10.Orders on Open Positions
Adding or changing orders when you have an open position is an important risk management technique.
In this tutorial, we’re going to add orders to our existing open trade, in this case, we’ll be attaching a stop and limit order. In the previous tutorial, I bought Euro Dollar and we’re going to use this open position which we can access from the open positions tab down the bottom of the platform.
You’ ll notice there is no stop or limit currently attached to this order. To add a stop and limit I simply click the amend button and the trade ticket will open.
Once open, you’ll see the full deal ticket showing our original entry price. Next, I’ll place a stop and limit order for this open position. You’ll notice there are checkboxes for both options on the left-hand side. If you do not check these and the hit submit you’ll notice that nothing happens, you need to make sure you’ve selected ever or both stop and limit checkboxes before hitting submit. Let’s tick the stop box first.
Now, you’ll notice the points away becomes active allowing us to place a stop a specific number of points away, and I can hit up and down arrows to move that accordingly or I can actually type in the number of points away that I’d like my stop and you’ll notice that the price is reflected immediately. If I change that to 55 points you will notice that the price level again, is amended immediately, so let’s place our stop-loss 45 points away.
So once we have our stop in place, you can then tick our take profit limit order, we simply click on the limit check box, and once again, we can amend the points away. Again, we can use the arrows or we can simply type it in. Now in this particular case, I’m going to set my limit 90 points away.
Now both these orders are good-until-cancelled and I simply click on Submit and the orders are now created. You can see that the older type as a stop and limit and its good-until-cancelled and it puts the respective levels in there. It’s always best to double-check those as you place them. And afterwards, you can click on close and you’ll notice that in my open positions window, down the bottom of the platform, both the stop and limit prices have been updated accordingly. If for any reason you wish to amend these levels you can do so simply by clicking the amend button.
That’s how we had orders to existing in open positions within the trading platform. We look forward to seeing you in the next tutorial.