TRADING FOREX ON THESAXOTRADER PLATFORMSaxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: email@example.com Website: www.saxomarkets.com.au1
TRADING FOREX ON THE SAXOTRADER PLATFORMOPEN DEMOACCOUNTOPEN LIVEACCOUNTSAXO BANK GROUP OFFICES THROUGHOUT THE WORLDSaxo Bank Group is an international trading and investment specialist with headquarters inCopenhagen, Denmark. Our global presence is maintained by local offices in Australia, Singapore,Switzerland, United Kingdom, France, Spain, Italy, Greece, Cyprus, the United Arab Emirates, Japan,Hong Kong and other financial centers around the world.ONLINE TRADING THROUGH SAXOTRADER,SAXOWEBTRADER and SAXOMOBILETRADERSaxo Bank Group is one of the leading providers in trading and investments worldwide, and offersprivate and institutional investors the opportunity to trade Forex, FX Options, CFDs, Stocks, StockOptions, ETFs, Futures, Contract Options and Bonds. Saxo Bank Group offers more than 36,000financial instruments.Online trading takes place through the multi-award winning* platforms of Saxo Bank Group:SaxoTrader, SaxoWebTrader and SaxoMobileTrader. Through these three platforms, clients canaccess both their account and the international markets 24 hours a day.Saxo Capital Markets (Australia) Pty Ltd is a wholly owned subsidiary of Saxo Bank A/S, and islicensed by the Australian Securities and Investments Commission.*Saxo has received many awards and recognition for outstanding technology, products and services.To view a complete list visit our website www.saxomarkets.com.au/awards
CONTENTSPART A: GENERAL INFORMATIONADVANTAGES OF TRADING FOREX THROUGH SAXO CAPITAL MARKETS. 1WHAT IS FOREX MARKET AND A CURRENCY PAIR?. 2ADVANTAGES OF TRADING SPOT FOREX IN COMPARISON TO OTHER FINANCIAL PRODUCTS. 3CHARACTERISTICS OF THE FOREX MARKET. 4BASE CURRENCY AND VARIABLE CURRENCY. 5SPECULATION ON MARGIN. 6INTEREST RATES. 7EXAMPLE OF A TRADE IN EURUSD. 8CURRENCY PAIRS IN SAXO CAPITAL MARKETS. 9PART B: TRADING GUIDE FOR SAXOTRADERTRADER PLATFORM . 11ACCOUNT SUMMARY. 16FOREX ORDER TYPES. 20PART C: RISK WARNING AND DISCLAIMERRISK WARNING. 23DISCLAIMER. 23
TRADING FOREX ON THE SAXOTRADER PLATFORMOPEN DEMOACCOUNTPART A: GENERAL INFORMATION* For fast help, press “F1” on your keyboard.4OPEN LIVEACCOUNT
ADVANTAGES OF TRADING FOREXTHROUGH SAXO CAPITAL MARKETS Cooperate with the leading onlinetrading specialistSaxo Capital Markets is constantly awarded for itsquality offered in Forex transactions. It has wonmany industry awards* as a financial provider. Product RangeSaxo provides the broadest coverage of currencypairs offered in the industry. Saxo offers 184 Forexcurrency crosses including spot gold, silver, platinumand paladium. Trade FX on Spot, Forward Outrights,Vanilla Options, Touch Options, and more. Available LiquiditySaxo cooperates with the biggest financialinstitutions in the world (Top Tier 1 Banks) to offercustomized liquidity. All clients have availableliquidity in EURUSD up to EUR 25,000,000. And it’seasy to request a quote for larger amounts. Speed of Order ExecutionSaxo offers investors immediate, fast and accurateorder execution at the best available price. We areproud of our order execution statistics, viewable atwww.saxomarkets.com.au Live PricesSaxo offers access to green, streamed, liveprices. What you see is what you get. Low Required MarginSaxo provides leverage of your initial capital upto 1:50, meaning a margin as low as 2%. Order PlacementSaxo offers market, limit, stop-limit and stoporders (with trailing functionality). All ordersare available as Day Order, Good til Date orGood til Cancel. Open an account in major currenciesof your choice. Manage your portfolio through themulti-award winning platforms withone account 24/7.Traders get access to: SaxoTrader,SaxoWebTrader and SaxoMobileTrader. Competitive PricingPricing is highly competitive, stable and transparentwith tight spreads.Saxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: firstname.lastname@example.org Website: www.home.saxo/au1
