Order Type
Market Order
Executes at the current price for the stock.
Limit Order
Specifies a price at which you would trade if that price were to be available.
Stop
An order to execute at the market, provided that a specified price level has been triggered. Stop executions can occur at poor levels relative to the stop trigger, especially in volatile markets or illiquid securities.
Trailing Stop
A Stop Order with a Trailing Stop Instruction. Trailing Stop Instructions may cancel and replace Stop Orders after the market closes depending on the reference price. The Stop Price will decrease on Buy Stop Orders and increase on Sell Stop Orders.
Stop Limit
An order to execute at a Limit Price, provided that a specified price level has been triggered. Stop Limits offer more protection against poor executions than Stop orders.
Order Details
Symbol
This is the symbol of the stock or security for which you are placing an Order, or for which you are specifying a Stop Condition. For Example, BARC is the symbol for Barclay's Ordinary £1 Shares.
Action
Whether you want to BUY or SELL.
Quantity
The number of shares you would like to BUY or SELL.
Currency (CCY)
The currency in which you will pay or receive your quote and execution:
- GBX = Pence Sterling
- USD = US Dollar
- EUR = Euro
For almost every UK Equity listed on the LSE, the supported currency is GBX.
Price
For LIMIT or STOP LIMIT Orders only. The PRICE at which you would trade if that price becomes available.
Trigger Price
For STOP or STOP LIMIT Orders. The price level, expressed as the trigger currency, that "triggers" an order. For sell stops and sell stop limits, the offer price is the default market data type. For buy stops and buy stop limits, the bid price is the default market data type. These default choices provide additional protection against bad fills. For instance, if an early morning SETS bid is very low, your sell stop won't be triggered unless there is a firm offer at or below your trigger price.
Trigger Currency (CCY)
For STOP or STOP LIMIT Orders. The trigger currency. See CCY definition for currency list.
Good Till Date (GTD)
The Time by which you would like your Order to expire. For example, you want to buy 100 VOD, but only at a Limit of 230p. If you only want the LIMIT Order to exist for the day, you need to specify today's date and closing trading time in the input area.
Allow Partial Fills
A Flag which indicates whether or not you will accept partial fills on your Order. A partial fill is one trade related to the order which has a Quantity less than the total Order Quantity. For example, if you were to place an order to buy 1000 VOD and ticked "Allow Partial Fills", then if we could execute only a portion of 1000, say 500 shares at your specified criteria, then we would do so. If you indicate "No" to "Allow Partial Fills", then we would only fill your order if we could execute the entire 1000 shares in one trade.
Most order books only accept orders that Allow Partial Fills. Traders should note that prohibiting Partial Fills can reduce or eliminate all available execution venues.
Please note: Per Trade commissions or per Trade minimums apply on each fill. This is not opportunistic pricing by ourselves. Each fill is a separate trade, and we bear the same costs each time a fill occurs.
Basic Examples
Note: We will leave off the input requirements for the "Good Till Date" fields in these examples as they are self-explanatory.
Buy Limit
Suppose VOD is offered at 134 Pence but you only want to buy 1500 shares if it could be bought at the 128 level. You should enter a Limit Order to Buy VOD with the following inputs:
Sell Stop
Suppose you own MONI and you are a little concerned about their next earnings report. You decide you want to exit your position of 50,000 MONI at the market if it is offered at or below 17 Pence. You should enter a Stop Order to Sell MONI with the following inputs:
Trailing Stop
To enter a Trailing Stop order on your account please follow the following steps, all within the iDealer Dashboard:
- Enter a "Stop Order".
- Having placed your Stop Order go to the "Orders" area, and click on the order "Details".
- Enter your "Trailing Stop Instruction".
- In the "Market Data Type" field state "CLOSING". Your trailing stop order will "trail" the CLOSING price.
- In the "Coefficient" field, state how close you wish your order to trail the CLOSING price.
Please note:
- For Sell Stop Orders, the coefficient on the Trailing Stop Instruction must be between 0.01 and 0.99
- For Buy Stop Orders, the coefficient on the Trailing Stop Instruction must be 1.01 or more.
- Trailing Stops to Sell will trail the upward closing price, and be adjusted by the CLOSING price each night, by the "coefficient" value you have set. Trailing Stops to sell will not be adjusted on a downward move in price.
- Trailing Stops to Buy will trail a downward closing price, and be adjusted by the CLOSING price each night, by the "coefficient" value you have set. Trailing stops to buy will not be adjusted on an upward move in price.
- Stop Orders must specify a "Good Till" date. You should decide how long you wish to leave your Stop Order valid for. Stop Orders may be entered for periods in excess of one year if required.
- Trailing Stop Orders must be routed to "RSP Gateway".
- A New Trailing Stop trigger Price will cancel the existing Trailing Stop Order, and replace the Order with a new Trailing Stop Order. The new order will use the same order verification to check for available stock (if a sell) and available cash (if a buy). Where an order fails verification, a new Trailing Stop Order will not be created, and the order will be cancelled.
- Trailing Stop Orders may not currently be created on CFD or Spreadbet orders.
- Trailing Stop Orders are not cancelled due to corporate actions. You should cancel your Trailing Stop Order if required.
Trailing Sell Stop
Suppose you want your Sell Stop order to trail the closing price by 10%. After entering the order you should enter a Trailing Stop Instruction with the following inputs:
In this example:
- If the CLOSING Price on Monday is 100 pence, the Trailing Sell Stop will be adjusted to 90 pence for Tuesday's trading day.
- If the CLOSING Price on Tuesday is 105 pence, The Trailing Sell Stop will be adjusted to 94.5 pence for Wednesday's trading day.
- If the CLOSING Price on Wednesday is 113 pence, The Trailing Sell Stop will be adjusted to 101.7 pence for Thursday's trading day.
- If the CLOSING Price on Thursday is 105 pence, the Trailing Sell Stop will NOT be adjusted, and will remain at 101.7 pence for Friday's trading day.
- If on Friday the share price goes below 101.7 pence, your order will trigger and be executed (note Sell Stop Orders will trigger where the Offer Price moves below 101.7 pence).
Trailing Buy Stop
Suppose you want your Buy Stop order to trail the closing price by 10%. After entering the order you should enter a Trailing Stop Instruction with the following inputs:
In this example:
- If the CLOSING Price on Monday is 100 pence, the Trailing Buy Stop will be adjusted to 110 pence, for Tuesday's trading day.
- If the CLOSING Price on Tuesday is 92 pence, the Trailing Buy Stop will be adjusted to 101.2 pence for Wednesday's trading day.
- If the CLOSING Price on Wednesday is 84 pence, the Trailing Buy Stop will be adjusted to 92.4 pence for Thursday's trading day.
- If the CLOSING Price on Thursday is 86 pence, the Trailing Buy Stop will NOT be adjusted, and will remain at 92.4 pence for Friday's trading day.
- If on Friday the share price rises above 92.4 pence, your order will trigger and be executed (note the buy stop order will trigger if the bid price moves above 92.4 pence).
Sell Stop Limit
Now Suppose you have the same mindset as the Sell Stop example above; however, you have noticed that in early morning trade the Bid/Offer for MONI can be very wide. You decide you still want to sell if MONI goes offered at 17 Pence, but not if the Bid side is lower than 16 Pence. You should enter a Stop Limit Order to Sell MONI with the following inputs:
Buy Stop Limit
OK you are a technical trader. You feel that RGU may soon be breaking out of a downward channel. You decide that if RGU goes 40 pence bid that you want to establish a long position, not paying more than 41 pence on the offer. You should enter a Stop Limit Order to Buy RGU with the following inputs: