To open a deal ticket, you will be required to click either the Buy or Sell button. This can be accessed from the Watchlist window, Product Information or the Product Search.
You will be presented with either a Buy or Sell deal ticket dependant on whether you had clicked the Buy or Sell button. The direction of your trade will be highlighted in the quote buttons. To change directions, click on the corresponding button on the deal ticket. You will then be able to enter the size of your trade, stop loss level, take profit level and amend your margin accordingly. Once you are happy with the trade that you would like to place, you can click the ‘Place Trade’ button found at the bottom of the deal ticket.
When you are placing a trade, you will be required to enter a size. The minimum and maximum trade sizes can be found in the Product Information window. When you have input a Trade size, you will notice that the figures to the left of the field will have changed. The Trade Value figure refers to the value of the trade in the underlying market. The margin requirement figure will refer to the amount of funds you will need to place the trade.
As a default, accounts operate on a First in First out (FIFO) basis. This will mean that if you had a £2 Buy position open, made from two individual £1 Buy trades and then subsequently placed a £1 Sell trade, as a default this would net off against the first £1 Buy trade. Your position would be reduced by £1 and only the second trade would be open. By checking the Force Open box, this will allow you to open both long and short positions in the same product.
Stop Loss and Take Profit
After you have input a trade size you will then be able to enter Stop Loss and Take Profit levels. The minimum distance for the Stop Loss will be displayed to the left of the field. To the right of the stop loss value, you will also notice the small ‘G’ or ‘N’ icon. These refer to the stop being either a guaranteed stop or a non-guaranteed stop. If a product is eligible for a guaranteed stop, please view the Product Information window for the GSMS amount.
When you hover your mouse over the Stop Loss and Take Profit fields, a tool tip will appear to the right of the deal ticket. This tooltip will display the potential estimated P&L incurred if you stop loss or take profits trigger.
Entering a stop loss can reduce the amount of margin required to enter a trade can help limit the liability of an open position from downside risk.
Effective Margin Rate/ Leverage
Towards the base of the deal ticket, you will find the Effective Margin Rate/Leverage figure. The effective margin rate is used to determine the margin requirement for opening a trade/order and is the highest value of the Base Margin Rate, the amended margin rate as defined by the user or the overall account margin rate default.
Variable Margin - Amending Margin/ Leverage
A unique feature of TradeHub is that you will be able to amend your margin/leverage. One benefit of this is that you will be able to reduce the amount of overnight funding you pay. The minimum margin requirement for a position can be found in the Product Information window, listed as Base Margin Requirement. You will be able to increase the Margin Rate/Leverage up to 100%/1:1. This will however change your margin requirement accordingly.
To amend your margin/leverage, click the ‘Click to amend’ button and you will be presented with an addition to the deal ticket. The slider can be moved from the Base Margin Rate up to 100%/1:1.
Place Buy/ Sell Trade
Any time after inputting a trade size value, you will be able to place the trade. Once your trade has been placed, you will receive a trade confirmation. The trade confirmation details the Product, Time of Trade, Direction, Size, Execution Price and Effective Margin Rate. From the Confirmation, you can either navigate back to the Deal Ticket or the Positions screen.
The trade confirmation displays all details related to the trade that you have just placed. You will also receive an automated trade confirmation sent to you via email.
Once you have placed your trade, it will be displayed in the ‘Open Positions and Orders’ window under the ‘Positions’ tab. Your position will also be reflected in the Account Summary; you will now see Open P&L and Margin Used values; your Margin Available will be updated accordingly.
If you would like to place an opening order, please select the ‘Order’ tab on the deal ticket. You will notice that the ticket has now got an additional field; the ‘Entry Price’ field. After inputting a trade size, you will be able to input the entry price of the order. You can also attach a stop loss and take profit to your order. These orders will be attached to your opening order if it triggers.
Similarly to placing a trade, you can also amend the margin/leverage for your order. Your margin requirement will update accordingly.
Towards the base of the Order deal ticket you will be presented with another additional field. There are 2 options for ‘Order Expiry’; GTC and GFD. GTC orders are ‘Good ‘til Canceled’ meaning that they will remain on your account until you cancel them or they trigger and are filled. GFD orders are ‘Good for the Day’ meaning that they will remain only for the day. When the session is refreshed, the order will be removed from the account.
The third tab on the deal ticket is for OCO orders. With an OCO order, you will be able to place two attached opening orders that can straddle the current market price. If one order triggers and is filled, then that will open a position whilst also cancelling the other order. As with standard Opening Orders, you will also be able to attach Stop Losses and Take Profits to both sides of your OCO order. Please note, that you will be charged the margin requirement for the side with the highest value. After placing your Opening OCO Order, you will be able to view this in the ‘Open Positions and Orders’ window under the ‘Orders’ tab.
The OCO order deal ticket has the same basic functionality of the standard order ticket; however there are also some differences.
Firstly both the Sell and Buy prices appear active; to change direction you will have to complete the ‘Direction’ fields. Changing the direction of your order will also change the colour of the entry price, stop loss and take profit fields to indicate the direction the trade will be in if it triggers. You will also be able to decide the Order Expiry length as with the standard order ticket.