How do i know if i can place a stop loss before buying?

[Guest yogitree]

Hi,

How can i find out if i'm able to place a stop loss prior to buying the share?

I've been able to do it on most of the shares that i have bought, but was not able to on Griffin Mining which has just gone down. On Level 2 i can see it's a fairly illiquid share but how do i know what the threshold has to be on Level 2 for IG to allow a stop loss to be placed?

Thanks

[JamesIG]

34 minutes ago, yogitree said:

Hi, yes its buying shares through my ISA.

Thanks

Hi - if you have L2 data it's really worth getting the specific L2 dealer which gives you FAR more functionality. With this you will also be able to see which stock is trading centrally and which are going through market makers. Unfortunately at present MM's can't have GTC limit orders (and thus can't set up stops). 

You can find more information here https://www.ig.com/uk/l2-trading-platform 

Alternatively as a work around (which I appreciate isn't ideal) you could place a passive limit order to open a position (far enough away to not be hit), and if it is rejected you'd know that once your actual order is open, you wouldn't be able to add the sell order. 

Put simply, our prime broker can't accept orders on MM stock at present I'm afraid. 

[JamesIG]

1 hour ago, yogitree said:

How can i find out if i'm able to place a stop loss prior to buying the share?

I've been able to do it on most of the shares that i have bought, but was not able to on Griffin Mining which has just gone down. On Level 2 i can see it's a fairly illiquid share but how do i know what the threshold has to be on Level 2 for IG to allow a stop loss to be placed?

Hey - is this in reference to a share dealing account? 

[Guest yogitree]

Hi, yes its buying shares through my ISA.

Thanks

[Guest yogitree]

Hi,

Many thanks for taking the time to reply. 

Thanks for the answer and work around.