your PIN Code is 2586, then you should enter 377363.
0:47 This table is only valid for five minutes. If you go over this time, you will need to reload it.
0:53 To get a personalised PIN Code, you will have to contact your broker.
Fri, May 18, 12:00
This video gives a [broader] overview of the basic functions of the JForex Trading Platform. It does not go too deep into the specifics. The platform can be divided into six different main areas: the Menu on the top, the Order Panel with the Market Depth on the left, the Charts in the centre of the platform, the Workspace window in the lower left, Position, Order, and Message tabs at the bottom, and information on Equity and the Use of Leverage in the lower left corner.
0:30 Once you are logged in, the first thing that you might want to check is your Equity. In the lower left corner, you can see the current Equity. It is updated every few seconds, considering the Profit and Loss of Open Positions or Trades. If there are no Open Positions or Trades, but there has been trading activity on the account during the trading day, the Equity may still fluctuate slightly.
0:55 Profits, Losses, and Commission are converted into the account currency. The conversion rate is fixed at settlement, at 21:00 GMT in summer, and 22:00 GMT in winter. The Profit and Loss shows the profit or loss for all Open Positions or Trades in the account currency. The Use of Leverage shows how much of the Free Trading Line is used to run an exposure. If it is above 100%, you are not allowed to increase the exposure on the account. Unhedged Positions may be closed or hedged. If the Use of Leverage is 200% or more, Dukascopy reduces the exposure on the client’s account by closing existing Positions, or by opening new Positions in the opposite direction, so that the Use of Leverage is brought to approximately 100%.
1:44 Right-click on Instruments to add an Instrument to your list. Right-click the Instrument to add a Chart. To arrange the Charts, right-click the Chart tab on the top of the Chart. You can change the Instrument, the Timeframe, the Price Display, and Bid/Ask by clicking on the drop down menu boxes. You may add an Indicator by clicking on the Indicator icon. A new window opens. You may either go through the list of Indicators or use the Quick Filter. The Chart now shows the MACD Indicator. To edit or remove the Indicator, right-click on the Indicator or click on the X on the left top of the Indicator window.
2:26 To add Graphical Element or Fibonacci Lines, click on the respective icons. To edit or remove Graphical Element or Fibonacci items, double-click on the Lines and right-click once more. You may edit the Fibonacci levels by clicking on Edit Levels and alter the appearance of the Lines. To remove the Lines, click on Remove. Once you have set up your Chart, you may save the settings of a specific Chart as a template. Right-click on the Chart tab to save the Chart. If Chart Trading is enabled, a right-click in the Chart brings up a list of available Orders at the Price Level where you clicked. The Available Orders change depending if you click below or above the current market price.
3:11 Now, let’s focus on the Order Entry section. The most straightforward way to place an Order is to click on the current Bid/Ask price in the Order Entry section. If the One Click option is enabled, a single click lets you place a quick Market Order with a default set amount. Selecting Place Bid or Place Offer will open a new window where the amount and price can be adjusted. In the Conditional Order section, you can choose the Side, Type of Order, define Slippage Range for particular Orders, and set Take Profit/Stop Loss Levels.
3:47 Market Depth is a tool where you can see whole Bid/Ask Volume in the Swiss forex marketplace. The upper line shows you the average price for the available liquidity. An overview of all your Open Pairs can be found at Position Summary. The Positions tab gives more detailed information on individual Positions. Right-click on a Position to Add, Edit Stop Loss, Take Profit, or Close the Position. The Orders tab shows all pending Orders. Right-click on an Order to edit the Order. The Messages tab is a log of activity of Orders.
4:24 If you want to save your Workspace, the full setup of your platform, including the layout of the Charts, subscribed Instruments, Default Settings, the File tab has Workspace operating tools such as Save, Open, and Restore to Default. Under the Portfolio tab, you can access all the necessary reports relating to your account. The Portfolio Statement shows your Balance and current Equity, and gives an overview of the performance of Instruments on each day. A summary of Open and Closed Positions can be accessed by clicking Position Report.
4:59 In My Commission Report, you may see your current Commission Rate and the Traded Volume. It also shows the increased need for a low in Commission. A very handy feature on the platform is the Equity Stop Loss. Click on Account Settings and set the desired Stop Loss Level. Once your total Equity is equal or below this level, all Open Positions are closed and Pending Orders cancelled.
