Working order has a particular significance in relation to IG's platform. Here, we define working order in general investing and explain what it means to you when trading with IG.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
A working order is a general term for either a stop-loss or take-profit order to open. It is used to advise your broker to execute a trade when an asset reaches a specific price.
Working orders are one of several varieties of orders, including market orders that will execute at the best available price that day, or good-‘til-cancelled orders that remain open indefinitely.
Unlike most types of order, though, working orders are not differentiated by their expiry date. Instead, working orders can have any length of expiry attached to them, from the same day to good-‘til-cancelled.
There are two varieties of working order:
To complete a working order on our platform, click the ‘order to open’ tab on the trade ticket.
From there, you can select whether your order is a buy or sell, choose the level at which you’d like to trade (our system will deduce whether it is a stop-loss or a take-profit from this), set an expiry and size, add any closing stop-losses or take-profits, and submit the trade.