Order Entry panel allows to create trading orders with different conditions, such as order quantity, price, side, order type, and submit them on the market. From the Order Entry panel, you can supply all of the necessary information for order and easily submit it by clicking the appropriate action button.
The entire panel is conventionally divided into several zones:
choice of trading instrument and trading account;
setting the required order quantity and the order side (Buy or Sell);
choice of order type, its price and TIF condition;
setting of stop loss and take profit prices;
information on current Ask and Bid prices, spread size, VWAP prices, as well as an order placement button.
Open the main menu by clicking the logo and in the Trading section click on the OE icon.
The selection of a trading instrument can be performed manually through the Symbol Lookup or via linking the panel to other panels, for example, to the chart. Just select one link color in two panels and they will have a synchronized symbol parameter.
If there are several trading accounts available within your connection, you can select the required account by clicking the Select Account button.
Order Entry automatically lists all exchange-supported order types available for the associated instrument under the selected connection. Within our existed connections we support:
Market order is an order placed without a price with the intention of hitting the best Bid or taking the best Offer currently available in the market. The order fills at the current best price.
Limit order allows submitting an order at a specific limit price or better.
Stop order allows submitting a buy or sell market order if and when the stop trigger price is touched.
Time-in-force (TIF) instructions define the length of time over which an order will continue working before it is canceled. Within our existed connections we support many TIFs:
DAY is an order will be canceled if it is not executed within the current trading day;
FOK (or Fill or Kill) - an order will be canceled if it is not executed in the entire volume as soon as it becomes available;
GTC (Good till canceled) orders will remain working until they are canceled by trader or the contract expires;
IOC (Immediate or cancel) requires that any portion of an order that is not filled as soon as it becomes available in the market is canceled;
GTD (Good till date) order will remain working within the system and in the marketplace, until it executes or until the close of the market on the date specified.
To set predefined money management strategy, you can use the Stop Loss orders. To do this, activate the "Stop Loss" checkbox and specify the price at which the order will be closed.
Once the position becomes profitable, you can change the Stop Loss price to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when price changes strongly in the same direction or when it is impossible to watch the market continuously for some reason.
To gain profit, you can use the Take Profit order, which will automatically close the position at the specified price. To do this, activate the "Take Profit" checkbox and specify the price at which the order will be closed.
Once you have set all the necessary parameters of the order and clicked the PLACE ORDER button, the order confirmation screen will appear.
This window contains summary information about your order, which will allow you to verify the correctness of the entered data - order type, trade instrument, price, quantity, prices of take profit and stop loss.