3.1. In order to give an Instruction to open a position the Customer shall specify the following:
- Instrument;
- Transaction Size.
Instruments quoted in the Instant Execution mode
3.2. In order to open a position via the Client Terminal without using an Advisor, the Customer shall press the «Buy» or «Sell» button the moment the Customer is satisfied with the prices in the Quotes Flow.
3.3. In order to open a position via the Client Terminal using an Advisor, the Instruction must be generated at the current Quote.
Instruments quoted in the Request Execution mode
3.4. In order to open a position via the Client Terminal without using an Advisor, the Customer shall send a Request. The Customer may open a position at the offered Quote by pressing the «Buy» or «Sell» button. The Dealer has the right to revoke the Quote if the Customer has not sent an Instruction within 3 (three) seconds of receiving the Quote or if the market moves and the Quote becomes irrelevant.
3.5. In order to open a position via the Client Terminal using an Advisor, the Advisor generates a Request. If the Dealer offers a Quote, which differs from the Advisor’s Quote by not more than the «slippage» value (Advisor’s parameter which determines the acceptable range between the Advisor’s Quote and the Quote offered by the Dealer), the Advisor gives the Instruction to the Server to open a position at the Quote offered by the Dealer.
Processing and execution of Instructions to open a position
3.6. Once the Server has received the Customer’s Instruction to open a position, it automatically checks if the Free Margin is sufficient to open the position:
- a new position is added conditionally to the list of open positions;
- new Necessary Margin («New Margin») for the cumulative Customer’s position, including conditionally added new position, is calculated at the current market prices at the moment of verification[6];
- all Floating Profits/Losses for all Open Positions, including the conditionally added new Position, are calculated at the current market prices;
- new «Free Margin» is calculated as follows[7];
- if the above mentioned calculations for the new position have been done and:
- «Free Margin» is more or equal to zero. And the total Customer position including conditionally added new position does not exceed preset limits specified for this type of account. Then the position is opened. The process of opening the position is followed by the relevant record in the Server Log-File;
- «Free Margin» is more or equal to zero. And the total Customer position including conditionally added new position exceeds preset limits specified for this type of account. Then the position is not opened.
- «Free Margin» is less than zero, then a dealer has the right to decline the Instruction to open the position.
3.7. The Dealer has the right to requote if the current Quote changes whilst a dealer processes a Customer’s Request or Instruction. In this case the "Requote" window will be enabled[8]. If the Customer is satisfied with the new price, the Customer shall press the «OK» button within 3 seconds, while the Quote is valid. In this case the Instruction is sent to the Server again and the Server starts the process of verification as set in clauses 2.2, 3.6, 3.7. If the Customer does not press the «OK» button within 3 seconds, the Quote becomes invalid and it will be considered that the Customer refuses to open a position.
3.8. An Instruction to open a position shall be deemed executed and the position shall be deemed open once the relevant record appears in the Server Log-File
3.9. In the Trading Platform each Open Position has a Ticker.
3.10. An Instruction to open a Position is declined by a Dealer if it precedes the first Quote for this Instrument in the Trading Platform on the Market Opening. In this case the «Off quotes» message appears in the Client Terminal Window.
[6]
For the matched positions «hedged margin»
parameter is used, for all positions except the matched
ones the «initial margin» is used, which is
calculated at the average weighted price (in terms of
volume) of all positions except the matched ones; the
procedure and an example of margin calculation are
given at the Alpari’s website in the
“Help” menu section.
[7]
free margin = balance – new margin + floating
profit - floating loss.
[8]
If the maximum deviation value is set above zero and
the difference between the previous and the new Quote,
offered by the Dealer, is lower or equals the value
indicated for the maximum deviation, then the Server
does not provide the Client Terminal with a new Quote
and opens a position. Therefore the new open Price, in
the predefined range, can be both worse or better than
the previous Quote.
Next page «
4. Close a position»
