Share dealing option Stop Market - GTC & Limit- GTC?

[JustinCase]

Hi

Having lost plenty of money on this platform due to share price dropping below purchase price, I once queried if I could add some protection of capital by setting up a sell order at or just above purchase price.  I was told this could only done for the day.  Even advice in "help" quotes:

What types of order do you offer for share dealing?

 

We offer several types of orders:

Limit execute & eliminate – an order which executes as much of a trade as possible at a specified market price. If there aren’t enough shares available at the specified level to fill the order, the maximum possible number of shares are executed and the rest of the order is cancelled. 

Limit day – an order which executes once the market price reaches a specified level. If it isn’t filled by the end of the trading day, the order will expire.

Market day – an order which executes immediately in full if enough shares are available. If not, the maximum possible number of shares are executed and the rest of the order remains outstanding until the end of the trading day. This order type is unrestricted by price. 

Stop market day – a market day order which executes in full when a specific price (the stop level) is surpassed. If there aren’t enough shares available, the rest of the order remains outstanding until the end of the trading day. This order is often used for locking in profits or limiting losses.

 

However there is also the option of  Stop Market - GTC & Limit- GTC.  Do these last beyond a day and if so for how long?  Anyone know the difference and the best for my situation described above, I confirm this is for a share dealing account?  I'm not finding much in help other than an unanswered question from April:  Thanks in advance.

Posted April 20

Hi, Just wanted to know the GTC duration on a stop market? Looking to trade on on the share trading platform, can I leave this long term? Several years?

Also would like to know the difference between Limit-GTC and Stop Market-GTC 

Thank you Ajay 

 

[Guest One thing missing]

One trade type that is definitely missing is the ability to set sell orders both as stop loss and also limit gains - I would like to be able to implement (even if manually) a trade that is a GTC stop loss of say 5% together with a limit sell order at say 10% above purchase level - I don't understand why this is hard to implement but on IG I get the message that I can't sell stuff twice, which obviously wouldn't happen - sigh when will IG implement complex trades like these

[Caseynotes]

4 minutes ago, JustinCase said:

Having lost plenty of money on this platform due to share price dropping below purchase price, I once queried if I could add some protection of capital by setting up a sell order at or just above purchase price.  I was told this could only done for the day.  Even advice in "help" quotes:

Hi, the GTC is 'good til cancelled' and so won't close until you cancel it so won't close at end of day but not all markets will have this. 

The problem is IG only allows order types that are accepted by the particular exchange on which they are placed. So for example a couple of years ago the nyse and i think nasdaq stopped taking stop loss orders (to protect retail traders from big losses would you believe) so now you can only put in a stop order after the initial order has be triggered.

Other brokers have got round this by taking your order and holding it till they can place it in the actual market, IG said a while back they were looking into doing the same but no word since.