It would be really useful if we had buy stop orders as an option. Similar to the triggered stop loss, but this will place a buy order once the stock goes above your set price. Common feature that most brokers have. I personally use this feature a lot with another broker I have to buy into stocks early that are breaking out.
Hi Haider,
If I’ve understood you correctly, limit orders are available on Plus.
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I think it’s a rising rather than falling trigger being requested “to catch break outs”
The wording above is in essence “once the price dalls below the price you specify”.
What I think is being asked for is “do not buy until the price exceeds £x.y”.
“To swing trade” this would be a terrible feature and one that would cause a lot of people to buy stuff just because it’s going up. Invest in companies you like, have researched and want to hold or take a look at the 2:15 from Newmarket.
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Not a feature I can see myself ever using personally. Was just trying to expand on origiinal request giving more detail.
Caveat emptor. DYOR. etc.
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helpful details I think. Not a feature I can see a use for either.
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People do use these types of orders. One potential use would be to react to some expected news if it goes your way. Not something I’d ever use but it does open up more strategies.
Hi TheRaven,
I can see options for limit and trigger buy orders on plus, not buy stop orders.
With stop orders you are hoping to buy stock once it is higher than your trigger price, in the hopes that the price will go much higher in the future.
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A buy stop order should be available and is a great idea.
It’s a standard tool for trading, which is used all the time for buying strength.
Regardless of whether you’re a swing trader or long-term investor, people often want to buy at a certain price above the current price - not below. One example is a crossover of a moving average, confirming an uptrend, or a price above a resistance level, confirming a move upwards.
A good example would be to buy the S&P once it moves back above 3950 - indicating a reversal to the upside.
Whether you use it or not, a wider choice of features can only be a good thing.
Many people want to buy stocks when they’re going up - after all, price moving higher is the only way anyone makes money on the long side, no?
I see Freetrade has difficulties to grasp basic concept of Stop Limit order. Yes, I agree, it is a common type of order and I asked long time ago whether it could be implemented. If Stop Limit name is confusing, in the end, it is not stop, it could be called Trigger Limit order. When I had account with TradeKing I could send this type of order to the market together with OCO order (profit taking limit order and stop loss order.) All previous day in the evening in one go, no need for repeated visits to the website.
Why do I want it? I do my research and find a candidate to buy. I cannot spend time on my phone while at work, so I want to send the order in the evening one day earlier. Lets say, one day price crosses moving average. My trigger for the following day morning would be a few points above high of that day when price crossed above moving average. Only if price crosses my trigger price, order will be executed. If the order is with limit price, my final price would be somewhere between trigger price and limit.
It should not be difficult to code.