Traders can open trades using orders, here is how to do that:
In the tutorial, we’re going to show you how to open a new position by using the order button instead of the trade button.
In this example, we’ll open an opening order on the Australia 200 index. On the Australia 200 line click on the older button and the order ticket will open.
You will notice the word order is highlighted in green. First, we need to dominate if we’re going to buy or sell. In this case, we’re going to buy, so we’ll hit the buy button to indicate the direction of our trade. In this order, we’re going to trade Australia 200 at a pound a point, but you could adjust this higher or lower if you wish.
Now, we need to nominate the level of our older. In this case, we’ll buy on limit if the market falls. So as you can see, we are going to enter our buy limit to open twenty points below where the market is currently trading, and so, we enter our price level accordinly.
Now hit the stop and limit button, to view the stop and limit options if you wish to attach these to your trade. In this example, we’ll tick both the stop and the limit order and we place our stops twenty-five points away, and our profit-taking limit 50 points away. So let’s go ahead and enter those values.
First, we’ll put out stop twenty-five points away, and then our profit-taking limit order we’ll set that at 50 points away as mentioned.
So let’s recap what we’ll be doing in this order ticket. First, we’re looking to buy on limit if the market falls 20 points, then if the order is executed, we’ll place our stop 25 points away and profit-taking limit order 50 points away. Once the details are entered hit the submit button, the order confirmation window will appear allowing you to double check your order and check your levels.
Close that, and then click on the opening orders tab at the bottom of your screens, of you, your completed older. You will notice the market, Australia 200, the amount, so a pound a point, our opening limit price, our if don stop and our if done limit and the period, so that’s good until cancelled.
If any of those details are correct, you can always click on the amend button and amend your order accordingly.
So that’s how we open a new position using the orders button. We look forward to seeing you in the next tutorial. Thank you.