Placing Logical Orders
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When you work in Logical Positions mode, you can place Market, Limit, Stop, and Conditional orders, just like in the regular trading mode.
You can place a new (Logical) Market order by switching Logical Positions mode on. Tick the Logical Mode check-box on the upper-right corner of the platform, and after that, open the New Order window.
1. When placing a Market order, first you need to choose the instrument you are going to trade. By default, it is set to the EUR/USD currency pair. Go to the Instruments drop-down menu and select the instrument you wish to trade:
Then choose the respective instrument from the drop-down menu.
2. Select Order Type
Choose Market in the Order Type panel:
3. Select Trading Operation:
Use the two buttons in the Trade control group to specify the trading operation:
Buy - Requests a Buy Market order at the traded instrument's current Ask price.
Sell - Requests a Sell Market order at the traded instrument's current Bid price.
The order will be executed in Click and deal mode. This is the default execution mode in Delta Trading 6. You can deactivate/activate the Click and Deal mode by clicking the Click and Deal check-box in Settings window.
4. Enter Trade Quantity:
Here you should enter the number of lots you wish to trade. In the info field below you can see your trade value and margin requirement. The default lot size for the currencies is 1000 units.
Since currencies are traded in pairs, when you buy a given amount of the first currency in the currency pair (base currency), at the same time you sell the respective amount of the second currency in the currency pair (quoted currency).
Example: When you buy 1 lot EUR/USD, you are buying 1000 EUR and respectively you are selling 1296.89 USD at the exchange rate of EUR/USD = 1.29689
Note: You cannot place Good After Time orders when in Logical mode.
5. Submit Your Order
Click on the Buy or Sell button to submit your order. The window's bottom part changes its colour, indicating that the order has been sent and Requested.
When the order gets executed, a confirmation appears at the bottom, showing various details about the order which was just placed.
6. This Logical order opens a Logical position, which is listed listed in the Position window. The ID numbers of all Logical orders in the Orders panel and the Last orders window (including Conditional orders in logical mode and Stop/Limits to open logical positions) will be purple in colour.
Their validity can be set to Day or Good Till Cancelled. You can also attach Limit/Stop orders to Logical positions. You need to right-click on the selected Logical position in the Positions window and in the context menu that opens, you need to select the Limit/Stop option.
The following window appears:
Note: If the position is opened with conditional logical order you will see the Conditional orders button in bottom right corner, where you can track how is formed this logical order.
From here you can set the Stop and Limit for the selected Logical position. This button shows you the minimal price at which you can set the Limit or Stop, and the button resets the value. You can also set a Trailing Stop from this window.
Once you have set the Stop and Limit, you need to click Save.
When you attach a Limit or a Stop order to a Logical position, their validity will be Good Till Cancelled. If you attach a Limit and Stop order to a Logical position, the orders will be executed on the principle One Cancels the Other (OCO) and their validity will be Good Till Cancelled. The price levels defined in the Limit and Stop orders attached to Logical positions can be modified. You need to right-click on the selected Logical position in the Logical Positions window and select the Stop/Limit option.
Select the respective price field, enter the new value and click Save. You can also cancel the Limit/Stop order by entering a '0.00' value in the corresponding field. You can also use the button to clear that value - then you need to click Save. All orders attached to Logical positions are displayed in the Orders window.
To cancel a confirmed order, right-click on it and select Cancel order:
When you place the cursor over the info [i] button in the Instruments column, you can view the full name of the instrument, the ID number of the logical position, the Margin required to keep this position open, Change per tick (shows you what is your profit/loss for the position per every tick) and Stop/Limit (the result which you will realise if the stop/limit to this open Logical position closes it):
By clicking on info [i] button you can see a description of that instrument on our website.
If there is a button, this means that this logical position has been formed from executed Logical Conditional orders or it has Requested/Confirmed conditional orders attached to it. You can open the Conditional orders window to check that.
You will see the sum of the quantities of all Executed orders in the Conditional orders window as an aggregate amount of the logical position: