How to Place Stop/Limit/OCO Orders

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Limit and Stop Orders

The Stop Loss (SL) order is a type of order intended to limit the potential losses from a certain position in case the market exchange rates turn out to be unfavourable.

The Limit (Take Profit, TP) order is an order to buy or sell assets at a particular price or better. The Limit order is executed and becomes a Market order at the moment the market price reaches the order’s specified price.

An SL and TP order can be placed in order to enter the market (1) or attached to an existing position (2). The difference between (1) and (2) is in the quantity of the order. When attached to a position, the quantity is always equal to the quantity of the position.

1) To place a new SL or TP order, click on the New Order icon - new-order in the Trading toolbar.


The New Order window can also be accessed if you double-click on an instrument.


The New Order window will appear:





Select either the Limit or Stop tab in the Order type panel. Set the price at which the order will be executed in the Price text-box and enter the quantity you want to trade. The price of the Limit Buy orders can not be higher than the current Ask price, and the Limit Sell cannot be lower than the current Bid price. Respectively, the price of the Stop Buy orders cannot be lower than the current Ask price, and the price of Stop Sell orders cannot be higher than the current Bid price.


This field applies only to LIMIT, STOP, and OCO orders.

It defines the expiry period of the order, and can be as follows:

Day – the order is valid only for the current day, until 23:59 h Eastern European Time (EET), and then it will be automatically cancelled;
Good Till Cancelled – the order is valid until you cancel it manually.



One Cancels the Other

You can also select OCO, also known as One Cancels the Other.

A One Cancels Other (OCO) order is actually two separate entry orders “linked” together, which are placed as a single order. When either of the two orders is executed, the other order one is cancelled. 

For example, you place a Stop-Loss order and a Limit order on one traded instrument as an OCO order. If the price of the instrument declines, then the Limit order will be cancelled and the Stop order will be executed. If the price of the traded instrument increases, then the Stop order will be cancelled and the Limit order will be executed.

Placing the Order

When you place a Limit or a Stop order, at the bottom of the New Order window, you will see a message that the order has been sent for confirmation, and Confirmed, when it is confirmed. The confirmation message shows the following information: order ID, order quantity, requested price level.