1. FOREX TRADING EXECUTION LEARN THE FACTS

2. No Dealing Desk Competitive Advantages

3. 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

4. No Dealing Desk Model BANK 1 S: 1.3223 3 B: 1.3225 8 BANK 2 S: 1.3221 3 B: 1.3224 8 BANK 3 S: 1.3222 3 B: 1.3223 8

5. Pricing Engine BANK 1 S: 1.3223 3 B: 1.3225 8 BANK 2 S: 1.3221 3 B: 1.3224 8 BANK 3 S: 1.3222 3 B: 1.3223 8 BANK 1 SPREAD 2.5 BANK 2 SPREAD 3.5 BANK 3 SPREAD 1.5 SELLBUY BANK 11.3223 3 1.3225 8 BANK 21.3221 3 1.3224 8 BANK 31.3222 3 1.3223 8

6. Pricing Engine BBO - Best Bid Offer 1.3223 3 / 1.3223 8 0.5 pip spread

7. No Dealing Desk Model BANK 1 S: 1.3223 3 BANK 2 BANK 3 B: 1.3223 8

8. 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

9. Any Trading Strategy Which Strategies work at No Dealing Desk firms? Break Out Momentum Scalping Range