How to set an order
If you want to open a position at a price different than the market one you need to set a Pending order. A pending order is a command to automatically open a position when the market price reaches a level you previously set.
To set an order, go to the "Market Watch" window and right-click on a currency pair you wish to set an order for and select "Set order". An "Orders" window pops-up with a choice of three order types:
- Pending order
- One Cancels the Other order
- Activated order
To select the order type you wish to set - click on the corresponding tab.
Pending Order would open a trading position when the market price reaches a pre-defined level as well as two linked orders to it:
One Cancels the Other (OCO) allows you to cover a double market-price-movement-scenario by only executing one and deleting another pending order:
Activation Order is a universal command allowing you to set either two Pending or OCO order:
Fields:
- “Price” - the order activation price (at which a trading position will be opened)
- "Volume" - a volume of a position (in a base currency value)
- “Direction” field - BUY or SELL direction of the position
- "Lock" - position mode
- “Stop loss” - determines a price you would want to cut losses at and should be set for every trade you make
- “Take profit” - sets a price you want to take profit at
- “Trailing Stop distance” - a kind of stop loss that is distantly following (moving along with) the market price while it goes in your favor
- “OK” to proceed or “Cancel” to abort
NOTE: To delete an order - go to "Orders" tab at the bottom of the trading platform or call "View" -> "Orders" |