If Done Order

To Begin – “If Done Orders” can only be placed in conjunction with a Stop or Limit order. Only after the initial Stop or Limit order has been executed will an If Done order become active. To place an If Done Order, follow the “To Begin” instructions for the initial order type (Stop or Limit). Once the information about the initial Stop or Limit order has been entered, click the “If Done Order” button.

The window will expand to accept information about the If Done Order. The default setting for operation is the opposite of the initial order. For example, if the initial order is to Buy Eur, then the If Done Order will read Sell in the Operation input box. If you wish, this can be changed to Buy. The default setting in the Units box will be one unit. Thus, you may want to change the number of units for the If Done Order, if the number of units of the initial order is more than one.

There are three types of If Done Orders: Stop, Limit, and OCO. The default setting is for a stop order.

After you choose the order type and input the rate information, you have three options: 1) Cancel both the initial and If Done Order, 2) place both the initial order and If Done Order, or 3) delete the If Done Order without placing the initial order. The choices have corresponding buttons that appear in the middle of the window.

Next Step - To proceed, press “Place order” and a window labeled “Confirmation” will appear.

This does not mean that your order was executed. This window asks you to confirm that all of the information entered regarding your trade is correct. On the top part of the confirmation window, you will see information about the initial Stop or Limit order. Below that you will see information for the If Done Order. If the information is correct and you want to continue with the trade, select “yes”. Selecting “no” will return you back to the previous window.

After “yes” has been selected, there are three possible outcomes:

1. A box will appear indicating that you do not have enough funds in your account for the transaction.



2. A box will appear indicating that the order has been incorrectly entered.

A Buy order will not be accepted if either the Stop is less than the market rate or the Limit is greater than the market rate. The opposite applies to Sell orders.



3. If you have sufficient margin and your order was entered correctly, it will be displayed in the “Open Orders” window. Both the initial order and the If Done order will appear on the same line, with the initial order information presented first. This may take a few seconds depending on the speed of your Internet connection.

Once the initial order is executed, it will disappear from the “Open Orders” window and the necessary changes will be reflected in the “Open Trades” window. The If Done Order will become an active Stop, Limit, or OCO order and will appear in the “Open Orders” window with the same order number as the initial order. The former If Done Order, like any other Stop, Limit, or OCO order, will disappear from the “Open Order” once executed, and the necessary changes will be reflected in the “Open Trades” window.