5:24 To access the latest financial news, use the News tab. Click on the Live Calendar and Market News to open a new tab below the Chart area. By using the Services tab, you can communicate directly with the Dukascopy Help Desk by using the Chat, Skype, or the Report an Issue form. The Help Desk is available during market hours. You can use the Chat with Broker directly from the platform.
5:49 Use the SMS service to receive notifications on account events on your mobile. Under the Tools tab, you can change the language of your platform, and also bring up the Market Overview window. You can also customise the platform using the Preferences option. Our Platform Wiki Manual, Frequently Asked Questions, and Get Help forum are there to help you answer any questions.
6:14 The time that you see in the top right corner of the platform is set to GMT time. This cannot be changed.
6:21 We hope you enjoyed this little tour of our platform. If you have any questions, do not hesitate to contact us.
Fri, May 18, 12:00
From adjusting the Default Amount to changing the Colour Scheme of the Charts, the Preferences section allows you to customise the platform. The window automatically opens on the General tab, where you can adjust Default Values for Manual Trading.
0:22 It is possible to increase or decrease the Default Amount for a new trade for currencies and precious metals, as well as adjust the Default Slippage, the difference of your Entry Order Price and Market Price, and the difference of your Take Profit/Stop Loss Orders from your Entry Order, if applicable. You can set an Expiration Time for your Bid/Offer Orders right here. Lot Amount Settings can be edited here.
0:52 To avoid any unintended Orders from a stray click, we recommend you deselect the One Click Trading. This means you will have to confirm all such Orders before they are placed. Chart Trading can also be switched off. To exclude accidental Conditional Orders execution, we advise you to leave Orders Validation on. If you place an Order which is within the Market, the system will warn you that your Order will be executed at Market Price. If you want to apply Default Slippage to All Market Orders then turn on this function. You can choose to apply the Default Time Validity, a Default Stop Loss, and Take Profit to all Market Orders.
1:40 In the Charts section, you can choose how the Candle or Tick Graphs are filtered. Here, you can choose how the Sunday Daily Candles will be filtered. The component below relates to which of your Orders and Positions appear on the Chart.
1:55 Modifications to the Charting area’s appearance can be made under the Chart Options section. Here, you can choose to show or hide the grid, as well as pick the Default Grid Size and Units in which to draw it. You can also choose to Show or Hide the Last Candle Tracking, the Period Separators, Candle Borders, and Shape Random Colours. You can select a Line Construction Method of your choice here.
2:24 In the Period section, you can customise and add your own Default Time Periods.
2:31 The Themes section is the place to customise the appearance of your platform. After choosing a Property to edit, you can change its colour, its theme, and even font.
2:43 In Workspace, you can choose to enable Auto Saving of your Workspace and choose the frequency of it in minutes.
2:51 Here, you can find Strategy, Historical Tester, and Full Access Disclaimers.
2:57 The Advanced tab gives you the possibility to change Local Cache Path, Path to store Strategies on your hard drive, as well as Custom Indicator, Workspace, and Chart Template Storage Paths. You can also check the options to show Java Memory Heap, Stop Strategies on Exception, Force Connection, and Delete Saved Cache Files. Changing a path requires a restart to take effect.
Fri, May 18, 12:00
Dukascopy offers maximum Leverage of 1:100 for every currency pair and metals available for trading on our platform. However, maximum available Leverage for the weekend and other Market closure days is typically set at 1:30. The purpose of this policy is to mitigate risks caused by potential price gaps during Market closure which may seriously threaten invested funds. Over-the-weekend trading conditions are effective starting three to four hours before each Market closure, weekend, holidays, etc, until reopening of the Market. For usual Friday night closure, over-the-weekend conditions would become effective at 6:00 pm GMT. As a result of Leverage Contraction, the use of Leverage can increase if the account has exposure.
1:05 Regardless of the over-the-weekend Margin conditions, the general execution mechanisms of the Margin Call and Margin Cut remain the same, that is, if the amount of Equity on the account is not sufficient to support existing Positions with a Leverage of 1:30, the Margin Cut procedure will be applied to the account. In order to facilitate the perception of used Margin and the extent of an exposure, Dukascopy has created a special real time percentage indicator, Use of Leverage. The Use of Leverage has two objectives:
1. To show how much of Free Trading Line is used to run an exposure, and
2. To run the Margin Call and Margin Cut procedure on the account.
1:53 Margin Call means a situation where the Margin requirements do not allow the client to increase exposure on his account. The client may only close the existing unhedged Positions or hedged current Positions in order to reduce exposure. Despite the Margin Call level being reached, the Positions will not be closed automatically. The automated system will cancel all placed Bid/Offer Orders that can increase the exposure.
