With BUX X you can set a Limit Order to open a position at a set price. For example, if a Stock price is currently €93 and you want to buy it when it hits €90 but you don't have time to keep checking the price action, the Limit Order makes things easier for you.
A few steps that will help you place a Limit Order:
After selecting the product, you will see the 'Limit Order' option in the top right of the screen:
Decide if you want to trade UP or DOWN, enter your limit price and place the order:
This order will then appear in the 'Orders' tab. Once it hits the price and the order is placed it will move to your '% Positions' screen. Whilst an order is waiting to be executed you still have the option to delete it.
A couple of points to be aware of:
- It's important to remember that your Limit Order is not always guaranteed to be executed at your predefined price. For example, if the share price jumps or falls a lot in a short period of time it would be executed at the closest possible price to what you have set. Let's say in the example above you have set a Limit Order to execute at €90, however, the price drops sharply to €80 upon market open, your Order would then be executed at €80.
- Your pending Limit Orders will also impact the available Cash balance on your account as it reserves the amount to place the order, so you will only be able to set Limit Orders for what you can actually afford. The amount is considered as 'invested amount' and will impact your Trading Capacity.