| Stops,
Limits & New Orders
As a general note, please be aware that all orders
placed or executed on the E*TRADE Spread Betting trading
system are “our quote”.
Stop-Loss Orders
A ‘Stop-Loss Order’ is the method used
to limit the losses on an individual bet. It literally
means ‘when the loss on a bet reaches the point
where I no longer wish to risk any more money then
close me out of my bet’ (or ‘Stop’
me out).
E*TRADE Spread Betting automatically apply a stop-loss to
every new bet;
You can amend your Stop-Loss and add a Limit Order
right after your trade has been confirmed.
When you click on the Orders button above, you will
see this new ticket:
If you do not amend your stop-loss level right after
you’ve traded, your stop-loss will be based
on 80% of the funds available in your account or it
will be set at the Max CGSL (maximum Computer Generated
Stop-loss). Details of the Max CGSL for each product
can be found in our market information or if you click
here.
On accessing the ‘Orders’ area on the
trading screen you will be able view all the current
Stop-Losses and Limit Orders that are running against
your open positions.
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Viewing Your Stop-Loss, Limit
Orders and New Orders
You can find details of all stop-losses, Limit Orders
and New Orders if you click on the Order Book button
when you are logged into your account.
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Amending your Stop-loss and
other Orders
If you wish to amend the level of your orders, simply
click on the ‘Amend’ button next to the
relevant order and then change the price in the ‘Level’
field.
You can also add a Limit Order at this stage by clicking
on the Amend button next to the Stop-Loss associated
with your bet.
Stop-losses cannot be cancelled – they can only
amended.
Every market has a minimum distance from the current
price at which any Stop will be accepted. You may
move the stop further from the current market price
provided your account has sufficient funds to do so
– the system will not permit you to move your
stop level beyond such available margin.
When a position is closed, the stop-loss relating
to that trade will be automatically cancelled and
you will receive an email to confirm this.
All Stops are effectively Good Till Cancelled ‘GTC’
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New Orders
A “New Order” is an order that is not
attached to any existing bet and is independent of
any other instruction. A New Order is used to open
a new bet at a level in the market, which has not
yet been reached.
A ‘New’ order is different from a ‘Limit’
order because a ‘Limit’ order is cancelled
when the relevant position to which it applies is
closed.
The ‘New’ Order functionality is useful
for placing orders at critical market points so that
you do not have to be watching the markets every moment
of every day to ensure that you do not miss an opportunity.
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Creating a New Order
To create a “New Order” go to the product
of your choice and click on the ORDER button:
Once you’ve clicked on the Order button, this
ticket will appear:
 When
you click on the “If Done” button, this
ticket will appear:
Use this ticket to add a stop-loss level of your
choice and a Limit Order, if you wish.
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