In the app, you can set an Order to open a position at a set price. For example, if the price for a certain product is currently €78 and you automatically want to buy it when it hits €75, you set an Order to make things easier for you.
A few steps that will help you place an Order:
After selecting the product, you will see the "Order" option in the top right of the screen:
Decide if you want to trade UP or DOWN, enter the price for which you want the Order to be executed, and place the Order:
This Order will then appear in the 'Orders' tab. Once it hits the price you set, and the order is executed, it will move to your '% Positions' screen. Whilst an order is waiting to be executed, you still always have the option to delete it.
A couple of points to be aware of:
- It's important to remember that your Order is not always guaranteed to be executed at your predefined price. The Orders that you place in the app are either ''Limit'' or ''Stop'' Orders, depending on what you wish to happen. Limit Orders are guaranteed (except for the situation where you have a gap opening), but Stop Orders are not guaranteed. Some examples of the difference:
A Buy Limit Order (arrow up) is placed below (better than) the current market price
A Sell Limit Order (arrow down) is placed above (better than) the current market price
A Buy Stop Order (arrow up) is placed above (worse than) the current market price
A Sell Stop Order (arrow down) is placed below (worse than) the current market price
- Your pending Orders will also impact the available Cash balance on your account as it reserves the amount to place the order, so you will only be able to set Orders for what you can actually afford. The amount is considered as an "invested amount" and will impact your Trading Capacity.