moving stop loss-ICICIdirect

[Ram23]

Hi,
icicidirect.com is not the only service provider for online trading and they are not upto the mark, I mean there service is not so good.
Try appollosinduri.com. U can trade yourself as well trade through your stock broker at their franchise outlets.
My experience with icicicidirect is very painful.

 

[NOMINDTR]

You have to modify the order as the price moves. You must enter a value in the field SLTP. SLTP is Stop Loss Trigger Price and a limit.

When the market trades at SLTP, your order will become alive till then, it will be dormant. Limit price you enter is the price you intent to sell or buy.

When placing a buy order, limit price should greater than SLTP, and for sell orders, limit price should be less than SLTP.

Once the price moves, go to order book and click modify, change SLTP and limit price values. Do this until the price moves.

Hope this helps

 

[hbkhrushikesh]

You have to modify the order as the price moves. You must enter a value in the field SLTP. SLTP is Stop Loss Trigger Price and a limit.

When the market trades at SLTP, your order will become alive till then, it will be dormant. Limit price you enter is the price you intent to sell or buy.

When placing a buy order, limit price should greater than SLTP, and for sell orders, limit price should be less than SLTP.

Once the price moves, go to order book and click modify, change SLTP and limit price values. Do this until the price moves.

Hope this helps

Does this mean I cant actually set a exact stop loss price on icicidirect???

also if i understand that the sltp price sud be lesser then limit price....... but in the case i want to order a share only when the market price falls to a certain level........... such that at the time of order......
market price>limit price>SLTP......

the icicidirect system tells me that the sltp cant be set as it is much less then the last traded price

now i am in a fix........ does this mean that i have to buy the share always at a price which is more then the market price....... and then set a stop loss trigger price which is last traded price!!!! this way i wont have much margin and most of my positions will hit stops with even small volatility......!!!

sorry if i am not understanding some fundamentals........ i am a relative newbie.......and am terrified that i am carryin out my trades without stops!!

 

[NOMINDTR]

also if i understand that the sltp price sud be lesser then limit price.......(

Is it so? Check it. Even if so, I don't understand your problem. I have to put a stop always below LTP when you have a short position.

now i am in a fix........ does this mean that i have to buy the share always at a price which is more then the market price....... my trades without stops!!

Please use stops. If you give a SLTP, you have give the limit price little higher (for a buy order) could be even 5 paisa above.

Sometime I am troubled when there is a gap, my stop is not executed. So may be it would help to put a limit price little above LTP when buying.

 

[hbkhrushikesh]

Is it so? Check it. Even if so, I don't understand your problem. I have to put a stop always below LTP when you have a short position.



Please use stops. If you give a SLTP, you have give the limit price little higher (for a buy order) could be even 5 paisa above.

Sometime I am troubled when there is a gap, my stop is not executed. So may be it would help to put a limit price little above LTP when buying.

I dont short... i do conventional position trading. So i always buy ( try to.. ) buy just after the end of a down trend and sell it after i think the trend is goin to reverse.
After reading all this i am a bit confused..... can you please tell me what is the difference between SLTP and actuall stop loss ( definition ) in a BUY transaction wrt my previous querry????

well the way things work out on ICICIdirect..... in a buy transaction... I will always have to put SLTP at the current price of the market and buy the share at atleast 5paisa above the highest bid and to top it all..... does this then imply that my order will be executed as soon as there is even a little fall in the share price??? Please consider the example that i had given in my previous post..... to understand my problem.... i need to set a stop loss at whereever the support is ......rather then set a sltp at the last traded price!!!

 

[NOMINDTR]

I dont short... i do conventional position trading. So i always buy ( try to.. ) buy just after the end of a down trend and sell it after i think the trend is goin to reverse.
After reading all this i am a bit confused..... can you please tell me what is the difference between SLTP and actuall stop loss ( definition ) in a BUY transaction wrt my previous querry????

well the way things work out on ICICIdirect..... in a buy transaction... I will always have to put SLTP at the current price of the market and buy the share at atleast 5paisa above the highest bid and to top it all..... does this then imply that my order will be executed as soon as there is even a little fall in the share price??? Please consider the example that i had given in my previous post..... to understand my problem.... i need to set a stop loss at whereever the support is ......rather then set a sltp at the last traded price!!!

OK let us try
Basically I understand, you want buy at some price level below LTP right?

In this case, don't use any SLTP, just place a limit order based on your support level.

A stop loss order is an order where an order is being held till the market price reaches certain point. Say if a stock is being traded at Rs.500, if you want to buy the stock if it breaks Rs525, then you have to use a stop loss order. Because, if you place a buy order for Rs 525 when LTP is Rs500/- your order will get executed at best possible price (most probably at Rs 500/-). But you only want to buy if it trades above 525. In this case you need a stop loss order.

