CMC Markets share order entry

[steven01]

HI, I am just starting to use CMC for shares not CFD's. Not sure how I place a stop entry order or if you can e.g.

1. if ABC is trading at $1.00 but I want to confirm my thoughts of an uptrend first and not buy until it reaches $1.10 how do I place this order?

2. Also, say a XYZ is at $2.00 and I want to place an order to buy on next open the screen says limit. Does that mean I should put in an order to $2.10 so it buys me these shares up to the $2.10 limit?

Couple of questions there, thanks for any help, cheers.

 

[Lone Wolf]

Re: CMC share order entry

HI, I am just starting to use CMC for shares not CFD's. Not sure how I place a stop entry order or if you can e.g.

1. if ABC is trading at $1.00 but I want to confirm my thoughts of an uptrend first and not buy until it reaches $1.10 how do I place this order?

I don't think I've ever used a buy stop with CMC, but I'll try to help anyway in case you get no other replies.

Fill out the order ticket as you normally would. So if you are willing to pay a maximum of $1.18, then buy ABC at Limit $1.18. Then add a condition to place order if price is at or above $1.10. Your limit order at $1.18 will now only be triggered if ABC trades at or above $1.10.

You usually can't place market orders unless the market is open. But I believe you can choose market order if you place a conditional entry since the market will be open when your condition is met.

Be aware that buy market orders are actually limit orders that are placed three price steps above the last sale price. So if you buy at market when price hits $1, don't expect to be filled at $1.

2. Also, say a XYZ is at $2.00 and I want to place an order to buy on next open the screen says limit. Does that mean I should put in an order to $2.10 so it buys me these shares up to the $2.10 limit?

Your understanding of a Limit order appears to be correct. Remember that if price opens above your limit and keeps going higher, you won't get filled. There is also a limit to how far away from the current price your order can be. 10% I believe. So if you try to buy XYZ above with a limit order of $2.50 your order will be rejected.

 

[Steve01]

Re: CMC share order entry

Thanks Lone Wolf, appreciated.