Placing an Order

[Guest Packie]

Hi,

I am not entirely clear when to use the order option rather than go with deal. 

If I want to keep open say the FTSE 100 and go long for a number of weeks should I place an order.

When placing an order what does it mean by 'Price level' and 'Limit'.

Is an order executed right away.

Would appreciate if anyone could clarify this for me.

Packie

[Caseynotes]

hi @Packie,  you have hit on it really, the 'Deal' ticket means you what to open a trade immediately (at market price).

On the 'Order' ticket (which means you want to open a trade when price reaches a certain 'price level' in the future), the 'Limit' is the take profit level you want to close the trade,  the 'Stop Loss' is the level you want to close the trade if price goes against you. 

https://www.ig.com/uk/learn-to-trade/ig-academy/orders-execution-and-leverage

 

[Guest Packie]

Thank you for the help. So it is an order that I need to go for.

I am testing this on a demo account and have filled in an order as follows:

FTSE 100

- Order

- Buy 7112.6

- Size 2

- Price level 7113

- Expiry Good till cancelled

- Stop 10

- Limit 20

- Net off

When I select 'Place stop order' I get 'Order level too close to market level' 

The order is not placed, what should I do differently.

 

[Caseynotes]

@Packie, ok, you are looking to set your Buy entry order just a single point above the close but the algo won't let you do that and for good reason. Massive gaps can occur on the open, but after pre-market churn you could have found your order accepted and then stopped with massive slippage and even then find the market open in your favour. 

The algo has determined a minimum of 200 points away from the closing price for market open. The alternative is to wait for market open and re-submit a new order once weekend volatility has been worked out of the market which may only take a few seconds or minutes.