Placing and amending an order
Before placing an order, there are various factors that need to be considered. These factors include Margin Available, Market Status and Margin Requirement. If the product's market status is 'Open' then you will be able to place an order for this product. It is advisable to view the product's Product Information screen to familiarize yourself with the parameters that will affect the margin requirement, your P&L and risk of the trade.
Once you open a deal ticket, select 'Place Order'. This will take you to the Order deal ticket. Firstly input the Entry Price and Trade size. You will notice that the Trade Value and Margin Requirement figures are displayed. You will not be able to place an opening order if the margin requirement exceeds your margin available.
To reduce your margin requirement and to help limit the liability of an open position from downside risk you can now enter a stop loss level. Based on the level of the stop loss, your margin requirement will change accordingly.
If you would like to place a limit profit onto your trade, enter a value into the Take Profit field. There is no minimum distance for the Take Profit.
When you are happy with the values that you have input you may tap the 'Place Order' button. You will receive an order confirmation once the trade has been placed. If not successful, you will receive a notification advising you why your order was not successfully placed.
If your order is accepted, you will be able to view your newly placed order to open by tapping 'Go to Orders'. When you arrive at the 'Orders' tab, you can view the order details etc. You will be able to view the Direction, Size, Entry Price, Current Market Price, distance the current market price is from the entry price, the margin required for the order and the levels of any linked take profits or stop losses. The stop loss will have either a 'G' or 'N' present. The 'G' indicates that the stop loss is Guaranteed, while the 'N' indicates that the stop loss is Non-Guaranteed.
Amending and Cancelling Orders
When you are in the 'Orders' tab, you will be able to access the 'Edit Order' screen. This can be accessed by tapping the order row. From this screen, you will be able to amend the order accordingly or cancel it if you wish.
When amending the order, you will be required to tap the 'Update Order'. This will submit any changes made.
Once you have submitted the changes to the order you will receive a Confirmation. Tapping 'Back to Orders' will take you back to the Orders tab.
To cancel your order, simply tap 'Cancel Order' found at the top of the edit Order screen.