How do I trade with different order types?
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?
How you can place a Market order
Select Market Order from the order types dropdown menu
Enter the amount you wish to buy or sell
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?
Select Limit Order from the order types dropdown menu
How you can place a Limit order
Enter the price and amount
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?
How you can place a TP/SL order
Select TP/SL and select Conditional or OCO (One-cancel-the-Other)
Set your trigger price for take profit and stop loss
Confirm the order
Why should I use TP/SL order?
Control over execution price.
Useful in volatile markets.
Advanced Limit Orders
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?
Select Advanced Limit Order and select Post only
Set your limit price
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?
Select Advanced Limit Order and select Fill or kill
Enter your limit price and quantity
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?
Select Advanced Limit Order and select Immediate or cancel
Set your price and quantity
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?
Select Trailing Stop from the order types
Set the trailing by Constant or Percentage
How you can place a Trailing stop order
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?
How you can place a Trigger order
Select Trigger Order
Set your target price at last price/ mark price/ or index price
Set the type of order (limit or market)
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?
How you can place a Scaled order
Navigate to the futures trading section
Select Scaled order
Define your price range and the number of sub-orders
Confirm the order
Why should I use Scaled order?
Ride the market trend to maximize returns.
Automatically scale orders.