Limit and Stop orders

Giving you greater control over your sale and purchase orders

Please bear in mind that:
  • The value of investments can fall as well as rise and any income from them is not guaranteed. You should be prepared to lose your investment. Past performance is not a guide to future performance.
  • Selftrade provides you with a range of tools and information to help you make informed investment decisions but does not provide investment advice. If you are in any doubt as to the risk or suitability of an investment or product you should seek advice from an independent financial adviser.

Introduction

The advanced trading functions of our dealing platform include a range of Limit Order and Stop Orders designed to provide you with greater control over your trading.

Valid for up to 90 days from the first business day on which you have placed the order we'll continually monitor share prices during market hours and carry out your order only where your specified price conditions can be met or improved upon. Used properly, these advanced dealing capabilities can form a useful part of your trading and portfolio management.

Limit Orders and Stop Orders may be placed online or over the telephone and can be cancelled at any point prior to expiry or execution. You can place any number of orders, provided you hold sufficient funds in your Dealing Account to meet the cost of purchase orders, or hold sufficient stock for sale orders at the point at which your Limit Order can be fulfilled. Where you do not have sufficient cash or stock, as appropriate, your order will be cancelled in full; partial execution is not available.

Choose the order types that fits the bill

Different Limit Orders and Stop Orders work in different ways so you can choose the one that best fits your aim.

All these Limit Orders and Stop Order types are available on all accounts:

"Sell Limit" - an instruction to sell a security only if the price rises to a pre-specified level, or higher. Used where you want to sell a share at a price higher than its current trading level".

"Buy Limit" - an instruction to buy a security only if the price falls to a pre-specified level, or lower. Used where you want to buy a share at a price lower than its current trading level.

"Stop Loss" - an instruction to sell a security only if the price falls to a pre-specified level, or lower. Used where you anticipate that the price of a security may fall and where you wish to set a price, lower than the current price, at which to sell the security.

"Stop Buy" - an instruction to buy a security only if the price rises to a pre-specified level, or higher. Used where you anticipate that the price of a security may rise and where you wish to set a price, higher than the current price, at which to buy the security.

"Trailing Stop" - an instruction to sell a security if the price falls back from its peak price by your pre-set margin (expressed as a percentage fall from the peak price) or more. Used where you wish to sell a security if it moves below a peak price by a pre-set margin..

You can set a target price (referred to as the "activation" price) or a target percentage profit level (the "activation profit") at which your order will then start to be monitored.

Alternatively, choose the "immediate" option to make your Trailing Stop Order effective straight away. By choosing the "immediate" option it will also instruct us to sell your holding if, having bought, the price falls by your margin amount or more, effectively acting as a Stop Loss Order.

Placing your Limit Order or Stop Order

You can place Limit Orders and Stop Orders by phone and online, in just the same way as placing other types of order .

Having entered details of the shares you wish to buy or sell, select the order type and enter your price parameters and monitoring period.

Use the "Estimated Trade details" to see how your order would work out in practice should your price parameters be met, then click the "place order" button or cancel, as appropriate.

You can review and amend your order at any point prior to execution or expiry by viewing your open orders.

Once the order executes, or if it cannot be completed by the time it expires (max. 90 calendar days from the first business day on which you have placed the order) you can choose for us to send you a text message to your mobile phone.

Limit Orders and Stop Orders will fail where there is insufficient cash (purchase orders) or stock (sale orders) at the point it would otherwise be completed.

For further information about Limit Orders and Stop Orders please call Customer Services on contact us.

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