Newbie - Set stop on open share position

[Guest Iluka]

New to trading and have just opened my first position. I'm trying to set a stop loss entry but can't find the "Edit" option in the deal ticket.

 

I checked the support page and I see: 

 

On an existing position

From the Open Positions window, open the More menu for the relevant position and select Edit Position.

Alternatively, click on the position and select the Edit tab from the deal ticket.

Enter the stop or limit level, and click Submit. Please note that it’s not possible to choose a Guaranteed stop once the position is opened.

[Guest ls14]

Hi Hanna and Iluka,

 

I'm in a similar situation (just opened first position on a share trading account) and interested in the same (setting a stop loss) - and would like to know exactly what options to choose to implement this.

 

In my account, I have a shareholding in an Australian company. If I click the sell option, my choices are: 

 

Limit - Day

Limit - Execute & Eliminate

Market - Fill or Kill

 

Naturally I wouldn't choose the market option. If I chose one of the limit options, at a price lower than the current market, wouldn't it be executed immediately? I.e. these two options only seem appropriate for selling at a price greater than the current price.

 

Any tips would be greatly appreciated!

 

Thanks, Lucas.

[HannahL]

Hi , thanks for the post!

 

I see you have a share dealing account with us, which works in a different way to leveraged trading accounts (spread betting and CFD) when it comes to adding stops and limits.  On a share dealing account, you cannot simply attach a stop/limit OTC, but rather have to work a stop or limit order on the exchange to close a position.  Therefore, if you have a level at which you would like to close a position, you need to enter a sell order to work in the market, until the price is reached and as many shares are sold as possible.

 

I hope this makes sense, but if you have any more questions about share dealing compared to leveraged trading, please don't hesitate to get in touch!

 

Thanks,

Hannah