To trade using the Order module, start the module by clicking 'Order' on the toolbar. The module window appears in the right part of the screen by default.
To start using the module, select the relevant instrument in the Instruments module and drag it into the Order module. Now you are all set to go.
Alternatively, it is possible to open the module by right clicking on the selected instrument and selecting 'Order' in the context menu.
Order types:
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Market order |
a BUY or SELL order at the current market price to quickly enter or exit a trade |
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Limit order
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A limit order is a type of order to purchase or sell a security at a specified price or better. A limit order will be filled when the market price increases to the specified level. When selecting this type of order, be sure to specify the price in the Price field. While the price is guaranteed, the filling of the order is not, and limit orders will not be executed unless the security price meets the order qualifications. |
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A LIMIT BUY order will be filled immediately if the specified limit price is higher than the current market price. |
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A LIMIT SELL order will be filled immediately if the specified limit price is lower than the current market price. |
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A STOP-LOSS order will initiate the sale of a security when the price drops to this level, in order to avoid further losses. |
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A TAKE-PROFIT order will initiate the sale of a security when the price reaches this level, in order to lock in profit. |
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Iceberg order |
This is a limit order for which you specify the total quantity, price and the visible part. Then we divide the order into several parts so that only the specified quantity would be seen in the Market Depth at the moment. Similarly to TWAP, the order is executed in sequential parts. |
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Stop order |
A stop order is an order to buy or sell a security when its price moves past a particular point, limiting the investor's loss or locking in profit. When selecting this type of order, be sure to specify the price in the Stop Price field. |
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Stop Limit order |
In a regular stop order, if the price triggers the stop, a market order will be entered. If the order is a stop-limit, then a limit order will be placed conditional on the stop price being triggered. Thus, a stop-limit will require both a stop price and a limit price, which may or may not be the same. |
| Time-Weighted Average Price order (TWAP) |
TWAP is a trading algorithm based on weighted average price used to execute bigger orders without excessive impact on the market price. This order type requires you to specify the total desired quantity, the size of each part ("chunk") and an interval in milliseconds. Following this, the order will be split into parts of a specified size so that they are placed in turns at a given time interval at the market price. |
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Trailing Stop order
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A trailing stop is a modification of a typical stop order that can be set at a defined percentage or dollar amount away from a security's current market price. When selecting this type of order, be sure to specify the price in the Price field. |
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For a BUY order an investor places a trailing stop loss below the current market price. |
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For a SELL order an investor places the trailing stop above the current market price. |
The two TP and SL orders allow you to avoid the hassle of sitting in front of your screen and waiting for the outcome, as they will be executed automatically as soon as the price reaches order level. Moreover, TP and SL orders are linked together so when TP order is executed, SL order is automatically cancelled and vice versa.
Please bear in mind several tips when placing a TP and SL orders:
- both Limit and Market TP/SL orders are directly shown in square brackets in the Current Orders module
- limit TP/SL order have Pending status, while entry order has a Working status
- market TP/SL order have Working status as entry order is executed immediately at market price.
For any order type, select the Duration of the current order from the following options:
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Day |
order expires at the end of the trading day if it is not completed |
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GTC (good till canceled) |
order remains active until it is manually canceled |
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IOC (immediate or cancel) |
fills all or part of an order immediately and cancels the remaining part of the order if it cannot be fulfilled |
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FOK (fill or kill) |
executes a transaction immediately and completely or not at all |
To finish creating an order, click Sell or Buy. This will finish the process of order creation, and you will be able to see your order in the Current Order module.
After entering the quantity of assets you want to buy or sell, specify the type of your order: you can choose a specific price, the desired price change in absolute values or in pips. If you choose pips, please make sure you enter integers.