I failed to use Stop loss a lot of times. Can anybody help me how to execute it and what’s wrong with my Sell order as shown in pic. ?
If you want to use SL to get out of position that can only be done with order type BO and CO, BO is blocked due to high volatility but you can use CO.
Sir from the image you have posted you seem to be using CNC. You can’t sell using CNC
Thank you for being helpful @ShubhS9.
Thank you @Alice_Roy . You’re right! Exactly this is BTST! Now I know how to move on. Thanks a lot.
So stop loss is to exit when you are making loss, in this case you are long and keep a sell stop loss, so you can’t place trigger above LTP, place trigger LTP. So if stock is at 100 your stop loss order should be below 100, keep trigger anywhere below 100. Check this for more.
You need to learn of four order types - Market, Limit, Stop Loss Market, Stop Loss Limit.
Market - It asks to exit the position or enter the new position at best bid/offer available.
Limit - In Limit order we define worst case scenario that we can accept. If I put Buy Limit 105, that means in worst case I want to buy at 105. That means I don’t want to buy at prices higher than 105. Right! If auction is going on at 110 my order will remain pending untill it comes to 105 and I get fill.
So whenever we put limit order Buy less than LTP, order remains pending till limit price is reached.
But what if you put in Limit buy order at 105 when ltp is 100? That means thing you want to buy is available at much cheaper rate than what you thinking to buy at. So so ordered broker to buy at price not higher than 105, broker saw that it is available in much better price, yo uget instant fill just like market order.
The reverse is true for Limit Sell order. LTP is 100. You put Limit Sell at 105. Order remains pending. But if you put limit of 95 order will get instant fill at 100 itself.
In SL orders, its complete reverse of everything.
Today I failed to use it again!
Below is how I tried and guys please check whats wrong.
Market price : 25.60
PRICE : 25.50
TRIGGER PRICE : 26
I put it like this when I attempt selling with MIS.
But computer replies: " Trigger price for stoploss sell order should be lower than the last traded price (25.6). Try limit order to sell at a higher price. (As shown in the pic)
I will explain but tell me at what exact price you want your order to get executed. And is it buy order or sell order?
This is a sell order and buy price is ₹ 25.50 and I want to sell it at ₹ 26. So I just set the Trigger at 26. I would be very grateful if you could explain me.
Follow what I say, Open the scrip you want to trade, and select order type as CO (Marked below in screenshot) put the quantity you want to trade, insert the price at which you want to Buy/Sell, fill in your Stop Loss and send the order…
Please don’t mis guide.
He is talking about delivery trade.
There is no use of CO here.
You have already bought at 25.50 and this is BTST right?
the error clearly states you are trying to set trigger price higher than LTP. maybe wait for stock to trade above 26 and then place SL order.
It was. But today I repeat with Intraday(MIS) but the problem is still the same. It’s only intraday.
Thank you. But I’ll try using CO later, I have seen that some guys sell with REGL and not CO when in Stoploss sell.
For Stop Loss orders This is the format.
You cannot violate this.
If positional delivery trade then your entry price do not matter.
Only matter is current LTP.
I’m almost clear. Could you explain me by using numbers?
Say a scrip is trading at 100 rs.
Now you want to buy at 98 only.
put in Limit Buy 98.
you want to sell at 102.
put in Limit Sell 102.
But if you want to buy at 102.
you enter SL market with trigger at 102.
As soon as ltp reaches 102 trigger is pulled and market order is fired. Now you get price a per best available.
Or you can enter SL Limit order with trigger at 102 and Limit at 102.05 or more.
As soon as lTP reaches 102 and trigger is pulled a limit order whitl 102.05 as limit price is fired.
Now if in auction after trading at 102 price jumped to 102.10 directly your limit buy 102.05 will ramian pending unless and until LTP retraces back to 102.05. If due to buying pressure LTP goes on increasing and never comes back to 102.05 your order will remain pending.
Still confused! I’m sorry
Please see the pic shown above and give me numbers for
- PRICE :
- TRIGGER PRICE :
So that I would be able to understand more easier. Please remember pic is a Sell order.
The problem appearing on screen is “Trigger price should be lower than last traded price”. So if we put Trigger price lower than last traded price I think I’ll end up losing money.