Is it possible to automatically close part of a Position using a Limit order?

[MikeP12]

Sometimes I would like to close part of a position (eg 50%) using a Limit Order (Spread Betting), is this possible?

[AndaIG]

Hi @MikeP12

Thanks for the query, 

Yes you can set a limit order to close. You would just need to specify half of your position in the trade size box. It is best to use good till cancelled as the expiry as that will only expire after 90 days. 

All the best, 

Anda

[MikeP12]

Thanks for the quick reply. I tried this out and it worked OK, but doing it this way seems to work like setting a new Position. For example, the Per Point Minimum still applies (usually 0.5) so when I tried to close 50% of a Position with Size 0.8 (i.e. Sell 0.4) it wouldn't let me, I had to sell at least 0.5. Which also means I can't partially close any positions with Size 0.5 this way.

Other problems that also arise with this method:
- It appeared to use some of my Margin.
- I couldn't partially close a Postion on one stock because it said  "you cannot sell this market to open"

I would like to be able to partially close a Position automatically so I don't have to do it manually (for example if I'm away from my computer). Is there a way of doing this without getting these issues?
 

[AndaIG]

Hi @MikeP12

Thanks for the response.

Points taken, unfortunately that is the only workaround available to partially close automatically. The only other method to close automatically would be to use a stop or a limit, however this option would close the entire position. 

All the best,

Anda  

 

[mark27]

15 hours ago, MikeP12 said:

Thanks for the quick reply. I tried this out and it worked OK, but doing it this way seems to work like setting a new Position. For example, the Per Point Minimum still applies (usually 0.5) so when I tried to close 50% of a Position with Size 0.8 (i.e. Sell 0.4) it wouldn't let me, I had to sell at least 0.5. Which also means I can't partially close any positions with Size 0.5 this way.

Other problems that also arise with this method:
- It appeared to use some of my Margin.
- I couldn't partially close a Postion on one stock because it said  "you cannot sell this market to open"

I would like to be able to partially close a Position automatically so I don't have to do it manually (for example if I'm away from my computer). Is there a way of doing this without getting these issues?
 

You can do it in  ProRealTime but if you are away from computer obviously not

[MikeP12]

OK, thanks, I'll use the workaround where possible.

Something for the development team? Other platforms make this easy for example IBKR, but I prefer the IG platform overall.

[MongiIG]

24 minutes ago, MikeP12 said:

OK, thanks, I'll use the workaround where possible.

Something for the development team? Other platforms make this easy for example IBKR, but I prefer the IG platform overall.

Hi @MikeP12

Thanks for your feedback and suggestion. We will pass this on to our development team to look into.

 

All the best - MongiIG