Learn how to place a spread bet on the Next Generation platform. Order types include market, stop-entry, limit, plus regular, trailing and guaranteed stop-loss and take-profit orders.
You can open an order ticket, to buy and sell products by clicking on any streaming price throughout the platform. From the product library, your watchlist, quote panels, any charts you have opened, and even from your Account section from the platform. If you think the price is going up, click on the buy price, if you think the price is going down, click on the sell price. In this example we will buy, clicking on the price launches an order ticket. The order ticket clearly displays the product name, the sale and buy price, the daily low and high price levels, the real-time spreads, and the direction of the trade.
You can swap the direction of the trade easily by clicking the relevant buy or sale price box. First of all, you need to choose your position size, you can specify this in units or amount. Let's use units for this example, and hit return. The amount of money required for margin is displayed here, you can select either a market order, which executes a trade on the current market price, or choose limit, or stop entry order, to execute a trade at a specific target price.
Each limit, or stop entry order, is set to open ended, unless you specify an expiry date. The price ladder is for clients who want to place larger than normal trade sizes. These are trade sizes that are larger than those available at the first level. This is covered in more detail in a separate video. Stop-losses can be set at a specific price level, by approximate amount of money you would like to risk, or by a points distance away from the current market price.
You can choose between using a regular stop-loss, trailing stop-loss, or guaranteed stop-loss order. Trading stocks trail behind your open position by a set number of points, only if it moves into a profit. Guaranteed stop-loss orders work the same as regular stop-losses, except they're guaranteed to close out trades at the price specified, regardless of volatility or gapping, there is a small premium paid when placing a guaranteed stop-loss order. You can add or take profit order, which you can set by target price or approximate amounts of money you would like to gain from the position.
You can also view and amend risk management directly from a chart by clicking this icon. You can see the current market price, and set the potential take profit, and stop-loss orders from here. This can allow for more effective risk management placement, as you can compare your stop-loss, and take profit to historical price action. If you're ready to place your trade click Confirm to execute it. Once your trade is live, you can see it updating in real-time.