What Order Types Can I Use for Commodities?
You can use three order types for Commodities: Market, Limit and Stop. A Market order trades at the current price as soon as you place it, a Limit order trades only at the price you set or better, and a Stop order is triggered when the price reaches the level you set. Under "More settings" → "Time in Force", you choose Day (Good till market close) or GTC (Good till cancelled). Orders fill in full or not at all.
| Order type | How it works | When it's useful |
|---|---|---|
| Market | Trades at the current price as soon as you place it | Opening or closing a position straight away |
| Limit | Trades only at the Limit Price you set or better | Buying below or selling above the current price |
| Stop | Triggered when the price reaches the level you set | Acting once the price moves past a level, for example limiting the loss on an open position with a Stop order in the opposite direction |
- Choosing the order type: After you tap Buy (Long) or Sell (Short), pick Market, Limit or Stop under "Order Type". For a Limit order, enter the "Limit Price"; for a Stop order, enter the price that triggers it.
- Validity: Under "More settings" → "Time in Force", choose Day (Good till market close), which is valid until the market closes, or GTC (Good till cancelled), which doesn't end when the market closes. The order confirmation shows when a Limit order expires.
- Buy and sell prices: A Buy (Long) order uses the buy price, and a Sell (Short) order uses the sell price. The gap between the two is the spread, which is already built into the price you see.
- Fills: Orders fill in full or not at all; there are no partial fills. Sometimes an order can't be filled in full at the moment it's executed, for example a Limit or Stop order when its price is reached in a fast market. It then shows as Failed, nothing is filled, and you can place it again.
- Market hours: You can't place orders while the market is closed or during the daily breaks. Commodities trades Monday 06.00 to Saturday 05.00 WIB. Gold and silver pause daily 05.00–06.00 WIB, and Brent crude pauses 05.00–08.00 WIB, Tuesday to Friday. During US Daylight Saving Time, every time is one hour earlier. Market holidays can shorten or close a trading day; the app shows whether the market is open.
- One net position per instrument: An order in the same direction adds lots to your position at a weighted-average entry price. An order in the opposite direction offsets your position, reducing or closing it, rather than opening a separate one. Take Profit and Stop Loss are coming. For now, you can place a Limit or Stop order in the opposite direction to exit at a price you choose; like any order, it fills in full or not at all, so it may not fill and can show as Failed.
- Lots: The minimum is 1 lot. There's also a maximum order size, and the app tells you if an order is too large.
- Before you place it: The order page shows Est. Total Exposure, Est. Margin Required, Transaction Fee, Taxes & Third Party Fees and New Margin Level. You confirm the order with "Slide to place order".
- Second warning: If your margin level is at 70% or below, new orders that add risk are blocked until your margin level is back above 80%. You can still reduce or close positions.
Related questions:
Q: What's the difference between a Limit order and a Stop order?
A Limit order trades only at the Limit Price you set or better, so it suits buying below or selling above the current price. A Stop order is triggered when the price reaches the level you set, so it suits acting once the price moves past a level, for example placing a Stop order in the opposite direction to limit the loss on an open position. Neither is certain to fill, because orders fill in full or not at all.
Q: How long does a Limit or Stop order stay active?
It depends on the validity you choose under "More settings" → "Time in Force". A Day (Good till market close) order ends when the market closes, while a GTC (Good till cancelled) order doesn't end at the market close. The order confirmation shows when a Limit order expires, and you can follow your orders in the Orders tab on the instrument's page.
Q: Why did my order show as Failed?
Orders fill in full or not at all. Sometimes an order can't be filled in full at the moment it's executed, for example a Limit or Stop order when its price is reached in a fast market. It then shows as Failed, nothing is filled, and you can place it again. If you were using a Limit or Stop order to exit a position, keep watching your position until it's closed.
Q: Can I place an order while the market is closed?
No. You can't place orders while the market is closed or during the daily breaks: 05.00–06.00 WIB for gold and silver, and 05.00–08.00 WIB, Tuesday to Friday, for Brent crude, one hour earlier during US Daylight Saving Time. The app shows whether the market is open.
Q: What happens if I place an order in the opposite direction to my position?
It offsets your position instead of opening a new one, because you hold one net position per instrument. For example, if you hold a 3-lot Long on XAUUSD, a 1-lot Sell (Short) order leaves you with a 2-lot Long, and an opposite order for the full size closes the position.