2:23 If the Use of Leverage reaches or exceeds 200%, Dukascopy has the right, but not the obligation, to fully or partially reduce the client’s exposure by closing existing Positions and/or by opening new Positions in the opposite direction. Usually, the system automatically reduces exposure so that the Use of Leverage is brought to approximately 100%. However, self-traders can set full close or all open Positions in case of Margin Cut. The client will receive an email if his account has been cut.
5. PAMM: External Money Manager
Fri, May 18, 12:00
In a PAMM Account, the clients provide funds to the manager. The manager uses these funds to trade. Usually, only the manager has access to the Trading Platform. Clients may not trade, but they may control their funds and review the manager’s trading activity. As a manager, you’ll receive your Login details by email and are asked to contact Support to receive a PIN Code. Once the PIN Code is set up, and the temporary Password for the account has been changed, the manager may log on to the Trading Platform.
0:34 The PAMM Trading Platform for the manager is almost identical to the one for self-traders. It may happen that the Platform shows the warning, “Trading Account Inactive”. This means that there are currently no funds in the account. The managed clients need to activate their trading accounts. The manager may check the client’s status in the Client Account Report.
0:57 To access this Report, go to Portfolio and Client Accounts. In this Report, the manager sees detailed information on the client’s account; the client’s name, current balance, Stop/Loss Level, and status of the account. If the client consented to enable Manager’s Trading Activities on the client’s account, the manager needs to accept the request by clicking on the Activate button.
1:21 Once the manager accepts the client’s request, the client’s funds are available for trading in the manager’s platform immediately or at the next settlement. Now the description shows the client’s ratio. The client’s ratio is calculated as the Equity of the client divided by the sum of the Equity of all clients at the settlement. In this case, the ratio is 100% as there is only one single active client. The ratio is used to determine the allocation of Positions, Profits, and Losses.
1:52 Let’s use an example. To make the example more understandable, we neglect Commissions, Performance Fees, etc. If the client’s ratio is 100%, and the manager opens a Position of one million Euro/Dollar, the Position is fully allocated to the client. With his funds, the client sustains the full amount of the Position, participating 100% in his Profits or Losses.
2:16 Let’s look at another example. The Equity for the first client is €600,000. The Equity of the second client is €400,000. Accordingly, the ratio for Client 1 is 60%. For Client 2, it is 40%. If the manager opens a Position of €1 million, 60% of the Position is allocated to Client 1, 40% to Client 2. If the manager makes a profit of US$10,000 with his Position, 60% goes to Client 1, 40% goes to Client 2.
2:51 What happens when one of the clients decides to block trading on his or her account or the Equity Stop Loss for the account is triggered? Let’s use the previous example. Client 2 deactivates his trading account and his part of the Position is closed. Client 1 is left with €600,000 and Client 1′s ratio is changed to 100%. The manager is left with a Position of €600,000. If the manager already has managed clients on his account, and was trading during the current day, the activation of a new client takes place after settlement. At settlement, 21:00 GMT in summer, 22:00 GMT in winter, the ratio for each client is calculated.
3:32 The manager finds a log of the client’s action in the Client Action Log. Client Commissions can be seen in the Client Commission Report. Brokerage is the trading commission that is charged from the client by Dukascopy. The manager commission is the fee that the client pays to the manager.
6. PAMM: Managed Clients
Fri, May 18, 12:00
In a PAMM Account, the clients provide funds to the manager. The manager uses these funds to trade. It is usually only the manager that has access to the Trading Platform. Clients may not trade, but they may control their funds and review the manager’s trading activity. As a client, you’ll receive your Login details by email. Once the temporary Password for the account has been changed, the client may log into the Reports Section. In the Reports Section, the clients may control their funds and monitor the manager’s actions.
0:34 The first thing that a client might want to do is to set up the Equity Protection. Once the Equity of the client is equal or below the Equity Stop Loss Level, all open Positions of the client are closed and further trading on the client’s account by the manager is disabled. Click on Activate to confirm your consent to enable Manager Trading Activities on your account. Once accepted by the manager, trading will be enabled. The client may click Deactivate to disrupt trading on his or her account.
1:04 The Overview allows you to check your Balance, Equity, Intraday Profit/Loss. Debit or Credit shows the deposits or withdrawals of the current day. The trading activity of the manager can be seen in the Portfolio or Intraday Statement. The Intraday Statement shows the trades of the current day, while the Portfolio Statement allows to check the trades for the previous periods.