Lot size, Price Level, Expiry , Stop and Limit

[Guest CaiGengyang]

Hi, I am a newbie trying to place an order under "Order" tab

 

 

1) If I want to risk 0.5% of my 200,000 SGD account on this one trade, what do I enter under the " Size USD($) " column?   (My account is in SGD, while the size column in is USD)

 

2) What is the "price level" column about?

 

3) What is expiry "good till canceled" and "good till date" ?

 

3) If these are my buy entry and long exit rules respectively: 

 

" Buy entry: Place a stop order 10 ticks above the two-day high. This will help ensure

buying with the new trend and help to avoid false signals. Keep order until filled or as

long as the buy alert is still valid. 

Long exit: Place a stop equal to the 20-day EMA. Continue to update this stop daily to

form a trailing stop. "

 

What should I do to enter this information(both the stop order 10 ticks above the 2 day high and the trailing stop equal to the 20-day EMA) into the system and what do I fill in under "Stop" and "Limit"?

 

Thanks alot.

 

[Caseynotes]

Hi @CaiGengyang

3 hours ago, CaiGengyang said:

 

1) If I want to risk 0.5% of my 200,000 SGD account on this one trade, what do I enter under the " Size USD($) " column?   (My account is in SGD, while the size column in is USD)

0.5% of 200,000 is 1000 so your stop loss on the trade can't be more than $1000 SGD so the 'size' x stop loss in points must be adjusted to come in under $1000. The order ticket auto calculates this, the size of the stop loss should be fixed as per your trade plan so try different trade sizes so that the risk amount is less than 1000 SGD on the trade.

The Price Level is the price you want to enter the trade (Place a stop order 10 ticks above the two-day high), the platform knows what type of order it is by where you place the entry level.

The Expiry is when an unfilled order gets cancelled.

The Stop is the stop loss ( Place a stop equal to the 20-day EMA) you will need to read off the level and fill in on the order ticket and then adjust manually once the order gets filled. The Limit is the price level you want to take profit and close the trade (can be left blank).

Hope this helps.