Setting up a limit order at unfavourable price

[TheInvenstor]

Hi Guys

Do you know how to set up a limit order with unfavourable price with IG?

The scenario is as follow: Current buy market price is £100. I want to enter the market and hold a long position. I am happy to buy as long as the price is below £110. How do I place this kind of order? If I type £110 at the 'Price Level' box, IG web platform automatically forces the order to become a stop order. This means my order will only be filled if the price is above £110, contrary to my objective of buying below £110.

Thanks for your kind help.

 

 

[CharlotteIG]

10 hours ago, TheInvenstor said:

Hi Guys

Do you know how to set up a limit order with unfavourable price with IG?

The scenario is as follow: Current buy market price is £100. I want to enter the market and hold a long position. I am happy to buy as long as the price is below £110. How do I place this kind of order? If I type £110 at the 'Price Level' box, IG web platform automatically forces the order to become a stop order. This means my order will only be filled if the price is above £110, contrary to my objective of buying below £110.

Thanks for your kind help.

Hey @TheInvenstor- Thanks for your feedback message. 

We only offer two types of orders to open. One is the limit order which is buying/ selling at a more favorable level. If you're buying, the price will be lower than the market price. If you were wanting to buy at a higher price then it's a stop order, which as you said can be subject to negative slippage. 

We do not have something in place that allows you to place a stop order that guarantees the price level (meaning you will not be subject to negative slippage). 

I see the strategy you want to put in place but we're unable to offer this, sorry. I will put if forward to see if this can be made possible for the future.