Entry Stop and Entry Limit orders are orders to open a new position at an off-market price. If that price is reached, the entry order will be triggered and the trader will enter the market (a new position will open).
Entry Limit orders aim at opening positions in the future, when the market price has moved DOWN for a Buy order/UP for a Sell order. Entry Stop orders aim at opening positions in the future, when the market price has moved UP for a Buy order/DOWN for a Sell order.
Create an Entry Stop/Limit from the Dealing Rates window
To create an entry stop/limit from the Dealing Rates window, right-click on a buy or sell rate, and click Entry Stop Buy or Entry Limit Buy. (If forwards trading is enabled, then you will first have to select Spot or Forward.) This will open the Entry Order dialog.
Note: You can also right-click on the rates in the Dealing Rates Table window or the Instruments window and get the same menu.
Create an Entry Stop/Limit from the FXVoyager toolbar
To open a position from the FXVoyager toolbar, just click the Entry Buy or Entry Sell button under the Trade tab. Each button opens a dropdown menu allowing you to choose Entry Stop or Entry Limit.
Entry Order Dialog
| 1. | Enter the amount in lots. |
Note: The default pre-set amount is equal to the account DA setting
| 2. | Enter the rate in the “Rate” field. |
Note: The allowed price range is shown to the right of the “Rate” field.
Note: You can also adjust the "Distance in pips" box to set up your order. (Distance in pips = The difference in pips between the proposed entry order rate and the current market rate.)
| 3. | If you are creating this entry order as part of an OCO pair, select the "Create as OCO for order" box. You will then be able to select an existing entry order from a pull-down menu. |
| 4. | To preset a stop/limit order on this entry order, check the "Set Predefined Stop/Limit" box. More about predefined stops/limits... |
| 5. | Press OK. A new order marked ES or EL will be created and shown in the Orders window. |
Note: This order will be executed when the market price matches the order price.
Since the market continues to fluctuate while you are placing an entry order, certain fields in the Entry Order creation dialog will update in real time:
| • | If you set a specific entry rate and the market rate changes before the order is finalized, then ‘Distance in pips’ will update accordingly, while the selected entry rate will remain fixed. |
| • | If you modify the ‘Distance in pips’ field and the market rate changes before the order is finalized, then the entry rate will update accordingly, while the ‘Distance in pips’ will remain fixed. |
| • | If you do not modify any field and the market rate changes before the order is finalized, then the entry rate will update accordingly. |
Note: Some systems may allow Trailing Entry orders. Read more...
A new order marked ES (Entry Stop) or EL (Entry Limit) will be created and will appear in the Orders window.
This order will be executed at the time when the trader’s price matches the order price.