How to place Cover Order on Fyers Web?
A Cover Order is a unique intraday order, coupling an initial order (be it Long or Short) with a pre-defined stop-loss order. By setting a stop-loss, you inherently protect your position from potential severe market downturns. Here's a simple guide to placing a Cover Order on Fyers Web:
Steps to Place a Cover Order:
Access the Buy/Sell Panel: Navigate to the Buy/Sell panel on Fyers Web.
Select Order Type: Choose the 'Buy' option.
Enable Cover Order: Check the 'CO' box.
Determine Order Preference: Depending on your strategy, select either 'Market' or 'Limit' as the order type.
Set Stop-Loss: Input the stop-loss amount, determining the price at which you'd like the order to be automatically sold if the market moves against you.
Confirm Order: Click on 'Buy' to finalize the placement of your Cover Order.
Post Order Execution:
Note: 'Trigger' and 'Trigger Limit' orders aren't compatible with Cover Orders.
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