FOREX TRADING EXECUTION LEARN THE FACTS

No Dealing Desk Competitive Advantages

FXCM’s No Dealing Desk Advantage

• No re-quotes• No order restrictions• Over 12 liquidity providers competing for

client order flow • Market makers cannot see your orders –

providing clients anonymity• All Trading Strategies welcome

No Dealing Desk Model

BANK 1S: 1.32233

B: 1.32258

BANK 2S: 1.32213

B: 1.32248

BANK 3S: 1.32223

B: 1.32238

Pricing Engine

BANK 1S: 1.32233

B: 1.32258

BANK 2S: 1.32213

B: 1.32248

BANK 3S: 1.32223

B: 1.32238

BANK 1SPREAD

2.5

BANK 2SPREAD

3.5

BANK 3SPREAD

1.5

SELL BUY

BANK 1 1.32233 1.32258

BANK 2 1.32213 1.32248

BANK 3 1.32223 1.32238

Pricing EngineBBO - Best Bid Offer

1.32233 / 1.32238

0.5 pip spread

No Dealing Desk Model

BANK 1S: 1.32233

BANK 2

BANK 3

B: 1.32238

• When will I get a re-quote?

• What are the order restrictions on news?

• How far away do I have to put my stops?

• How many pips away must limits be?

• Who is my market maker?

• Who sees where I set my stops, limits, and entries?

Know the Facts: Know your Broker

• Any Trading Strategy

Which Strategies work at No Dealing Desk firms?

Break Out

Momentum

Scalping

Range