View and/or amend your Stop Loss, Limit Orders and New Orders
You can find details of all Stops, limit orders and new orders if you click on the Order Book tab.
You can see whether your order is a stop loss, limit or new order.
Click the AMEND button to amend your stop loss. Stops cannot be cancelled, they can only amended.
It is also possible to amend any of your attached Stops or limit orders from the Open Positions window. To do this you have to reveal your open trade by clicking on the “+” symbol and then you will notice that the ORDER button appears.
Please note, whilst Stops will be filled at the level you request, in the rare event of the market gapping you’ll be filled at the next best level and no stop/order will be filled outside our quoting hours. If you are unsure of our quoting hours, please refer to the Market Information sheet. We also offer the ability to place Guaranteed Stop Orders on some markets which will protect you against any market gapping and there is a premium for this extra protection (see the Market Information).
As a general note, please be aware that all orders placed or executed on the FinancialSpreads.com trading system are "our quote".
Stop Loss Orders
A Stop Loss Order is the method used to limit the losses on an individual trade. It literally means ‘when the loss on a trade reaches the point where I no longer wish to risk any more money then close me out of my position (or ’stop’ me out).
FinancialSpreads.com automatically apply a Stop to every new trade. It is important to note that Stops will be filled at the level you request, but in the rare event of the market gapping you will be filled at the next best level. We also offer the ability to place Guaranteed Stop Orders on some markets which will protect you against any market gapping. There is a small premium for this extra protection (see the Market Information).
Every market has a minimum distance from the current price at which any stop will be accepted. You may move the stop further from the current market price provided your account has sufficient funds to do so. The system will not permit you to move your stop level beyond such available margin.
When a position is closed, the stop loss relating to that trade will be automatically cancelled and you will receive an email to confirm this.
All stops are set to Good Till Cancelled 'GTC', however you can amend this on the order screen.
In order to amend your stop loss and add a limit order right after you have placed a trade, you need to go to either the Order Book or the Open Positions window.
When you click on the AMEND button, you will see this new ticket:
If you do not amend your stop loss level after you’ve traded, your stop loss will be based on 80% of the funds available in your account or it will be set at 80% of the maximum IM (Initial Margin). Details of the maximum IM for each product can be found in our Market Information or if you click here.
On accessing the Order Book on the trading screen you will be able view all the current stop losses and limit orders that are running against your open positions.
A 'new order' is an order that is not attached to any existing open position and is independent of any other instruction. A new order is used to open a new trade at a level in the market, which has not yet been reached.
A 'new' order is different from a 'limit' order because a 'limit' order is attached to an open trade and cancelled when the relevant position to which it applies is closed.
The 'new' order functionality is useful for placing orders at critical market points so that you do not have to be watching the markets every moment of every day to ensure that you do not miss an opportunity.
Creating a New Order
1. To create a 'new order' go to the product of your choice and click on the ORDER button. Once you’ve clicked on the ORDER button, the order ticket will appear:
2. Specify your stake, the level at which you want your new order to be executed and whether it needs to be a buy or sell.
3. When placing a new order you can also specify where you would like the contingent stop loss and limit order level, if you wish.
To place a new order you must have available funds when the trade is executed. If, when the system triggers your new order, you do not have your stake multiplied by the minimum IM (Initial Margin) your new order will be cancelled.