Stop Losses

[FOYBOY]

I am new to IG and have just had some shares transferred into a ISA non leveraged account.  I want to apply a guaranteed stop loss.  How can I do this?

'Stop Market Day' has been advised to me via CHAT but I don't fully understand it or how I can apply that or any stop loss to particular share holdings.

Kind Regards.

 

[AndaIG]

Hi @FOYBOY

Thanks for the query. 

We do not offer guaranteed stops on non-leveraged accounts i.e. not on a ISA or share dealing account. Stop losses are OTC products that are not available on exchange orders. 

However you can place a sell stop order and specify a price that you would like to sell at as your order level. Its best to use a good till cancelled expiry so that the order is effective for 90 days. 

All the best, 

Anda 

[FOYBOY]

Hi AndalG, your reply is much appreciated.

However when I look at the shares I hold within the ISA account under the 'DEAL' area as you've indicated above, the only options available under 'ORDER TYPE'  are:

QUOTE, with sub options of 'fixed price quote' or 'On Exchange - limit order'

ORDER Type:  'STOP' is not available for selection !  Should it be? Is it something that could be made available or not?

Kind Regards.

[ArvinIG]

11 hours ago, FOYBOY said:

Hi AndalG, your reply is much appreciated.

However when I look at the shares I hold within the ISA account under the 'DEAL' area as you've indicated above, the only options available under 'ORDER TYPE'  are:

QUOTE, with sub options of 'fixed price quote' or 'On Exchange - limit order'

ORDER Type:  'STOP' is not available for selection !  Should it be? Is it something that could be made available or not?

Kind Regards.

Hi @FOYBOY,

It is likely that the market is closed. For share dealing the orders goes directly yo the market.  You can try when the market is open, or just before opening.


I hope that it helps.

All the best - Arvin

[FOYBOY]

Hi Arvin thanks, not sure if I am missing something here but even when the markets are open, I still only have the 'Quote' options. I do not have a option to 'Stop' 

Regards.

[AndaIG]

Hi @FOYBOY

Thanks for the feedback. 

Please note that you hold market maker stocks. These use the  SETSqx trading system.  There is no order book. Any limit order would only execute if a matched limit order was uncrossed and executed at auction uncrossing times. Good till canceled expiry is not available for these stocks on exchange. 

All the best, 

Anda