Stop orders are submitted on the opposite side of the market than normal Limit orders. A buy stop order is submitted at a price higher than the current best bid but does not fill until that price trades. A sell stop order is submitted at a price lower than the current best offer price.
Note that if the market is moving rapidly you may get filled at a worse price than the one you entered. If you want to prevent this by setting a limit price for the stop then you can do so with the Order Ticket.
Stops are useful as loss limits as you can use them to close out a position automatically if the market goes against you.
- Set a volume greater than zero. You can do this by using the Number picker or the Volume bar.
- Set the Stop Market order toggle. By selecting the S it changes from black to orange. This means the next order submitted will be a stop market order.
- Buy Stop Left Click in the Bid column above the current market.
- Sell Stop Left Click in the Offer column below the current market.
Click Yes on the confirmation window to submit the trade. Click No if you don’t want to submit the trade.
- Right Click Right Clicking in the Bid or Offer columns does the same as left clicking except that it will use the Right click volume for the order instead of the Left click volume. If the Right click volume is set as ‘Net’ then it will use your current position as the volume.
See Setting Volumes for more information on Left and Right click volumes.
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