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APPLICATIONS FOR OPPENING A POSSITION PROCESSING

The Client’s application for opening a position automatically involves trading account check for free margin to open the position:

  • the new position is added to the list of open positions;
  • the total client position is recalculated and the new size of the margin is determined: for locked positions – based on hedged margin for non-locked positions – based on the initial margin, calculated on a weighted average (by volume) of the price of non-locked positions;
  • free margin is calculated, and the floating profit / loss for all open positions are valued at current prices;
  • If the free margin is greater than or equal to zero, the position is opened; position opening is accompanied by a corresponding entry in the log-file server;
  • If the free margin is less than zero, the Company has the right not to open a position, which is accompanied by the appropriate entry in the log-file server with the comment «no money».

The application for opening a position will not be executed by the Company, if it enters the processing at a time when the trading server has lost its connection with the sources of quotations. In the window of the Client Platform, the following comment will appear «Off quotes».

The Client’s application to open a position is considered to be executed and the position is considered open once the relevant record in the log-file server appears. Each opened position on the trading platform is assigned with a unique ticket.

In case of reaching the maximum time of processing, referred to in this Regulation, it takes time to make sure that the application has not been fulfilled. In this case, the Client’s applications will be rejected until the end of the above operation. In the window of the Client Platform, the following comment will appear  «Trade Time out»

To open a position by means of the Client Platform using an  Advisor (trading robot) the application of a trading operation is generated and executed, which is executed at the quote correct at the time of execution.

 

CLOSING A POSITION

When applying for closing a position, the Client must necessarily indicate the ticket of the closed position and the volume of trading.

To close a position by means of the Client Platform without using an advisor, the Client should press the button «Close …» / at a time when streaming prices of the Company are fine with him.

To close a position by means of the client Platform using an Advisor the application for a trading operation is generated and executed, which is executed at the quote, correct at the time of execution.

If at the time of processing the application the current price of the instrument has changed, the Company shall be entitled to use the new price (Bid / Ask). In this case, the application is processed by the Client at the new price.

An application for closing a position is considered executed and the position is considered closed once the relevant record in the log-file server appears.

 

TYPES OF PENDING ORDERS

The trading platform can accommodate the following types of orders to open a position (pending orders):

  • «Buy Stop» means opening a long position at a price higher than the current price at the time of placing the order;
  • «Sell Stop» means opening a short position at a price lower than the current price at the time of placing the order;
  • «Buy Limit» means opening a long position at a price lower than the current price at the time of placing the order;
  • «Sell Limit» means opening a short position at a price higher than the current price at the time of placing the order.

The following orders are used to close a position:

  • «Stop Loss» means closing of a previously opened position at the price less profitable for the Client than the current price at the time of placing the order;
  • «Take Profit» means closing of a previously opened position at the price more
  • profitable for the Client than the current price at the time of placing the order
  • «If Done» – order «Stop Loss» and / or «Take Profit», which are activated only after the execution of a pending order they are associated with.

PENDING ORDERS TIME OF DISTRIBUTION AND PERIOD OF ACTIVITY

Orders can be placed, modified or removed by the Client only in the period when the sale of the instrument allowed. Trading hours for each instrument are stipulated in the contract specifications on the Company’s website.

For instruments, pending orders have the status of GTC («Good Till Cancelled», the Client may limit the validity of the order, setting specific date and time in the field «Expiry». Otherwise, the order is received for an indefinite period.

 

Applications for distribution and modification of pending orders processing

To place a pending order by the Client Platform without using an advisor, the Client must select the type of operation “Pending order” and click “Set an order”.

Thereafter, the trading platform checks the correctness of the a pending order settings, taking into account levels of Stop / Limit for the symbol stipulated  in the contract specifications. Thus the examination  of the margin for opening an order is con conducted

If the settings of a pending order are correct, the application for its installation is sent to the server, which is performed instantly. Otherwise, the Client receives the following message from the Trading Platform –  “Invalid S / L or T / P”.

To modify the settings of a pending order or its remote, the Client must select the type of the operation “Change an Order”. Modifications involve all the parameters of a pending order with the exception of its volume.

Pending Order and / or its parameters are considered erroneously placed or modified in the following cases

  • if it happened before the first quotation introduction of the instrument at the opening of the market;
  • in case caused by the advent of market quotes of an incorrect level positioning of a pending order to the last quote, which was preceded by a non-market quotation, and was not recognized as a non-market.

 

PENDING ORDERS EXECUTION

The order is to be executed in the following cases:

  • Order «Take Profit» on an open Long Position is to be executed if the Bid price in a server quote stream becomes  equal to or higher than the order level
  • Order «Stop Loss» on an open Long Position is to be executed if the Bid price in a server quote stream becomes equal or lower than the order level
  • Order «Take Profit» on an open Short Position is to be executed if the Ask price in a server quote stream becomes equal to or lower than the order level;
  • Order «Stop Loss» on an open Short Position is to be executed if the Ask price in a server quote stream becomes equal to or higher than the order level
  • Order «Buy Limit» is to be executed if the Ask price in a server quote stream becomes equal or lower than the order level;
  • Order «Sell Limit» is to be executed if the Bid price in a server quote stream becomes equal to or higher than the order level;
  • Order «Buy Stop» is to be executed if the Ask price in a server quote stream becomes equal to or higher than the order level;
  • Order «Sell Stop» is to be executed if the Bid price in a server quote stream becomes equal or lower than the order level.

When pending order for execution reaches  the server, the trading account is  automatically checked for the presence of free margin to open the position:

  • the list of open positions is virtually complemented with new positions opened on the pending order;
  • the new size of the margin «new margin» is determined for the aggregate client positions, including virtually added new position, at current market prices at the time of inspection.
  • prices floating profit / loss for all open positions are calculated at current market, including a new position conditionally added;
  • The new size of the «free margin» is calculated;

In case:

  1. «Free margin» is higher or equal to zero, and the total client position with a conditionally added new position does not exceed the limit set for this type of account, the order shall be executed and the position shall be opened. Execution of orders is accompanied by a corresponding entry in the log file server, and the position opened by execution of a pending order, reserves the pending order ticket;
  2. «free margin» is higher or equal to zero and the total Client’s positions with a conditionally added new position exceeds the limit on this type of account, the order shall be canceled. The order cancellation is accompanied by a corresponding entry in the log-file server;
  3. «free margin» is less than zero, the Company shall be entitled not to open a position and delete the Pending Order.

Order shall be considered executed once the relevant record in the log-file server is made.

Under normal market conditions, the order is executed by the Company at the price specified in the order.

In the order is executed in the market conditions different from normal, the price of order execution may differ from the price  indicated in the order both for the better and for the worse for the Client.

When the Order Level falls within the Price Gap, the Company has the right to execute the order at the Bid or Ask of first quote after the gap.

 

COMPULSORY POSITION CLOSING

The company has the right to forcibly close open positions without the Client’s consent and a prior notice, if the margin percentage on the trading account of the Client is less than or equal to 70%.

Margin Level is controlled by the server, which, in case of failure, generates a request for forced closure of positions (Stop Out) without a prior notice. Stop Out is executed at the current market rate. Forced closing position is accompanied by a corresponding record in log-file server with the comment «Stop Out». If the Client has several open positions, the position with the greatest floating losses will be the first to be closed.

In case that the forced closure of the trading account lead the balance to negative figures and thus the account process credit funds, the Company has the right to bring negative balances to zero due to the credit.

The Company may forcibly close any open position of the Client without prior notice in  case of force majeure and / or emergency an equipment, trading server failure, sharp changes in the market situation and other situations which prevent normal operation of the Company and also in the process of dispute settlement between the Client and the Company.

Bolmax Managment. All Rights Reserved.

 
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