ISA Account - How does one set a GTC stop loss order?

[ST]

 The only GTC order is a limit order and when I try this using the full holding at a lower price than I bought I get a "deleted order" message?

[Davenewton365]

Be great to know if this is possible or if IG have any plans to introduce a stop order to the ISA. Currently just using alerts and hoping i look in time to login and execute a trade.

[HannahL]

Hi , thanks for the post!

 

I have discussed your request with our equity dealing desk and they are now liaising with our brokers to see if this is something viable to offer on share dealing and ISA accounts.  We will be able to test it here in London for UK stocks, but not for US, as the exchange does not support that order type.  A test would require an overnight period, so we aim to set this up later today and have a better idea tomorrow.  If all goes well then we should have no problem enabling this functionality for Monday.

 

Many thanks for your feedback and suggestion, and fingers crossed this is something that we can implement shortly!

 

Please let me know of any other comments and ideas, we are always pleased to hear them!

 

Thanks,

Hannah

[ST]

All professional stockbroking firms provide stop loss orders whether it be for UK or LSE stocks.

 

If you can't provide this facility then I doubt whether I will be hanging around, that will be the same for my girlfriend. I did not think to enquire about this before we transferred in. I naturally assumed from the spread betting service that IG would be providing a professional stock broker service. Disappointing. 

[tandara]

What further news on this please.  Stop loss should be there by default and like others just discovered its not.  Please advise what plans you have to implement.

[anders]

I'd also like to see this feature. I was just planning to consolidate my two other share dealing accounts into my IG account. Without this basis risk management feature though, I'll start looking again.

[Topman1966]

I have rang up and enquired about this feature . It is a great platform but stop loss enabling on ISA and Share accounts should be a must have . I personally will not be subscribing next years isa allowance here without the stop loss feature

[HannahL]

Hi  and all those who have raised a query about this.

 

We do actually offer the option for the order type 'Stop Market - GTC' across any SETS stock, which is visible on the deal ticket during continuous trading (8-16:30).  This means that you can essentially add a stop level to your holding, which is fixed 'good til cancelled'.

 

Hopefully this is the functionality that some of you are looking for?

 

Please do let us know if you have any more questions about this!

 

Thanks,

Hannah

[ST]

 There are three LSE stocks in my ISA portfolio with which I am only presented with a "Limit-Day" order on the deal ticket making it not possible to place a stop loss order.

 

The stocks are BNN Technology, Oracle Coalfields and Triad Group.

 

I have placed a "Stop Market - GTC" (stop loss) order to sell my total holding on another stock but when I go to place a "Limit - GTC" (take profit) order to sell the total holding I receive the message "Short sell not allowed. You are trying to sell more shares than you currently own"?

 

The stock is Plant Healthcare and is quoted on the LSE.  

 

I would be grateful if you would address these two issues for me.

[HannahL]

Hi , thanks for the follow up post.

 

The reason you won't have the option to attach GTC stop orders to Oracle Coalfields and Triad Group is because these are SETSqx - or market maker - stocks, and are not listed on the LSE.  BNN Technology was formerly a market maker stock, but we have now migrated it to the LSE-SETS framework on our platform, so you should see the Stop-GTC option now for this one.

 

With regard to your query on Plant Healthcare, your stop and limit orders are not actually 'attached' as they would be on an OTC position, which means that one being filled would not necessarily cancel the other, therefore you could end up short if both stop-sell and limit-sell are triggered.  You are not able to be short in a share dealing or ISA account, hence the system rejection.  You would either need to have half the shares under a stop order and half under a limit order, or choose one or the other.

 

Hope that clarifies these for you, but please let us know if you have any more queries!

 

Thanks,

Hannah

[ST]

Thank you for your reply Hannah.

 

Where can one find out whether a stock is a SETS stock or not and do you have any plans to introduce this information in the "Get info" dialogue box?

 

In regard to placing a stop loss and take profit order on a stock to liquidate the total holding if either order is hit. A one cancels the other order is a very basic order found as standard on many brokers platforms and in particular on highly liquid stocks listed on the LSE and the NYSE. Is this type of basic order not available on any stocks in the IG ISA? 

[anders]

I would also like an answer to 's second question. Any chance of some advice please ?

 

Once I have placed a GTC stop, the max sell is 0. So I cannot also place a limit in order to take profits. If IG would like users to trade more (a key metric in IG's recent results), this would certainly be a step in the right direction.

[HannahL]

Hi  and , and my apologies for not having replied sooner.

 

I've discussed your requests to be able to use both a limit and stop sell order on a share dealing/ISA account with our equities dealers.  This is something we have been looking into for a while now as we understand that our clients would benefit from such functionality.  Unfortunately, it would be a very complex procedure to enable this order type as it is not supported by any of the exchanges we offer, and we are unable to replicate it synthetically.

 

Whilst the short answer is that we are unable to offer the OCO functionality on a non-leveraged account at the moment, I have expressed that we do have multiple clients interested in this, and asked that it be considered by the developers when maintaining our platforms going forward.  Apologies I can't do more than that for now.

 

In the meantime, we aim to make our platform and trading apps as easy as possible to navigate and amend orders, so if you need to quickly change an order type, sell some holdings, or edit your positions in another way, this is hopefully a trouble-free process.

 

Always welcome to more feedback on here from everyone!

 

Many thanks,

Hannah

[anders]

Thanks , appreciate you raising this. Other brokers seem able to offer this, for example, on Share Centre I can set limit: buy,  limit: sell, stop-loss: sell and tracking: sell, for any number of days (max 365 days).

 

As an example of how this will result in more trading. Taylor Wimpey have bumped up around 195p mark 4 or 5 times in the last 30 days. So I'm tempted to top slice some of my holding. But I would have to remove some of my stop order to achieve this, and my rule number 1 is always use a stop loss.

[FiXXXeR]

Hi ,

 

Why is it so difficult to offer stop-loss orders on SETSqx stocks? I'm sure I've seen this offered with other brokers.

 

Or is this already planned for your new platform (when we finally get access to it)?

[HannahL]

Hi ,

 

The restriction in placing stop or limit orders on SetsQX stocks actually comes from our own broker not offering this functionality, and we are then unable to synthetically create this order type ourselves.  I understand that this may well be possible with other brokers, so my apologies we cannot do so.

 

You would, however, be able to call our dealing desk if you have an order you would like to work, and we can call it through to the market makers and work it manually for you.  This would incur phone commission, but is a way around having to deal immediately on the RSP or reject the quote.

 

With regard to the new web trading platform, this is already up and running for the spread betting environment, and our developers are continuing to work on it to release it for CFD and non-leveraged users.  No fixed date quite yet, but hopefully towards the end of summer!

 

Hope this helps a bit, but any more questions please just let us know.

 

Thanks,

Hannah

[wai]

I'm trying to create a stop order but didn't want t use the points option

But with the price option - I faced a problem

1) it is a HK stock but the price option is in SGD - how do i change to HKD 

2) I check US stock and the same happening - it is all in SGD

 

Anyone know how to change the currencies option

[AndrewN]

Hi, I can see the Stop Market -  GTC option but struggle to place the instruction in that I get multiple "Order Deleted" messages. I eventually got one placed on Old Mutual OML and it now appears in Working Orders but the one on Howden Joinery HWDN just wont 'take'. Any particular reason? I am setting 5% stop losses. Thanks

[PandaFace]

London market needs to be open to properly submit an order. Seems to be an LSE requirement.

[AndrewN]

I trust the market was open at 2pm??

 

If the market is closed the Stop GTC option is not even available...

 

I need another explanation

Thanks