In this lesson, we will explain how to automatically buy or sell at a certain price. This is an advanced feature, found in the best online trading platforms. As in the examples in the previous lessons, we will use the Plus500 platform for our practical example. On this platform, in fact, this function is clear and easy to use, even for those who have never used it before.
The function “Buy when the rate is”
To open a buy position only when the rate is at a certain level, we could use the “Buy when the rate is” function.
To continue with our example, we need to click “Buy” on the financial instrument we want to trade. This will open the window for specifying the order details. The “Buy when the rate is” function can be seen here in the picture. To select it, first click on “Advanced” and then check the appropriate box.
Thus, the order will be opened only when the CFD price reaches this figure.
This option is very good, for example, to “take advantage” of expected upward trends. Or, to open a closed market order, as we will see in the lesson on close market buy and sell positions.
The “Sell when rate is” function
On the other hand, if we want to open a sell position only when the position reaches a certain level, we can use the “Sell when the rate is” function.
As we saw before, to continue, click “Sell” on the financial instrument you choose to trade. This will open a window for setting up the order details. Then click on “Advanced” and check the “Sell when rate is” box
Thus, the sell position will be opened only when the CFD price reaches that amount
This option is very good, for example, to “take advantage” of expected downward trends. Or, to open a closed market position, as we will see in the lesson on closed market buy and sell orders.
Other platforms have the same procedure
Although we have used the Plus500 platform in our example, the “Sell when rate is” function is also found in other platforms. Perhaps only the words change, but synonyms and similar expressions are found.
In any case, it will be the same function. Therefore, we are confident that you will find this function on your favorite platform as well.
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