No chance of modifying a completed ordered. Only pending orders can be modified/cancelled.
If you are talking about Cover Orders and Bracket orders, yes you can modify the stop loss values even after the execution of the first leg.
I was using Z5 to modify cover orders, not sure whether it is working now, but possible. For BO use ZT to modify.
- You place a Buy cover order with X as Sell stop loss
- Your First Leg of order, which is Buy order gets executed immediately. (You cant change this).
- Your order book, now shows the Sell Order with Stop Loss trigger. You can modify this SL value using Modify Order option. Be careful, Exit Cover Order will square off your position and Modify order allows you to modify it.
Note: Trialing Stop Loss value cannot be modified for BO, other values can be modified.
HOW TO INCREASE NIFTY INTRADAY CALL PUT TRADING PROFITS WITH TRAILING STOP LOSS ORDER?
What is STOP LOSS?
Stop loss is a buy or sell order which gets triggered automatically, once the stock/call or put reaches a certain price. The aim here is to limit the loss on a security/call put (buy or sell) position. A stop order to sell/buy becomes a market order when the item is offered at or below the specified price.
I Will explain with an example:-
Example:- I have bought Nifty 8100 Call at Rs 150. If the price moves above Rs 150 i will be making profits and close the position. But in case if the price moves below Rs 150 what are you going to do? If market starts crashing, u will not be able to place order to limit the losses. So, you will use STOP LOSS ORDER, where you can place a stop loss order at Rs 140 or whatever price u like. Once the market moves against you and reached Rs 140 or lower, the order gets executes and you will make loss of Rs 10 x Qty bought. So STOP LOSS ORDER is very useful to limit losses.
What is TRAILING STOPLOSS ORDER? How it helps?
When you place a TRAILING STOPLOSS ORDER you get an option to either place a fixed stop loss order, or also an ability to trail your stoploss. What this would mean is that if the contract/stock moves in your direction by a particular number of rupees/ points, the stop loss will go up/down based on if you are long or short automatically.
I Will explain with an example:-
Example:- I have bought Nifty 8100 Call at Rs 150 and placed a TRAILING STOPLOSS ORDER at Rs 140 and fix trailing at Rs 10. In this Case if the price moves from Rs 150 to Rs 160, you stoploss order changes automatically to Rs 150 (In any case it will change to a lower value again). Again if price moves up to Rs 200, your stoploss order moves to Rs 190. So your profits will keep on increases. But If the price moves down now to Rs 189 from Rs 200, your stop loss order will get executed at Rs 190 and will make profit of 190-150 = Rs 40 x Qty bought. So this change happens automatically.
Use this order to increase your profits.
so there is no chance of trialing my stop loss manually
I guess u r confused with the concept of trailing stop. Trailing stop is a scenario where you simply raise your stop incase market is going in your direction in order to lock some profits. So if your initial stop was say 8200, now you want to trail it to 8350, simply modify the existing stop order from 8200 to 8350.
“simply modify the existing stop order from 8200 to 8350” yeah i am asking how to modify existing stop order
press ‘F3’ to open order book, then select the pending order and below you will find ‘Modify’ option. Click ‘Modify’. Then the order dialogue will open, change price and press ‘Submit’’
i understand the concept of cover orders but here the problem with me is i want to modify stop loss after the price moved towards my order for example i go long nifty futures @8200 with stoploss 8170 and price moved up to 8250 then i want to modify my stop loss to 8220. so how it is possible in Z5 is my question?
I was doing this sometime back before the critical update. I am having trading break now, so not trading nowadays.
This is what I used to do.
Open Z5. click F3 or revoke the Order Book Window. Your stop loss order will be visible there, Choose that and click Modify order.
Modify Order window will come. In that you revise the trigger value from 8170 to 8220 and submit.
Sometimes it would be slow, but be patient, it will change.
In nestweb, you cannot modify cover orders. It will not allow you saying that "CO cannot be modified"
In TradeExpress, you can modify the cover order, but only below your buy price, I mean on the loss side only. You cannot set on profit side.
Only in Z5 I used to modify since it allowed me to set on profit side also.
yes you can change the stop loss for bracket order after execution. For zerodha kite ,You need to go orders then click on the row in which stop loss is shown, click there and MODIFY .
Can i modify my stoploss above my buy price once my executed buy order has moved up(like trailing Stop loss)…
For eg …i bought nifty future cover order @9500… with stoploss at 9400…now the price has gone to 9700…can i modify the initial stoploss of 9400 to 9600(which will be above my buy price)??
@shub69, @ NITHIN pl clarify i alsohave same doubt, when ltp is above buy price in cover order can i shift stoploss toabove buy price but below LTP. PL REPLY
Yes, you can do this.