Attaching a Limit/Stop (or Trailing Stop) /OCO order to a position
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You can attach a Limit and/or Stop (or a Trailing Stop) order to an open position. The purpose of these types of orders is to CLOSE THE POSITION when the price reaches the level you have specified, and thus protecting your profits or limiting your losses from that position.
To attach a Limit/Stop or an OCO order to a position:
The following dialog window will appear:
Note: If the position was opened with Conditional Logical order you will see the Conditional orders button at the bottom-right corner, where you can track how this logical order is formed.
This dialog allows you to specify the parameters of the pending order:
The quantity of the pending order is the same as the size of the position, so there is no need to specify it. You only need to specify the price levels at which the pending order will be executed (and your position will be closed).
Note: If you change the calculation (in the currency of the instrument or the currency of the account) of Profit/Loss (double-click on the Currency column) in the Positions window, you will change the calculation of the P/L for the Limit/Stop in the Stop/limit to an open position window.
When you click on the buttons next to the Limit/Stop field, the limit and stop price levels are entered automatically in the boxes - these are the closest to the market values. You are also given the option to enter your own target level for the limit and/or stop-loss.
Remember that the price of the Limit/Stop/OCO order cannot be set too close to the current market price. The difference between the limit/stop price and the current market price should be at least 10 times the instrument's spread.
The prices of the attached Limit/Stop orders are shown in the Take profit and/or Stop Loss columns in the Positions window. Double-click on the price in these columns will show profit/loss (in the currency of the account) which will be realised if the Limit/Stop to the position was executed. The same goes for the Trailing stop:
If you want to change the limit/stop levels, open the Stop/Limit to an open position window again and set the new levels. After you press Save, the prices are immediately updated in the Positions window.
The Trailing Stop maintains a Stop-Loss order at a fixed number of pips below the market price in the case of a long position, or above the market price in the case of a short position. The Trailing Stop is a very useful tool as it ensures the protection of your profits, while limiting your losses. It combines the protective mechanism of the Stop-Loss order while allowing you to taking profit if the market moves in a favourable direction for the open position.
With the Trailing Stop you don’t need to constantly monitor the quotes and perform changes on the stop-loss level because as the Stop-Loss order follows the favourable market movements, always remaining at the same fixed amount of pips below or above the market price.
The Trailing Stop can only be attached to an open position. If the market moves in a favourable direction, the level of the Stop-Loss order also will change to reflect the favourable move.
The Trailing Stop in Delta Trading 6 must be set above/below the market price:
- at a fixed amount that is at least four times the spread of the currency pair presented in pips
- at a fixed amount that is at least four times the spread of the traded instrument (CFDs, Gold and Silver) presented in the currency of the instrument.
When you exit the trading platform, the adjustment of the Trailing Stop to the market price ceases, and the system records the last stop-loss level reached. The next time Delta Trading 6 is loaded, the adjusting movement of the Trailing Stop will resume.
Note: When the platform is closed, the Trailing Stop starts functioning as a regular Stop-Loss order, i.e. it is not a Trailing Stop any more, but a normal Stop.
1. To set a Trailing Stop to a position, specify the number of pips in the Trailing Stop box. You can also use the Up/Down arrows to increase/decrease the number.
Trailing Stop to a position
2. Then press Save. The stop appears in the Order List window as well as in the Stop column of the Positions window. After saving your Trailing Stop, a confirmation will appear at the lower-left corner of the window, and you can then close it.
Note: If a normal Stop/Limit in the same instrument is triggered before an attached Stop/Limit and the size of the position changes, the size of the attached Stop/Limit is immediately updated too. You can set Trailing Stop orders only to three open positions.