Sharekhan users - Please clarify on order placing.

arun16 · #1 10th August 2007, 06:10 PM

Friends,

I am using sharekhan for trading ( new to this )
I used the classic trade option to sell shares recently.
I need clarification on placing sell order with stop loss
(eg)
Assuming RPL is trading at Rs 115.
If i want to sell RPL Only if it trades above Rs 120 & I have place a stop loss of 110.
(i.e) if trading price falls below 110 it has to be sold.

Here in screen we have limit order option.
selecting this, then we have 'Stop loss trigger price' and limit price entry boxes.
I want to know where these values has to entered?
What really here means these trigger price & limit price ?

in the website help they have given

Quote:

- For a Buy order, the limit price must be greater than or equal to the trigger price.

- For a Sell order, the limit price must be less than or equal to the trigger price.

I am confused how for sell order limit order is less then trigger price.

Kindly clarify

sanx · #2 10th August 2007, 07:12 PM

please see this ..http://www.traderji.com/equities/144...-help-how.html

alpha1 · #3 10th August 2007, 07:19 PM

Stop loss price is the price at which your order gets executed.
Limit price is the actual price that you demand during the execution.

There is a diff between limit order and market order.
In market order the value at which you sell/buy is determined by the ask/bid queue at the server.
In limit order, your order gets placed on the ask/bid queue with the fixed price (as given by you).

So if you give a stop loss with market order, then as soon as the scrip hits stop loss, the order gets executed AT the market rate.
If you include a limit price too, then the order gets placed/executed on the instance of scirp hitting stop loss, BUT at the price that you specify in the limit order.

hari09omkar · #4 10th August 2007, 08:22 PM

Quote:

Originally Posted by arun16

Friends,

I am using sharekhan for trading ( new to this )
I used the classic trade option to sell shares recently.
I need clarification on placing sell order with stop loss
(eg)
Assuming RPL is trading at Rs 115.
If i want to sell RPL Only if it trades above Rs 120 & I have place a stop loss of 110.
(i.e) if trading price falls below 110 it has to be sold.

Here in screen we have limit order option.
selecting this, then we have 'Stop loss trigger price' and limit price entry boxes.
I want to know where these values has to entered?
What really here means these trigger price & limit price ?

in the website help they have given

I am confused how for sell order limit order is less then trigger price.

Kindly clarify

FRIEND...CALL THE CUSTOMER SERVICE OR DIAL N TRADE OF SHAREKHAN,INSTEAD OF ASKING HERE....I ALSO HAVE SOME PROBLEM REGARDING PLACING STOPLOSS,WHICH THE DIAL N TRADE EXECUTIVE SOLVED.
REMEMBER ONE THING. YOU CAN'T PLACE TWO ORDERS AT THE SAME TIME IN SHAREKHAN TRADING SYSTEM.LIKE - IF U WANT TO SELL THE STOCK AT 120 AND ALSO WANT TO BE PROTECTED IF IT DROPS TO 110 BY PUTTING A STOPLOSS ORDER - YOU CAN'T PLACE BOTH THE ORDERS AT TE SAME TIME. EITHER PLACE A STOPLOSS SELL ORDER LIKE THIS :
STOPLOSS TRIGGER PRICE : 110
LIMIT PRICE : 109.90 ( OR WHATEVER,EQUALS TO OR LESS THAN 110,LIKE 110,109.95,109.80,ETC.)
EITHER PLACE A LIMIT SELL ORDER LIKE THIS -
LIMIT PRICE : 120
BUT CAN'T PLACE BOTH THESE AT THE SAME TIME.
FIRSTLY PLACE THE STOPLOSS ORDER,AT 110,109.90 OR WHATEVER WITH TRIGGER AT 110 ( THIS MEANS IF THE PRICE DECLINES FROM HIGHER PRICES,AND TOUCH 110,UR STOPLOSS WILL BE TRIGGERED,AND WILL BE SOLD AT OR LESS THAN THIS TRIGGER PRICE,WHICH U SELECTED AS LIMIT PRICE), THEN IF IT GOES IN UR FAVOUR AND MOVE TO 120,THEN MAKE THIS PREVIOUS STOPLOSS ORDER MODIFIED,AND PLACE A LIMIT SELL ORDER AT 120.
THANKS.