OPEN DEMOACCOUNTTRADING FOREX ON THE SAXOTRADER PLATFORMOPEN LIVEACCOUNTWHAT IS FOREX MARKET AND A CURRENCY PAIR?orex, or FX, stands for Foreign Exchange. Banks,Governments, international corporations, hedgefunds and individual investors all take part in exchangingcurrencies in the Forex Market.FIn Forex trading there are always two currencies involved.These are referred to as a pair. The pricing of a currencypair values the first currency against the other. Byestimating what is going to happen to a currency pair inthe future, investors can act today to take advantage ofcoming price movements.Currencies are always traded in pairs. If you believethat euro (EUR) is gaining strength compared to theU.S. dollar (USD), you buy euros and sell U.S. dollars atthe same time. If you believe the U.S. dollar is gainingstrength compared to the euro, you buy U.S. dollars andsell euros simultaneously. Pairs are traded in a certainhierarchy order though. Irrelevant of which of thesetwo mentioned scenarios you wish to trade, you use theinstrument EURUSD.2When buying EURUSD, the investor has bought euro,paying with U.S. dollars. If the investor wishes to buy U.S.dollars, he would sell EURUSD. Buying is also referred toas “going long” and selling is also referred to as “goingshort”.By nature, a Forex trade places a long (buy) and a short(sell) exposure to two different currencies simultaneously,as Forex is always traded in pairs.Forex spot is not traded on an exchange, but Over theCounter (OTC). It is traded 24/5 via market makersworldwide, and FX exchange rates are steered by supplyand demand.The three main centers of trading are London, NYC andTokyo. Other hubs are in Singapore, Switzerland, HongKong, Germany, France and Australia.
ADVANTAGES OF TRADING SPOT FOREXIN COMPARISON TO OTHER FINANCIAL PRODUCTS Ability to Trade 24/5Transactions in the Forex market begin at 5 o’clock local Sydney time,and end on Friday at 17:00 local NY time (EST). World’s Largest Financial MarketForex is much larger than the world’s equity and bond marketscombined. It is 50 times larger than the combined volume of all U.S.equity markets. World’s Most Liquid Financial MarketSaxo offers available liquidity. As market makers, with cooperationwith Tier 1 banks, Saxo offers each client customized liquidity. Westream large amounts to each individual, in up to EUR 25mio. Quotesfor larger amounts can easily be requested for quick and accurateexecution. Low Required Margin – High LeverageWith Saxo you can trade on up to 50 times leverage. Low Transaction CostSaxo offers competitive pricing with tight spreads. Please visit ourtrading conditions for a complete list of currency pairs and targetspreads. Ability to Take Advantage of Ascending or DescendingMarketsAn investor can make a profit in both rising and falling markets, asForex is always traded in pairs. Easy Access to InformationBoth private and professional investors have easy access to bothmarket updates and economic data releases, which can have animpact on the currency market.Please visit www.tradingfloor.com* for more information.(By clicking on this, you agree to be redirected to a 3rd party site)*TradingFloor.com (TradingFloor) is the property of Saxo Bank A/S, regulated andheadquartered in Denmark. Saxo Capital Markets (Australia) Pty Ltd (SCMA) is a whollyowned subsidiary of Saxo Bank, and as a subsidiary of Saxo Bank, have the opportunityto make TradingFloor available to its clients.Saxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: email@example.com Website: www.home.saxo/au3
TRADING FOREX ON THE SAXOTRADER PLATFORMOPEN DEMOACCOUNTOPEN LIVEACCOUNTCHARACTERISTICS OF THE FOREX MARKETPURPOSE OF INVESTMENTS INFOREXFOREX CATEGORIESForex is used both for hedging and speculation.For example, if an international company wishesto protect itself from the currency risk that itfaces when buying a commodity in euro andreceiving dollars from selling it. The companycan decide to hedge its risk with an oppositeexposure with a foreign exchange trade.The major currency pairs (referred to as‘majors’) are the currency pairs comprisedof the most significant currencies in globalmarkets. EURUSD, GBPUSD, EURGBP, USDJPY,and EURCHF are all considered majors. Mosttransactions today are done in Majors; thisis where the largest volumes take place.Speculative trading is also very common in theForex market and can be based on technicalanalysis as well as fundamental analysis of acertain currency pair or country.Minor Currency pairs:Major Currency pairs:‘Minors’ are pairs including G10 currencies,but the combinations are less traded than themajors. These are e.g. GBPJPY, AUDCAD andEURNZD.Exotic Currency pairs:Exotic currency pairs, or the exotics, includecurrency pairs from emerging markets.Examples: USDZAR, USDTHB, EURHUF andEURPLN.FOREX MARKET AND FINANCIALPRODUCTSThe exchange of currencies can take placeas either spot or future settlement (forwardoutrights). The purpose of this manual, however,is primarily to explain the spot market.4
