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 ‘Open Order’. This will take you to the Order deal ticket. Firstly input the 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.
After inputting the trade size, you will then be able to input the order price. The platform will automatically detect whether you are placing a limit or stop order, so you will only be required to select the direction and price of your order.
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. To the left of the stop loss input field, the minimum stop distance and (if applicable) minimum guaranteed stop distance will be displayed. By hovering your mouse over the stop loss field, the tool tip will display the estimated distance and potential profit/loss incurred if triggered.
If you would like to place a limit profit onto your order, enter a value into the Take Profit field. There is no minimum distance for the Take Profit. Hovering your mouse over the Take Profit field will also display an estimated distance and potential profit made if triggered.
After you have completed the required fields, you will now be able to select the Order Expiry. When you are happy with the order details, click ‘Place Order’. You will receive an order confirmation once the order has been placed. If not successful, you will receive a notification advising you why your order was not successfully placed.
If your order to open is accepted, your newly created order to open will be present in the Open Positions and Orders window. When you select the ‘Orders’ tab, you can view the order details, entry price, current market price and distance from current market price. If you have attached a stop to your trade, there will also be either a ‘G’ or ‘N’ present displayed under ‘Linked Orders’. The ‘G’ indicates that the stop loss is Guaranteed, while the ‘N’ indicates that the stop loss is Non-Guaranteed.
Please note that all Opening Orders are not guaranteed and may be subject to slippage.
If you would like to amend the order, hover your mouse over the relevant row and select ‘Amend Order’. This will open an Amend order deal ticket. Using this ticket, you will be able to increase/decrease the size, move the entry price, add/remove Stop Losses and Take Profits, amend the margin rate and change the Order Expiry. Once you are happy with the details, click ‘Amend Order’ to submit the amended order.