arun16 · #5 11th August 2007, 11:46 AM

Quote:

Originally Posted by hari09omkar

FRIEND...CALL THE CUSTOMER SERVICE OR DIAL N TRADE OF SHAREKHAN,INSTEAD OF ASKING HERE....I ALSO HAVE SOME PROBLEM REGARDING PLACING STOPLOSS,WHICH THE DIAL N TRADE EXECUTIVE SOLVED.
REMEMBER ONE THING. YOU CAN'T PLACE TWO ORDERS AT THE SAME TIME IN SHAREKHAN TRADING SYSTEM.LIKE - IF U WANT TO SELL THE STOCK AT 120 AND ALSO WANT TO BE PROTECTED IF IT DROPS TO 110 BY PUTTING A STOPLOSS ORDER - YOU CAN'T PLACE BOTH THE ORDERS AT TE SAME TIME. EITHER PLACE A STOPLOSS SELL ORDER LIKE THIS :
STOPLOSS TRIGGER PRICE : 110
LIMIT PRICE : 109.90 ( OR WHATEVER,EQUALS TO OR LESS THAN 110,LIKE 110,109.95,109.80,ETC.)
EITHER PLACE A LIMIT SELL ORDER LIKE THIS -
LIMIT PRICE : 120
BUT CAN'T PLACE BOTH THESE AT THE SAME TIME.
FIRSTLY PLACE THE STOPLOSS ORDER,AT 110,109.90 OR WHATEVER WITH TRIGGER AT 110 ( THIS MEANS IF THE PRICE DECLINES FROM HIGHER PRICES,AND TOUCH 110,UR STOPLOSS WILL BE TRIGGERED,AND WILL BE SOLD AT OR LESS THAN THIS TRIGGER PRICE,WHICH U SELECTED AS LIMIT PRICE), THEN IF IT GOES IN UR FAVOUR AND MOVE TO 120,THEN MAKE THIS PREVIOUS STOPLOSS ORDER MODIFIED,AND PLACE A LIMIT SELL ORDER AT 120.
THANKS.

Thanks Sanx & alpha1 for your links & detailed reply.

Thanks hari09omkar for your understanding of my query & detailed explanation

Now I cleary got that I cannot place both normal sell (120) & stop loss(110) in same order

If my understanding is correct, The case discussed above is summarised as below.

For Sell order of RPL with stop loss, 2 seperate orders have to be placed
1) To sell at 120.
Here the limit price must be 120, So when market reached 120 levelsl the order is released & executed immed. No need for trigger price here ( Is this correct? )
2) To have stop loss 110
Here the trigger price can be 110 & limit price can be 109.80. When market level reaches 110 the order is pushed to the exchange queue. When 109.80 is reached the order is executed.
-----------------------------------------------------------------------------------------

On the other side for BUY orders,
If I have to buy IFCI (currently at 66)

only above 70 my order must be like this
1) To buy at 70
Here the trigger price can be 69 & limit price must be 70. When market level reaches 69 the order is pushed to the exchange queue. When 70 is reached the order is executed.

If I wish to buy IFCI only if trades below 60
2) To buy at 60
Here the limit price must be 60, So when market reached 60 levels the order is released & executed immed. No need for trigger price here ( Is this correct? )

Kindly confirm my understanding is right?

hari09omkar · #6 11th August 2007, 04:46 PM

Quote:

Originally Posted by arun16

Now I cleary got that I cannot place both normal sell (120) & stop loss(110) in same order

If my understanding is correct, The case discussed above is summarised as below.

For Sell order of RPL with stop loss, 2 seperate orders have to be placed
1) To sell at 120.
Here the limit price must be 120, So when market reached 120 levelsl the order is released & executed immed. No need for trigger price here ( Is this correct? )
2) To have stop loss 110
Here the trigger price can be 110 & limit price can be 109.80. When market level reaches 110 the order is pushed to the exchange queue. When 109.80 is reached the order is executed.

JUST ONE ADDITION....U CAN'T PLACE TWO SELL ORDERS OF THE WHOLE QUANTITY OF THE SCRIP WHICH U BOUGHT PREVIOUSLY, TO REMAIN ACTIVE IN THE SYSTEM FOR THE SAME SCRIP. EITHER U PUT THE STOPLOSS WITH TRIGGER PRICE ORDER(110),OR U PLACE THE LIMIT SELL ORDER(120).
IF U FIRSTLY PLACE THE STOPLOSS ORDER, THEN THE SYSTEM WILL TAKE THAT. NOW IF U PLACE THE SECOND SELL ORDER OF THE SAME SCRIP AT 120,THE SYSTEM WILL REJECT THE SECOND ORDER.ONLY THE FIRSTLY PLACED STOPLOSS ORDER WILL REMAIN ACTIVE.
SO,PLACE THE STOPLOSS ORDER FIRST.IF THE PRICE THEN CLIMBES TO UR DESIRE HEIGHT,THEN 'MODIFY' THE FIRST SELL STOPLOSS ORDER(110) TO A LIMIT SELL ORDER(120).
NOW...BY UR WRITINGS I GUESS U DON'T KNOW HOW TO 'MODIFY' ORDERS,RIGHT? NO PROBLEM.
CLICK ON 'REPORTS'.IN THE NEW PAGE,CLICK ON 'ORDER' OF THE 'CASH SEGMENT'.WHEN THE PAGE COMES,U CAN SEE AT THE EXTREME RIGHT OF THE COLUMN OF 'ORDER REPORT: FILTER',THERE IS A LINK OF 'MOD/CAN'.THERE U R.U CAN MODIFY OR CANCELL ANY PREVIOUSLY PLACED ORDER IN THAT DAY.NOW U WANT TO MODIFY THE 110 STOPLOSS ORDER TO 120 LIMIT SELL ORDER(OR MARKET ORDER,UR CHOICE).FILL THE BLANK SPACES IN THE REQUIRED BOXES,AND U R DONE.
ME TOO.....

arun16 · #7 13th August 2007, 11:12 AM

Quote:

Originally Posted by hari09omkar

JUST ONE ADDITION....U CAN'T PLACE TWO SELL ORDERS OF THE WHOLE QUANTITY OF THE SCRIP WHICH U BOUGHT PREVIOUSLY, TO REMAIN ACTIVE IN THE SYSTEM FOR THE SAME SCRIP. EITHER U PUT THE STOPLOSS WITH TRIGGER PRICE ORDER(110),OR U PLACE THE LIMIT SELL ORDER(120).
IF U FIRSTLY PLACE THE STOPLOSS ORDER, THEN THE SYSTEM WILL TAKE THAT. NOW IF U PLACE THE SECOND SELL ORDER OF THE SAME SCRIP AT 120,THE SYSTEM WILL REJECT THE SECOND ORDER.ONLY THE FIRSTLY PLACED STOPLOSS ORDER WILL REMAIN ACTIVE.
SO,PLACE THE STOPLOSS ORDER FIRST.IF THE PRICE THEN CLIMBES TO UR DESIRE HEIGHT,THEN 'MODIFY' THE FIRST SELL STOPLOSS ORDER(110) TO A LIMIT SELL ORDER(120).
NOW...BY UR WRITINGS I GUESS U DON'T KNOW HOW TO 'MODIFY' ORDERS,RIGHT? NO PROBLEM.
CLICK ON 'REPORTS'.IN THE NEW PAGE,CLICK ON 'ORDER' OF THE 'CASH SEGMENT'.WHEN THE PAGE COMES,U CAN SEE AT THE EXTREME RIGHT OF THE COLUMN OF 'ORDER REPORT: FILTER',THERE IS A LINK OF 'MOD/CAN'.THERE U R.U CAN MODIFY OR CANCELL ANY PREVIOUSLY PLACED ORDER IN THAT DAY.NOW U WANT TO MODIFY THE 110 STOPLOSS ORDER TO 120 LIMIT SELL ORDER(OR MARKET ORDER,UR CHOICE).FILL THE BLANK SPACES IN THE REQUIRED BOXES,AND U R DONE.
ME TOO.....

hari09omkar,

Thanks

for the clarification. As you said its good practice to place stop loss order first. Got details about modification.
Hope my understanding of Buy order is correct ?

Just learning many menus in the sharekhan site ....
so many doubts

Thanks again

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