Step 1: Log into your account
Easy!
Step 2: Find your market
Assuming you want to trade BTC/AUD…
You can get to the BTC trading panel by clicking on BTC/AUD on the ‘markets’ dashboard:
Or by going directly to the ‘trade’ panel and finding BTC/AUD in the markets dropdown:
Once you’re in you’ll see:
A price chart showing BTC/AUD performance over a 1-hour interval
The current market price and 24-hour change
An order book with live buy/sell orders
A recent trades list showing executed trades with price, size, and time
Step 3: Choose the order type
Head to the deal ticket at the bottom right of the screen, go to the ‘stop’ tab and select ‘stop-market’ as your order type from the dropdown. You’ll see two columns. The left-hand side is for buy orders and the right-hand side is for sells.
Step 4: Enter the details of your order
This is a stop-market order which means you’re setting the price at which you want to trigger a market order. This is called the stop price and it will be higher than the current market price if the order is to buy (used for a breakout entry), and lower if the order is to sell (used as a stop-loss).
To place a stop-market order, you need to specify three things:
Whether you’re placing an order to buy or sell
The price at which you want to trigger the order (the stop price)
The amount of BTC you want to buy or sell at that price
If you want to place a stop-market order to buy BTC, fill in the left-hand side of the ticket with:
Price: Your chosen trigger/breakout entry price (the stop price)
Amount: Either specify the amount of BTC to be bought or drag the slider to the desired percentage of available funds in your account
If you want to place a stop-market order to sell BTC, fill in the right-hand side of the ticket with:
Price: Your chosen trigger/stop-loss price
Amount: Either specify the amount of BTC to be sold or drag the slider to the desired percentage of your holding
Step 5: Place the order
Once you’ve filled everything in, click:
Buy BTC (green button) to place a buy stop order
Sell BTC (red button) to place a sell stop order
You’ll see a confirmation message appear in the top right of the screen. Job done!
Step 6: Verify the order
After placing your stop-market order, you can check the details by viewing your open orders, either by going to the tab in the panel to the left of the screen or by clicking on ‘orders’ in the top right.
Find your order in the list and you should see the following details:
Date/Time: Timestamp of when the order was placed
Pair: BTC/AUD
Order type: Stop-market
Side: BUY (breakout entry) / SELL (stop-loss)
Price: For a stop-market order, this is the same as the stop price
Stop price: The trigger price you set
Pending: The value of the order awaiting execution
Total: The total size/value of the order
Action: Option to cancel the order if needed