The Order Entry panel is where market or pending orders can be placed. To open the Order Entry panel select Terminal > Order Entry. Additionally, the Order Entry panel can be seen within the Chart or simply by right clicking within any open panel and selecting New > Order Entry.
- Account - the account which is used for the order.
- Instrument - the available instrument for the trade.
Type - Market, Limit, Stop, Stop Limit, Trailing Stop, OCO.
- A Market order guarantees execution and is often connected with relatively low commissions due to the minimal work required by the brokerage.
- A Limit order is placed with a brokerage to buy or sell a set number of shares at a specified price or better.
- A Stop order is placed to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the investor's loss or locking in his or her profit.
- OCO is an order stipulating that if one part of the order is executed, then the other part is automatically canceled.
- A stop-limit order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.
- A "Sell" trailing stop order sets the stop price at a fixed amount below the market price with an attached "trailing" amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn't change, and a market order is submitted when the stop price is hit. "Buy" trailing stop orders are the mirror image of sell trailing stop orders.
TIF - Time-in-force options allow traders to be more specific about the time parameters in which an order is activated. This is especially important for active traders. It can be Day, GTC or IOC.
- A Day order, as the name implies, is valid for the current trading day.
- Good till cancelled orders, on the other hand, will remain alive until they are cancelled.
- IOC (Immediate or Cancel Order) requires that all or part of the order be executed immediately after it has been brought to the market.
- Good till date allows input of date until upon which the order will be cancelled if not executed.
- OnClose is a type of limit order to buy or sell shares near the market close if the close price is better than the limit price.
- OnOpen is a type of limit order to buy or sell shares near the market open if the open price is better than the limit price.
Read more on Investopedia.
- Risks - allows setting a price for Stop Loss and/or for Take Profit. In addition, Set Trailing Stop can be used to let profits run while cutting losses at the same time.
- Initial Margin - minimum account balance required to open the position.
- Maintenance Margin - minimum account balance required to keep this position open.
Right clicking within the Order Entry panel and selecting view will display the following options:
|| Displays the current Bid/Ask price
Margin displays Initial Margin and Maintenance Margin.
||Swaps displays swaps for the position to be opened.
||Automatically sets the amount in lots for a position according to defined risk.
||Toggles buttons to Sell/Buy pattern
||Toggles buttons to Buy/Sell pattern
|Place Order Button
||Adds Place Order button to panel
When Margin is selected, a new option is available by right-clicking: Margin for only new positions. This calculates the margin based only on new positions not existing.
The risk management function makes approximate loss and profit visible based on the predefined risk settings.
Risk can be set as a percentage of the available balance or a specific dollar amount for Forex, futures, or stocks. To adjust risk per position, click on the Set button near the Autosizing button. After defining the settings, click OK: