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225 - Placing CFD Trade Orders

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In this tutorial we'll show you how to place a CFD Trade Order in the SaxoTrader Go platform. As an example, I'm interested in trading 5,000 Vodafone as a CFD as I think we're going to see some price movement in the company today. So maybe I have been looking at the chart and have identified an area of interest at around 220. So I am going to place a limit order to buy 5,000 Vodafone if the market price falls to 220. If my entry order executes, I want to add a limit order to close the position to take profit at 230. I will also add a stop loss to limit my losses if the price does not rebound from 200 but continues down to 190. If you have a Watchlist with your CFD click the Bid, Ask or Last Traded button on the CFD to open its Trade Ticket. Alternatively, the Instrument Finder at the top of the platform makes it easy to find and select any instrument by just entering a few letters of the instrument's name or symbol. I will be trading the Vodafone as a CDF so I can just enter "VOD". You'll notice that we have a few entries of "Vodafone" in the list. The first here is the stock with the yellow stock (or "equities") icon, and I want to trade it as a CFD which has the red CFD icon here. You'll also note that "Vodafone" is listed on a number of stock exchanges but I want the main listing on the London Stock Exchange which is the one here with an xlon extension. So be careful about selecting stocks on the exchange you want to trade. I will just select that from the list. The Vodafone CFD on London is selected in the Trade Ticket and the trade types available are available from the Trade Selector. In this example we are going to place a trade order so I leave the Trade Selector on the default Limit Order. So first, we will select the amount to trade. I am going to buy 5,000 Vodafone CFDs so I select 5,000 here for the quantity. I will enter the entry price of 220. The Duration sets how long the order is valid for. By default this is G.T.C. or Good Till Cancelled which means the order will never expire. In my example, if this strategy doesn't execute before the end of the day, I want to cancel it so I will select "Day Order". You can also select other timescales but Day Orders and Good Till Cancelled are the most commonly used. Now I am going to add the related Take Profit and Stop Loss orders I talked about by first clicking the Add Take Profit / Stop Loss link. First I will select Limit to add a Take Profit Limit Order. I want to place my order at a fixed price level so I will enter a Limit Price of 230. Note I can also select percentage to enter a price as a % change away from the entry price. And I will select Stop to add a stop loss to protect my position. A number of stop order types are available, but I will take the default Stop. I might just want to check the margin for this trade so I'll un-collapse the Margin section here. What this shows me is the change in my available margin if I buy this instrument and if I have sufficient margin to cover the trade, in which case the impact bar would be red. But this trade is well below my available margin so no problems there. Let’s go ahead and make our trade by clicking the Place Order button. So now I have to confirm the orders are correct, I’ll just double-check these. I will now click the OK that the order details are right to place the orders. The Trade Confirmation appears to confirm the orders. Note that I am seeing 3 orders because we placed the entry order, a take profit order and a stop loss order. I will just acknowledge that. And now I can see my new Vodafone order in the Open Orders list. As you can see I have a limit order to buy 5,000 at 220. I can also see my related limit order at 230 and stop order at 190 which are parked because they are not active in the market until after the Entry Order executes. I can cancel the orders at any time before it is executed by selecting the order and clicking the Cancel order button. I can change the orders at any time before execution by double-clicking on it here. I can change the amount, price and duration for the entry and related orders. If I want to change anything else, such as the account or entry order type, I would have to cancel and replace the order.

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Duration: 5 minutes and 58 seconds
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Language: English
License: Dotsub - Standard License
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Views: 4
Posted by: hve_textminded on Nov 4, 2015

225 - Placing CFD Trade Orders

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