Frequently Asked Questions
Trading
Demo
Technical
Trading
1. What is the spot rate, what is the spot market, and on what exchange is it traded?
In daily newspapers, one can read quotations for the spot rate, forward rate, and options on currencies. At the spot rate, currencies can be exchanged for delivery in 2 days, i.e. on the spot. The word market is a misnomer in the context of FOREX trading, since there is no central location where trading takes place. The bulk of forex trading is between approximately 300 large international banks, which process transactions for large companies and governments. These institutions are continuously providing prices for each other and their corporate and institutional clients. FOREX trading is not bound to any one trading floor, but takes place electronically between a network of banks continuously over a 24 hour period.
2. What do the terms "bid/ask" and "spread?mean?
Ask is the lowest price acceptable to the buyer of the particular currency at the moment; Bid is the highest price that the seller is offering for that currency. Together, the two prices constitute a quotation; the difference between the two is the spread.
3. Can I place limit and stop loss orders?
Yes. Not only are Stop and Limit orders available free of charge, they are useful tools when you are away from the market.
[Warning: During volatile market conditions, stop orders may not be executed at the exact rate(s) specified.]
4. How do I withdraw money from my account?
Withdrawing funds from an account is a simple process. Download the Withdrawal Request form, fill out all applicable areas and fax it to (212) 835-0101. Your request should be processed within 2 New York business days of MG's receiving your Withdrawal Request form.
5. When are overnight (rollover) adjustments applied?
The rollover adjustments are applied at 3:00 p.m. NY time. For more information on Rollover Charges, click here.
6. Why do I have two passwords for my account?
The online password only allows access to your online trading account. The phone password, on the other hand, will only allow you to place an order over the phone.
Note: your online password will not be acceptable for phone dealing. (To learn the appropriate etiquette for dealing over the phone, you can click here.)
7. Can I deal over the phone?
Yes. Barring holidays and emergencies, phone orders can be placed with our Dealing Desk 24 hours a day, from Sunday at 5:00 PM to Friday at 3:00 PM NYT by dialing the Deal Desk.
8. Are the trades that I make over the phone recorded?
Yes, not only is your phone dealing recorded but also any other conversations you have with MG Financial Group personnel are recorded.
9. Why is the price quoted I see on a Reuters or Bloomberg screen sometimes different from the one on your screen?
The prices you see on Reuters or Bloomberg screens are quotes supplied for information only. Even the prices you see at other banks and market makers are not necessarily indicative of MG's prices The prices you see on our Dealing Rates screen are dealing prices, i.e. the prices at which our Desk is at that moment prepared to deal.
10. What happens if the rate changes at the very moment your order was entered?
In the event that you submit a market order and the rate changes before your order is received, the DealStation™ technology (demo accounts) and/or dealers (live trading) will return the current market price to you, in the Open Orders box, for you to decide whether or not you壇 like to resubmit this order. On average, you will have about 20-30 seconds to reply; otherwise, the order will vanish from your screen. If you wish to manually cancel the new order, simply click on the order # and confirm your desire to cancel. If you wish to resubmit the new market order, simply click on the price and confirm your desire to resubmit that order.
11. Why do all of the units I知 trading of a particular currency get closed when I only want to close one unit at a time?
When you click on the close price of a particular currency you are trading, the system will default to close the total number of units in your open trades box for that currency. If you do not wish to liquidate all of your open positions, simply click on the downward arrow next to the number of units and adjust it to the number of units you wish to close. It is not mandatory to close all of your positions if this contradicts your trading strategy.
12. Why can't I close a winning position if I have another position in the same currency that was opened first?
FIFO (First In First Out)- The trades that were opened first will be closed out first on the DealStation™ platform.
13. I have stopped trading due to insufficient funding of my account, and I no longer have access to the Charts. Why is that?
Your live trading account currently has a minimum requirement of $500 in order for you to have free access to the Charts software.
Demo
1. What is the difference between Demo and Live Trading?
Demo trading is a great place to acquire practice placing orders and to get acquainted to the speed and reactions of the market. You should only start to trade on the Live platform when you feel completely comfortable managing your money in the demo account. The main benefit of a demo account is that you can make mistakes on it without costing you real money.
2. Am I allowed to participate in the Demo Trading Contest if I already have a Live Trading Account with MG Financial Group?
Yes, live trading account holders can participate. Click here for Demo Trading Contest Details.
3. Can I place stop and limit orders on the same ticket as the open trade?
No, all orders are no longer linked to any particular open position held with the Deal Desk. All open orders are GTC (Good Till Cancelled) and the Deal Desk will execute these orders once triggered. OCO orders (One Cancels Other) are an exception in that if one side of the order is filled, the other side will be cancelled.
4. To win the Demo contest, do I have to outperform other Demo Contest participants or make at least 50% ($5,000) profit on my Contest-Demo Account?
No, you only have to have the highest profit among the contestants for that month.
Note: If your demo account is refilled, you will be eliminated from that month's contest.
5. What should I do if I lose the balance in my Contest Demo Account before the month is over?
You may make a request for your demo account to be refilled to $25,000 demo dollars by sending an email to demo@mgforex.com, but if your demo account is refilled, you are automatically eliminated from the contest.
Technical
1. When may I access DealStation™ for trading?
MG Financial Group is closed from Friday at 3:00 PM to Sunday at 5:00 PM NYT, however, the forex market is continually active due to the political and economic events that are happening 7 days a week. In fact, if there is a big news announcement while MG is closed, there is a chance that your open order may be filled considerably further away than the price that you requested. Your order may be filled during the time that MG is closed or at the time of opening. For this reason, it is advisable to settle your short-term positions prior to weekends and holidays.
2. When is MG Support available?
Normal business hours for MG Customer Support and Technical Support are 24 hours a day from Sunday at 5:00 PM to Friday at 3:00 PM NYT.
3. What kind of System Configuration do you recommend?
The new trading platform(s) have been designed to work with the standard PC available at most computer stores. We recommend 64 MB RAM, 350 Mhz and any processor such as the Celeron or Pentium III. A 56k modem, DSL line, or T1 Line is also highly recommended. Systems that do not meet these requirements may encounter varying degrees of connection failures and lag time.
4. What should I do if prices on my screen do not update?
Check your connection to the Internet. If you are connected properly to the Internet, then you can contact MG Technical Support via email at support@mgforex.com or by phone at 212-835-0100 for further assistance.
5. What is the best way for me to contact my Technical Support Representative?
When contacting MG痴 technical support people via email/letter, please be as specific as possible regarding your concern. Be sure to include your User Name, Time and Date of the occurrence, the program/browser you are using, and the message you received. You can email Technical Support at support@mgforex.com or phone us at 212-835-0100.
