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How do I trade with different order types?

發佈於 2024年6月18日更新於 2024年10月9日閱讀時長 7 分鐘57

Trading with these advanced order types can significantly enhance your trading strategy. Whether you're aiming for quick execution with market orders or precise control with limit orders and advanced conditions, understanding these options helps you trade with confidence and efficiency. Here’s a comprehensive guide to utilizing these order types, whether you’re a beginner or an advanced investor.

Order types Benefits of using them
Market Order Provides quick execution and is ideal for highly liquid markets.
Limit Order Offers control over the execution price, making it useful in less volatile markets.
TP/SL (Take Profit/Stop Loss) Allows control over the execution price and is beneficial in volatile markets.
Advanced Limit Orders: Post only Enhances control over fees and execution prices, making it advantageous in volatile markets.
Advanced Limit Orders: Fill or kill Ensures complete execution of orders, which is useful for large orders in volatile markets.
Advanced Limit Orders: Immediate or cancel Guarantees the ability to engage the market at any available size and is effective for quick order execution in volatile markets.
Trailing Stop Protects gains by allowing the trade to remain open when the price moves in favor of the trader.
Trigger Offers control over the execution price and provides automatic protection for profits or limitation of losses.
Scaled Order (for Futures trading only) Maximizes returns by riding market trends and automatically scales orders.

Market Order

A Market Order is designed for immediate execution at the best available price. This is the fastest way to enter or exit a position but does not guarantee the price at which your order will be filled.

How do I place a Market Order?

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How you can place a Market order

  1. Select Market Order from the order types dropdown menu

  2. Enter the amount you wish to buy or sell

  3. Confirm the order

Why should I use Market Order?

  • Quick execution.

  • Ideal for highly liquid markets.

Limit Order

A Limit Order allows you to specify the maximum price at which you are willing to buy or the minimum price at which you are willing to sell. The order will only be executed at your specified price or better.

How do I place a Limit Order?

  1. Select Limit Order from the order types dropdown menu

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    How you can place a Limit order

  2. Enter the price and amount

  3. Confirm the order

Why should I use Limit Order?

  • Control over execution price.

  • Useful in less volatile markets.

TP/SL (Take Profit/Stop Loss)

A TP/SL order automatically places an order when the market price reaches your specified target price, helping you lock in profits or limit losses.

How do I place a TP/SL order?

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How you can place a TP/SL order

  1. Select TP/SL and select Conditional or OCO (One-cancel-the-Other)

  2. Set your trigger price for take profit and stop loss

  3. Confirm the order

Why should I use TP/SL order?

  • Control over execution price.

  • Useful in volatile markets.

Advanced Limit Orders

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How you can place an Advanced limit order

There are three types of Advanced Limit Orders:

  • Post Only

  • Fill or Kill

  • Immediate or Cancel

i) Post only

A Post only order ensures that your order is added to the order book and does not execute immediately. It will only be placed as a maker order. If your post-only order matches an existing order, your post-only order will be canceled.

How do I place a Post only order?

  1. Select Advanced Limit Order and select Post only

  2. Set your limit price

  3. Confirm the order

Why should I use Post only order?

  • More control over the fee and execution price.

  • Useful in volatile markets.

ii) Fill or kill

A Fill or kill order must be fully filled immediately upon placement, or it is entirely canceled. This ensures the buy/sell order is fully executed or canceled entirely (without partial fills).

How do I place a Fill or kill order?

  1. Select Advanced Limit Order and select Fill or kill

  2. Enter your limit price and quantity

  3. Confirm the order

Why should I use Fill or kill order?

  • Ensure your orders are fully executed in full.

  • Useful when executing big orders in volatile markets.

iii) Immediate or cancel

An Immediate or cancel order must be filled immediately, but any portion of the order that cannot be filled is cancelled.

How do I place an Immediate or cancel order?

  1. Select Advanced Limit Order and select Immediate or cancel

  2. Set your price and quantity

  3. Confirm the order

Why should I use Immediate or cancel order?

  • Ensure your ability to capture the market in any size available.

  • Useful when executing order quickly in volatile markets.

Trailing Stop

A Trailing Stop order dynamically adjusts with market price movements, trailing the market by a predetermined amount. It activates only when the market reverses by that specified amount, closing the trade if the price shifts direction by a set percentage or dollar value.

How do I place a Trailing Stop order?

  1. Select Trailing Stop from the order types

  2. Set the trailing by Constant or Percentage

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    How you can place a Trailing stop order

  3. Confirm the order

Why should I use Trailing Stop order?

  • Protect gains by enabling a trade to remain open when the price is moving in the trader's favour.

Trigger

A Trigger order executes a limit or market order once your target price is reached, automating your trades at predefined prices.

How do I place a Trigger order?

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How you can place a Trigger order

  1. Select Trigger Order

  2. Set your target price at last price/ mark price/ or index price

  3. Set the type of order (limit or market)

  4. Confirm the order

Why should I use Trigger order?

  • Control over execution price.

  • Automatically protect profits or minimize losses.

Scaled order (for Futures trading only)

A Scaled order allows you to set a price range and place multiple limit orders within that range. This is particularly useful for futures trading.

How do I place a Scaled order?

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How you can place a Scaled order

  1. Navigate to the futures trading section

  2. Select Scaled order

  3. Define your price range and the number of sub-orders

  4. Confirm the order

Why should I use Scaled order?

  • Ride the market trend to maximize returns.

  • Automatically scale orders.