Order Types

Market Order

A market order is an order to buy or sell a the current price. Unless you specify otherwise, you will enter your order as a market order.

The advantage of a market order is you are almost always guaranteed your order will be executed (as long as the price remains available).

For example, if you want to buy WALL STREET - ROLLING FUTURE at the current price, you can place a market order to buy using the

Limit Order

To avoid buying or selling at a price higher or lower than you wanted, you need to place a limit order rather than a market order. A limit order is an order to buy or sell at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.

For example, if you want to buy WALL STREET - ROLLING FUTURE but don't want to end up paying more than 9800 for the position, you can place a limit order to buy at any price up to 9800. By entering a limit order rather than a market order, you will not be caught buying at 9952 (as quoted above) and then suffering immediate losses if the price drops later in the day or the weeks ahead.

Remember that your limit order may never be executed because the price is never quoted by either the Market (link to basis market) or Our Quote (link to our quote). If you want to put the position at the current price, use a market order (link to market order).

Stop Order

When entering into any financial spread bet, you should consider the potential of incurring losses as well as your ability to cut and finance such losses.

The amount of your initial margin or credit allocation is not a limit to your potential losses and you may be called for variation margin unless you limit those losses by way of placing a guaranteed order at the time of opening your position.

We advise you to set a maximum amount that you are prepared to risk in relation to each position and be disciplined in respect of enforcing such levels.

Twowayspreads allow you to put a stop-loss on any trade, therefore specifying the level at which you want your transaction to automatically close, should the trade go against you.

In the above image, we are limiting our potential loss to just 20.8 points. The current price is 5770.8 and the stop loss is 5750.

Please Note: It should be noted that no orders other than Guaranteed Orders are guaranteed either outside or during the trading hours of Twowayspreads. Terrorist attacks for example, can cause financial markets to drop dramatically from one level to another without any trading at the prices in between (commonly known as “gapping”). Please read on for more information about limited risk betting.

Guaranteed Stop Loss Order

In “gapping” markets non-guaranteed orders will be filled at the first tradable price that Twowayspreads is able to achieve in the underlying market.

Guaranteed orders are the only absolute protection against extreme market volatility which, when it occurs, can cause markets to open through or gap through non-guaranteed market order levels.

For that extra level of security and piece of mind, Twowayspreads offer you the ability to place controlled risk bets by way of guaranteed orders, thereby providing you with the potential to realise unlimited profits whilst having the comfort of a guaranteed cap on any potential losses.

Placing a guaranteed order is very easy to do. When placing a closing order, simply check the “Guaranteed” box and click confirm. Please note, there is a charge made when placing guaranteed orders. Please check the market information sheet for more details.

One Cancels Other (OCO)

OCOs are very useful when you have added both a Stop Loss and Limit Order to an open bet.

As the name suggests, when one of your orders is filled, the remaining order is cancelled.

In the below example, we are long 10 per point in the DAX – Rolling Future. We are working a Limit Order to take profits at 5790 and a Stop Loss order at 5750, with the market currently trading at 5766.5.

If the market now rallies to 5790 our Limit Order is filled and the position is closed. Without an OCO, the Stop Loss order would remain in place, meaning that if the market subsequently fell to 5750, the Stop Loss order would be triggered, opening a new Sell position.

It is unlikely that such a position is desired, so at Twowayspreads, orders in the same market are automatically cancelled from your account as an OCO.

Good until Cancelled

The online trading platform will allow you to set when you want a limit or stop loss order to expire. This ensures working stop orders and limits will remain until you cancel them.

By selecting ”Good until Cancelled” you are saying that you want the order to remain in place until:

1. The price is reached and a bet is made (order is filled)
2. You manually delete the order

Please note. All orders will automatically be set to “Good until Cancelled” unless otherwise selected.

Good until End of Day

By selecting ”Good until End of Day” you are saying that you want the order to remain in place until:

1. The price is reached and a bet is made (order is filled)
2. You manually delete the order
3. The end of the day (midnight)

Basis our Quote

You will find, particularly with Shares that “Our Quote” may differ from the “Market” price on the stock exchange. This is largely due to financing and spread charges. The online trading platform will allow you to set your orders based on either the Twowayspreads “Quote” or the “Market” price trading on the exchange itself.

Using “Our Quote” will ensure that your orders are filled only when Twowayspreads quotes your order price.

For Example. If you have a stop order at 9915 based on our quote, you will be filled if our quoted price is at 9915p.

Basis Market

Using “Market” will ensure that your orders are filled only when the underlying Market quotes your order price.

For Example.

The current market price for Astrazeneca PLC is 2780-2783. For the Rolling bet, we add a spread charge of 0.1% per side, so an extra 3p per side of the market price.

Our quote on the trading platform will therefore be 2777-2786.

If you have a stop order at 2650p based on the market quote, you will be filled if Astrazeneca PLC shares, trading on the London Stock Exchange, trades at that price. The order will then be filled at the prevailing quote price which will be 2647. If you select our quote then you will be filled if our quote trades at 2650p.