BASE CURRENCY AND VARIABLE CURRENCYThe first currency listed in the currency pairis called the base currency, and the secondcurrency listed in the currency pair is called thequote or variable currency.EURUSD trading at 1.3845 means:EUR 1 USD 1.3845When you look at the price of a currency pair,it tells you how many of the quote currency itwould take to buy, or sell, one unit of the basecurrency. In our example the price of 1 euroequals to 1.3845 American dollars (USD). Thesecond currency is the currency at which a profitor loss is expressed.Looking at a chart; If the base currency isstrengthening against the quote currency, thecurrency pair will be moving up. If the quotecurrency is strengthening against the basecurrency, the currency pair will be moving down.SPREAD AND PIPSIf a person travelling abroad needs to convertmoney to a foreign currency, he or she willalways notice that there are two prices next toa currency pair on the board at the airport. Bid(the one to the left) refers to the price at whicha client can sell the base currency of a pair, andask, or offer (the one to the right), is the price atwhich a client can buy the base e difference between the bid price andthe ask price of a currency pair is called thespread.The spread is the incorporated commission thatexists in every currency pair.The width of the spread depends on manyfactors, such as the liquidity of the specificcurrency, the volatility of the price of thecurrency pair, etc. In other words, the spread isconnected to the risk that a market maker runsin offering two-way trading.Pip is a unit FX movements are measured in.If EURUSD is moving from 1.3845 to 1.3846,there has been a change of 0.0001, or in short;1 pip. For most currencies 1 pip refers to thefourth decimal, but there are few currency pairswhere a pip refers to other decimal places. Forexample USDJPY. If USDJPY moves from 115.67to 115.68, i.e. 0.01, the pair has moved 1 pip.The price of a pip depends on the pair. In EURUSD for a position of 100,000, anincrease or decrease of the currency by onepip means an increase or decrease of EUR100,000*0.0001 USD 10 In USDJPY for a position of 100,000, anincrease or decrease of the currency by onepip means an increase or decrease of USD100.000*0.01 JPY 1000Saxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: firstname.lastname@example.org Website: www.home.saxo/au5
TRADING FOREX ON THE SAXOTRADER PLATFORMOPEN DEMOACCOUNTOPEN LIVEACCOUNTSPECULATION ON MARGINWHAT IS MARGIN?MARGIN AND FOREXMargin is the amount (collateral) that iswithheld on the account as a guarantee inorder for the investor to open a position largerthan the account value.The percentage required to be withheld asmargin differs for every currency pair anddepends mainly on the liquidity and the volatilityof its price. For this reason the major currencypairs generally require a lower percentage ofmargins. Please see a complete list of minimummargin requirements in our trading conditions.For example, if the necessary margin is 2% fora specific instrument: An investor who opens aposition with value of EUR 100,000 needs tohave only EUR 2,000 (2% of 100,000) in theaccount. When the investor closes the position,the margin will no longer be withheld.In other words Forex, as a financial product,provides the ability to leverage capital. Pleasenote that utilisation of margin requires extraattention, as the leverage functions as amultiplier both for potential profit as well as forpotential loss.6Important note: Saxo sends out messages formargin calls through its platforms (SaxoTrader,SaxoWebTrader, SaxoMobileTrader) and throughemail. In the event measures are not taken, Saxowill close all positions traded on margin.
