Now, with the release of TradeStation 8.3, not only do you have access to the unique power to create and back-test your own forex trading strategies based on years of historical data, but TradeStation offers you full trading control directly through this award-winning platform. And with new forex pricing and tighter pip spreads designed to save you money on every trade, TradeStation provides a complete package to any forex trader who wants advanced trading power at deep-discount prices.
In addition to new fully-automated forex trading, TradeStation also now offers you several state-of-the-art tools for when you choose to enter your forex trades manually.
TradeStation's new MATRIX window combines the benefits of the market depth window, a highly-advanced order entry tool, and an order tracking system, all in one window.
The MATRIX window supports the full functionality of TradeStation's order execution capabilities. With just a single click on any row in the Bid or Ask column, you're able to immediately place an order. Your order then appears in the Order column. To cancel an order, simply click on that order in the Order column. To cancel/replace an order, simply drag and drop it to a different price. And, to reverse a position, simply click on the new “Reverse” position button. Once your order is filled, you're able to view your open position profit/loss in the P&L column and place an order to close the position at the desired level with just a click of your mouse.
‘Smart' logic allows you to place a limit or stop order depending on where you click on the Bid Size and Ask Size columns without having to change the Order Type. For example, clicking on the Bid Size column above the inside ask will place a stop order, while clicking any row below that will place a limit order. A new shortcut menu allows you to change your order route and/or cancel or replace your order with a single click.
The design of TradeStation's Order Bar emphasizes simplicity and speed. With a click of your mouse you can easily select the route, order type and duration for your order. Order types for forex include Limit, Market, Stop, Stop Market and Stop Limit, and Cancel/ReplaceStop Market. Multiple accounts can be managed from the convenient drop-down list, and default settings for most choices can easily be set or changed at any time.
 Once you've placed an order, TradeStation's unique PositionGraphs® allow you to track your positions with simply a glance at your Position Graph Bar. PositionGraphs graphically display each position's drawdown, current profit/loss, and run-up in percentage or dollar amounts. Advanced color coding allows you to easily identify profitable positions displayed in green and losing positions displayed in red. PositionGraphs also enable you to quickly close or reverse a current position by simply right-clicking your mouse on the appropriate PositionGraph and selecting "close position” or “ reverse” position option. And you'll even be able to compare your positions with the last and net change values for the Dow, Nasdaq, and S&P 500. These indexes are displayed on a real-time basis on the order bar as well. Plus, you can customize the positions and quotes displayed in the PositionGraph Bar.
Designed to increase the speed of entering manual orders, TradeStation allows you to place forex orders with only the touch of a key or click of a toolbar button, based on virtually any custom order specifications. For example, you can choose to designate a specific key which, when pressed, places an order for the symbol on the active window (ex: Market Depth window) based on the price level (join, improve, split, shave) you’ve  assigned to that specific hot key. It includes support for AdvancedOrder functionality (ex: Activation Rule, If Touched, etc.). Another example of hot key functionality is a new Close All Positions Hot Key, which will let you choose a user-defined key that automatically closes out all your positions when pressed.
In addition, TradeStation's macro language allows users to easily create order entry macros that can be used to send orders to the market (without entering information into the Order Bar), or to automatically fill the Order Bar with the appropriate order information. These macros can be assigned to a toolbar button and/or Hot Key, or can be run from the new Command Line, Macros Dialog or EasyLanguage. Macros can include any options available on the Order Bar, including Advanced Orders for forex trades.
TradeStation's Advanced Orders are designed to provide you with additional choices that allow you to control how your order is handled. In addition to conventional market, limit orders, good-'til-cancel, parked and cancel/replace orders, TradeStation's Advanced Orders include:
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Stop Market and Stop Limit Server |
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The TradeStation synthetic stop server is designed to hold your forex stop limit orders (including advanced order capabilities) on the TradeStation Network servers until market conditions trigger your stop criteria. |
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Trailing Stops |
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Profit from a position's movement and limit your downside risk without the need to constantly monitor the position. With TradeStation's Trailing Stops, your stop price moves along with the price of the position, as the TradeStation Order Execution servers constantly monitor your order, protecting you in case of loss of connectivity. With the Order Execution Network handling your trailing stops, you don't even need to keep TradeStation running. If your trailing stop is activated, your order will automatically be sent to the market. |
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Order Cancel Orders (OCOs) |
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You can place a group of orders whereby if one of the orders is filled, then all of the other orders in the group will be canceled.
New to TradeStation 8.4 is the ability to stage custom OCOs and Order Sends Orders (OSOs) to use over and over again. In the OCO/OSO Order Bar, you can select to stage the order and it will be staged in TradeManager. From the TradeManager Staged Orders tab, you can quickly view all your staged orders, send them immediately, edit them at the Order Bar before placing them or simply delete those orders that are no longer needed. Since OCO/OSO orders can be an extremely complex grouping, each one you create will have a custom name that you specify, which is used in the Staged Orders tab along with the symbols that will be active immediately in the market.
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Bracket Order Cancel Orders |
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A special instance of an OCO (Order Cancel Order), bracket orders are used to exit an existing position. They are designed to limit loss and lock in profit by bracketing an order with a simultaneous stop and limit order.
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Order Sends Orders |
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With OSO orders you can place two or more orders whereby if the primary order is filled, the secondary order(s) will be sent to the market. OSO orders can be used in combination with Bracket OCO orders when you want to have a Bracket OCO Order (stop loss and profit target) sent once the initial order is filled. |
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Activation Rules |
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Place an order only when your predefined time and/or price based conditions are met. With TradeStation's activation rules, your order is held on the TradeStation order execution servers until the specified conditions are true, at which time the order is sent to the market. |
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If Touched Orders |
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Market-if-Touched (MIT) orders are the opposite of stop orders. Buy MIT orders are placed below the market and Sell MIT orders are placed above the market. A MIT order is usually used to enter the market or initiate a trade. A MIT order is similar to a limit order in that a specific price is placed on the order. However, a MIT order becomes a market order once the limit price is touched or passed through. Execution may be at, above, or below the originally specified price. A MIT order will not be executed if the market fails to touch the MIT specified price. |
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