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The wide variety of order types offered by Deltastock provides traders with significant
flexibility and security when managing their positions.
Delta Trading allows the execution of 9 types of orders: Market order, Click & Deal order,
Limit order, Stop order, One Cancels the Other (OCO) order, Logical (Hedge) order, Conditional
order, Trailing Stop, and Basket order. Traders can better manage the risk of their
trades and take advantage of the convenience to place Take Profit and/or Stop Loss orders
and walk away from their computer. By utilizing the different order types, positions
are protected from adverse market price movements and traders can thus limit any potential losses.
Let’s have a look at the different order types in more detail.
To place a new order, just double click directly on the desired instrument from the Foreign
Exchange window or CFD window. Or just click on the ‘New Order’ button
from the control panel. The ‘Order’ window will open up. From
this window you can execute 5 types of Orders. Let’s look at Market order and Click &
Deal order. Market order is executed at the best price
currently available on the market; Click & Deal order is a market order with
an instant execution. Here the execution price might be different from the placing price
depending on the current market conditions; For both of these orders, the Price field
stays inactive and cannot be changed. Let’s place a buy order for EUR/GBP 5000.
Select EUR/GBP, enter 5 lots, and just click on Place.
A trade confirmation window will appear with the details of your order.
From the same Order window you can also place a Limit or Stop order. To do so, adjust the
Validity of the order, by selecting Day or GTC (Good Till Cancelled). Also, enter a price
in the price field. The fifth order type is One Cancels the Other
(OCO) order. It integrates a Stop and a Limit into a single order, the execution of either
one will automatically cancel the other. Let’s place an OCO order and buy 7 lots
of EUR/USD. Then click on the top field to enter the stop price, which should be higher
than the current market level. Then enter the limit price of the OCO order,
which should be lower than the current market price.
Click on Place. If the stop or limit price is too close to
the market price a window will open up. A new optimal price will then be suggested.
Once your Limit, Stop, or OCO order is confirmed it will appear in the Orders window. Now you
can attach a Conditional order to it. Conditional orders are 2 or more Limit, Stop,
OCO orders bound to another placed and confirmed Limit, Stop or OCO order.
Conditional orders help you to follow and execute your trading strategy without any
need to keep an eye on the market all the time.
To place a conditional order, right click on an already confirmed Limit, Stop or OCO
order and choose conditional orders. By right-clicking on the Confirmed order you
can choose from 3 options for the conditional order – Limit, Stop or OCO.
In this window you can place up to five conditional orders to create your strategy tree.
These orders are executed in a strict sequence you set – when one of the orders is executed,
the next one attached is activated automatically. Once you are done, click on Save.
Now let’s take a look at another order type called Logical order.
Logical positions allow you to simultaneously maintain short and long positions on the same
instrument. This option can be used to apply different hedging strategies.
To place a Logical Order, click on ‘Trading’, and then select ‘New Logical Order’.
Let’s make a logical order and buy AUD/USD 5000.
Select AUD/USD and type 5 lots. Then place the order.
Now let’s make another logical order and sell AUD/USD 3000.
Select AUD/USD and type 3 lots. Then place the order.
To view your logical positions, select the option from the Trading menu.
Logical Orders are explained in more detail in a separate video.
Another unique order type of Delta Trading is the Trailing Stop. This is a special stop-loss
order type which allows the trader to profit from favorable market movements while having
the protection of a "Stop" order. The Trailing Stop can only be placed to an
open position, by right clicking on a position and choosing ‘Stop/Limit/…’
Enter the targeted level for limit and stop loss.
The stop-loss order follows the favorable market movements and always remains at the
same fixed amount of pips below or above the market price.
The last order type in Delta Trading is the Basket Order, which is a buy or sell order
placed for a group of financial instruments. It is executed through the Virtual Portfolio
module. To learn more about Trailing Stops and the
Virtual Portfolio module, please check the separate videos on these topics.