Stop loss

[Mairi]

Hey guys.  I'm reasonable new to IG and im looking to set a stop loss. All the information i can find is about the desktop platform whereas im purely the android app. Am i doing it correctly? I want a stop loss of 19p. Its just that the order 'limit-day' doesn't have a stop option as i would have expected

[ArvinIG]

9 hours ago, Mairi said:

Hey guys.  I'm reasonable new to IG and im looking to set a stop loss. All the information i can find is about the desktop platform whereas im purely the android app. Am i doing it correctly? I want a stop loss of 19p. Its just that the order 'limit-day' doesn't have a stop option as i would have expected

Hi @Mairi,

On your screenshot, Limit means more favorable price and Day would be the expiry.

"A limit order is an instruction to execute a trade at a level that is more favorable than the current market price." more details here.

"A day order is defined as an instruction from a trader to their broker, to buy or sell a certain asset. Setting a day order means that the deal has to be executed if an asset hits a specified price (referred to as the level) at any point during the trading day on which the order is made.

The day order will expire if the price specified in the order is not met by the time the market closes"
more details here.

I hope that the definitions help.

All the best - Arvin