Stop orders are submitted on the opposite side of the market and are traditionally protect a position. A buy stop order is submitted at a price higher than the current best bid but does not fill until that price trades. A sell stop order is submitted at a price lower than the current best offer price.
Note that if the market is moving rapidly you may get filled at a worse price than the one you entered. If you want to prevent this by setting a limit price for the stop then you can do so with the Stop limit order type.
- Make sure the chart trading is enabled.
- Tap here to bring up the menu to set a volume greater than zero.
- Set the Stop Market order toggle. By tapping the order tool bar and then tap on the S in the drop down, and then the S changes from black to orange. This means the next order submitted will be a stop market order.
- Buy Stop Tap in the Bid column above the current market. Once submitted you can long-press hold the order drag and drop to revise the order.
Sell Stop Tap in the Offer column below the current market. Once submitted you can long-press hold the order drag and drop to revise the order.
When submitting an order into the chart you there are different prompts you can enable. For this example we went to the
Tap2Trade Settings and set the order confirmation to order ticket. We we tapped in the buy column and below is how the order ticket looks. We set the price for 2648.75 and then tapped submit. The order ticket is handy to accurately submit at the price you want, and also allows you to edit the QTY, change the price, change form a buy to a sell, or make it a GTC before submission.
Now the order is working and visible on the chart and is indicated with a blue circle and a line. They are also numbered so you can keep track of your orders. If this had been a sell the order would have been colored red. If you tap on the order you will be given the details and there is an
inside the order details, this x allows you to cancel the selected order.
To revise an order you can long press on the circle and swipe up or down depending which way you wish to revise your order. You will notice that after you long press the order a popup will let you know that you can drag to the right to cancel the revision and leave the order working at the original price.
