Jump to content

Placing an Order


Recommended Posts

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

Link to post

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

 

Link to post

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.

 

Link to post

@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.

  • Thanks 1
Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • General Statistics

    • Total Topics
      15,392
    • Total Posts
      73,880
    • Total Members
      62,282
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    celeste
    Joined 14/06/21 10:54
  • Posts

    • Yep - If the major cycle working out since 2016 repeats as its done for the past 225 years then the USA Indices are UP, UP,UP until the mid 2030's - corrections will be nothing like 2000-2009 corrections  Although chart is up to date - I wrote the below pre 2015 (can't remember exactly when) - as an absolute min I'd expect 22-25,000 for the SP500 to end on in 2034
    • Have to say Casey, your contributions on the on going Covid story (monumental ballsup) have been a tonic. Was sceptical for sometime but am more sympathetic to your premise regarding the pandemic and the reaction to it. Vaccines are such good PR, it is a shame that the general population are being used as guinea pigs for DNA altering drugs with as yet unknown and potentially damaging long-term consequences and side effects. Doubly bazarre,the governments of the planet are prepared to take the risk in the name of exigency. AZ is particularly dirty and incomplete, if not down right dangerous as to be considered a lethal weapon to some of the unfortunates unlucky enough to experience the more unpleasant side effects of being injected with it. Such is political expediency and exigency at the altar of public health. Forgive the unPC comments, but they are borne from experience, as my wife has had long-term reactions to the "cure". Most folk don't want to hear anything but the popular narrative, even if it vere's heartily away from some inconvenient truths. So thank you Casey keep up the good work, it's appreciated.
    • Don't think the bull run has ended, just a correction is very much on the cards. Timing of which suggests we have some room to manoeuvre but would not be surprised at all if the market tops out within the next couple of weeks, or anytime around 21/06....Suggest it is more a profit taking exercise than genuine full scale correction, which could/should be later in the year. Only mentioned this as markets have been red hot for months and swimming in liquidity, sooner or later some of that will be taken out in the form of profit taking. Suggest it may be a 10% er or even more. In the past have purchased  ETFs that short the market and like to buy the Vix at less than 20, as it's a fair form of insurance (Imho). Psychologically, the oil markets have a problem with WTI being over the $75, which at current rates of progress is due to top out sooner than later. Just mentioning it. 
×
×
  • Create New...