But, if you want to buy the stock around 450 level where LTP is 500, then just place a limit order for 450. No SLTP is needed.

Have I understood your problem. Let me know if not.

 

[hbkhrushikesh]

OK let us try
Basically I understand, you want buy at some price level below LTP right?

In this case, don't use any SLTP, just place a limit order based on your support level.

A stop loss order is an order where an order is being held till the market price reaches certain point. Say if a stock is being traded at Rs.500, if you want to buy the stock if it breaks Rs525, then you have to use a stop loss order. Because, if you place a buy order for Rs 525 when LTP is Rs500/- your order will get executed at best possible price (most probably at Rs 500/-). But you only want to buy if it trades above 525. In this case you need a stop loss order.

But, if you want to buy the stock around 450 level where LTP is 500, then just place a limit order for 450. No SLTP is needed.

Have I understood your problem. Let me know if not.

Yes u have!!!! and i am so happy that u have....!!! cause i think i was making a hash of it....!!!
thats exactly what i want to do...... everytime i decide to buy somethin.... i have a intraday target price........ which is normally lower then the price at that time...... so yes u have understood my problem exactly..... and the solution that u have provided is simple ...... i sud not bother abt SLTP if i intend to buy at a price that is lower as compared to the goin price at that time.

My other problem is how to set up a stop loss once i have bot somethin???

lets say.... i bot a stock at Rs 100....... and i want to make sure that i am not in trade if the stock loses more the rs 10 ( i.e. falls to 90) ..... how do i set this up in ICICIdirect??? what i think form our previous discussions is that ...... i set up a limit sell order of Rs 90 with a SLTP of say abt Rs 92........ is that rite???

Also if the trade goes in my favour...... and say the price is now Rs 150....... i want to make sure that i lock in my profits........ in that case ......do i just modify my previous sell order ( limit Rs 90) to Rs 145 with sltp of Rs 147??? Can i do that???

If what i have understood form our previous discussions is rite...... and if i can do the 2 thins that i mentioned above....... it solves all my problems regarding stop losses!!! and takes a lot of load of my mind.......

I have been trading for 3 months now..... and yes u must have guessed it by now .......without stoplosses!!!!! i have been fortunate enuf to go thru this forum for abt 6 months b4 my first trade... and so had read saints 'fish' thread....... and never made ne losses on ne of my positions....... but the stoploss system in ICICdirect ........ only due to technical glitches ( on my part) was somethin i cudnt do.....

THanks to u and all the other contributors of this forum......... newbies like me get a chance to survive in this harsh stock market environment.

Thanks a lot again........ hoping to hear form u soon.

Regards,
Rishi

 

[NOMINDTR]

lets say.... i bot a stock at Rs 100....... and i want to make sure that i am not in trade if the stock loses more the rs 10 ( i.e. falls to 90) ..... how do i set this up in ICICIdirect??? what i think form our previous discussions is that ...... i set up a limit sell order of Rs 90 with a SLTP of say abt Rs 92........ is that rite???

Also if the trade goes in my favour...... and say the price is now Rs 150....... i want to make sure that i lock in my profits........ in that case ......do i just modify my previous sell order ( limit Rs 90) to Rs 145 with sltp of Rs 147??? Can i do that???

Yes your a exactly right. Never trade with no stops. If you put a stop, you can be with no worry and could even leave the system for a coffee.(For highly liquid stocks, the difference of Rs.2/- is not needed . Say SLTP 90 limit price 89.95 would do good in general cases, with no gaps)

Happy Trading

 

[Nava]

lets say.... i bot a stock at Rs 100....... and i want to make sure that i am not in trade if the stock loses more the rs 10 ( i.e. falls to 90) ..... how do i set this up in ICICIdirect??? what i think form our previous discussions is that ...... i set up a limit sell order of Rs 90 with a SLTP of say abt Rs 92........ is that rite???
Regards,
Rishi

Hi, gsalvadi,

Is it possible to place limit sell order with a SLTP permanently in ICICI Direct..?
Suppose I have some shares in my account and I will be away for few days.
Then How to protect our shares from a sudden fall if any on those days..?
Becuase in ICICI Direct If you place any order it will be removed at EOD.
Thanks for your repeated help in icici related qurries...

Regards,
Nava

 

[NOMINDTR]

Hi, gsalvadi,

Is it possible to place limit sell order with a SLTP permanently in ICICI Direct..?
Suppose I have some shares in my account and I will be away for few days.
Then How to protect our shares from a sudden fall if any on those days..?
Becuase in ICICI Direct If you place any order it will be removed at EOD.
Thanks for your repeated help in icici related qurries...

Regards,
Nava

That's not allowed with any broker I guess