Allow Limit Orders


(Chris) #1

I’d love to be able to set certain conditions to place an automatic order. Similar to this idea.

However, I would like to say if x drops by y% or £z then buy £z of it or sell y% of my holding.


Stop loss order
Buy when stock hits a price
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Stop loss order
Stop loss order
Stop loss order
(Dave Smith) #2

Basically a Limit order


(Chris) #3

I knew there was a term but for the life of me I couldn’t remember it.


(Alex Sherwood) #4

Here’s some info on those -


(Kenny Grant) #5

Voted for this on the assumption it means a limit order. Perhaps worth changing the title? Would love to see these, though I guess other things might take priority (ISAs for one!).


(Chris) #6

Done.


(Denislav) #7

However, I would guess that if this happens the limit orders should be “instant” which means the one pound fee.

Edit:

Also, the funding needs to be in place for the limit order to happen.


#8

It could also work with Basic trades, but the share price would need to be compared to the limit just before the order goes through, so it could still change slightly


(Chris) #9

If at 15:45 price is X then purchase.


(Kenny Grant) #10

It would be really nice to see Freetrade try to introduce some innovation here and give users an expanded version of traditional limit orders - since they’re building a proper broker I hope this would be possible.

It’d be nice to be able to build limit orders with logic like

  • Time ranges
  • Price ranges (buy or sell)
  • Profit ranges (in percent or pence)
  • Longer time limits

To allow for things like: buy 100 units if between 10-12, then sell 100 units if between 15-20, valid for next 300 days.

This is the sort of thing that could really set Freetrade apart from other brokers for larger retail investors if they offer more sophisticated control over orders like this, and once you’re doing basic limit orders, hopefully adding a few more rules would not be very hard.


(Vladislav Kozub) #11

18 comments below were migrated from the thread that was for stop-loss specifically. This thread now covers all types of limit orders, including stop-loss and potentially further customised transaction types as suggested above.


(Lliam Grant) #12

Is there a stop loss feature in free trade yet? For me this is a must for managing and minimising risk. Thanks


(Steve Sharrott) #13

Would you mind explaining what this feature is, please?


(Emma) #14

Not sure it’s something I’d use. The only thing it really does is guarantee you’ll loose money on an investment that has dramatically reduced in price. For long term I think riding out the dips might end up being a better strategy in most cases. But not an expert, just how I see it.


(Steve Plumbley) #15

I agree a stop loss would great. Is there not one at the moment?


(Jim) #16

Yes for me this sort of functionality is essential before I can commit to placing more significant funds on the platform.


(Kenny Grant) #17

You can vote for this feature over in the ideas section (I think the two could go together):


(Kenny Grant) #18

Yes I feel the same about stop losses (including the not an expert bit!). They could in theory be used to prevent any kind of loss (you can set one after you’re making a profit after all, to stop it going into a loss at all), but retail investors are unlikely to use them that way and more likely to lose money IMO by using them - if you have a time horizon of 20 years, and you believe the stock you have invested in will last that long, there is little reason not to wait. The greatest sin of most retail investors (myself included) is probably trading too much, not too little.

So many concepts from mainstream investing are predicated on frequent trades with a time horizon of a few hours, days or weeks, and one of the few advantages a retail investor has is that you’re not focussed on quarterly numbers, and you simply don’t have to get out of a trade quickly, and you don’t have to deploy your money for maximum profit and avoid wasting time in the doldrums.

But everyone has a different style of investing, and there are many reasons you might want this. I quite like automated trading and would love to see other types of limit order. I tend to use limit orders more to buy than to sell, and never use stop loss personally, but if you’re going to do limit orders this is a simple addition.


(Vladislav Kozub) #19

Hey Liam, @Chris has proposed this idea:

It would be a great feature to have, and is commended by Freetrade themselves:


#20

I can’t see an option to vote on this. Shouldn’t the ideas have a vote button?