INTEREST RATESWhen an investor opens a position in a currencypair and holds the position open after the endof a trading day (17.00 EST), then the openingprice is adjusted to reflect interest differentialbetween the two interest rates of the twocurrencies constituting the pair.This procedure is known as Roll Over and iscalculated in swap points. Those points will beadded to, or deducted from, the opening price.More information about roll overs can be foundon our website.CARRY TRADESSometimes, investors could speculate on thedifference between two interest rates, insteadof targeting profit from price developmentalone. This is known as carry trade. The investorwould decide to open a long exposure in thecurrency with higher interest, against anothercurrency with low interest rate.It is however important to note, that if speculatingwith carry trades, price development still has asan impact on the profit or loss. I.e. the pricedevelopment can result in a loss, and therebyreduce, or even reverse, potential earnings froman interest rate difference.Saxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: email@example.com Website: www.home.saxo/au7
OPEN DEMOACCOUNTTRADING FOREX ON THE SAXOTRADER PLATFORMOPEN LIVEACCOUNTEXAMPLE OF A TRADE IN EURUSDLet’s assume that an investor believes that the euro (EUR) is going to appreciate against the Americandollar (USD) and wants to take advantage of this increase. He or she wants to buy euro and sell dollars, therefore buy EURUSD. When trading with Saxo, a client can always see both the bid and the ask(offer) price. Clients always sell on the bid, and buy on the offer.Current PriceEURUSD Bid: 1.3845 Ask: 1.3847Position size (Amount)EUR 1.000.000Dollar amount to be paidEUR 1,000,000 * 1.3847 USD 1,384,700Margin required 2%EUR 1,000,000 * 2% EUR 20,000The investor bought 1mio EURUSD at 1.3847, meaning the investor paid USD 1,384,700 for the EUR1,000,000 received. EUR 10,000 was withheld as margin on the account.Let’s assume that the investor was correct and the price of euro increased against USD. The investordecides to close the position. This is done by trading the opposite, in other words by selling 1mioEURUSD at the current bid price.Current PriceEURUSD Bid: 1.3947 Ask: 1.3949Dollar amount to be boughtEUR 1,000,000 * 1.3947 USD 1,394,700Profit/LossUSD 1,394,700 – USD 1,384,700 USD 10,000 profitAnother way of calculating profit or loss for a position is to multiply the change in price with thenominal value of the position.(Final Price – Initial Price) *Nominal Value of the position (amount) Total Profit or Loss.Profit or loss is always expressed in the second (or quote) currency.For the above example:1.3947 – 1.3847 0.0100 (100 USD pips)0.0100 * 1,000,000 USD 10,0008
CURRENCY PAIRS IN SAXO CAPITAL MARKETSWith Saxo you can trade Majors, Minors and Exotic pairs such as: EURUSD,GBPUSD, EURGBP, USDJPY, EURJPY, EURCHF, USDCHF, AUDUSD, USDCAD,NZDUSD, XAUUSDBelow is a full list of the currency pairs we offer (subject to regular NUSDBHDUSDSGDZARJPYSaxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: firstname.lastname@example.org Website: www.home.saxo/au9
TRADING FOREX ON THE SAXOTRADER PLATFORMOPEN DEMOACCOUNTOPEN LIVEACCOUNTPART B: TRADING GUIDE FOR SAXOTRADER* For fast help, press “F1” on your keyboard.10
TRADER PLATFORMHere are some quick tips to help you get started right away.1. First, clear your screen by clicking on View Add View.2. To view available Forex products to trade, select Trading Instrument Explorer and drop down onForex.Saxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: email@example.com Website: www.home.saxo/au11
TRADING FOREX ON THE SAXOTRADER PLATFORM3. Instruments listed here are readily available to trade.* For fast help, press “F1” on your keyboard.12OPEN DEMOACCOUNTOPEN LIVEACCOUNT
4. Alternatively, you may search for the currency cross of your choice in the “Look for” field.Example: enter “EURUSD” into the field.5. Right click on the currency cross in order to open the Trade Ticket.Saxo Capital Markets (Australia) Pty Ltd Tel: 61 2 8267 9000 Email: firstname.lastname@example.org Website: www.home.saxo/au13
OPEN DEMOACCOUNTTRADING FOREX ON THE SAXOTRADER PLATFORMOPEN LIVEACCOUNT6. The Forex Trade ticket will appear. Select the currency cross of your choice (e.g. EURUSD). Then addthe Amount you wish to trade.TRADE MARKETPLACE ORDERSClick Enable to tradeIf you wish to enter the mar
TRADING FOREX ON THE SAXOTRADER PLATFORM 2 OPEN DEMO ACCOUNT OPEN LIVE ACCOUNT F orex, or FX, stands for Foreign Exchange. Banks, Governments, international corporations, hedge funds and individual investors all take part in exchanging currencies in the Forex Market. In Forex trading there are always two currencies involved.
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