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.
Related Articles
How to place a Cover Order in FYERS?
A Cover Order (CO) is an intraday order where you place a buy or sell order along with a mandatory stop-loss. This helps manage your risk by automatically limiting potential losses. Steps to place a Cover Order on FYERS: Select the scrip from your ...
How to Place a Bracket Order on Fyers Web?
Bracket Order (BO) is an innovative intraday trading product that allows traders to place the main order alongside a simultaneous stop-loss and target order. This ensures efficient trading and minimizes risks. Placing a bracket order on the Fyers ...
How to place smart limit order on Fyers Web?
To place a Smart Limit Order on FYERS Web, follow these steps: Select a scrip and go to Buy/Sell. In the order window, find and click on the 'Smart' tab to access advanced order types. Choose 'Smart Limit Order'. Enter the required inputs: Quantity: ...
How to place Stop-Limit/Trigger-Limit order on Fyers Web?
A Trigger-Limit/Stop-Limit Order, formerly known as a Stop-limit order, allows traders to specify an entry or exit point in the market at a defined price level, with a range. It combines the features of a limit order and a stop order. When you place ...
How to place a limit order in FYERS Trader?
A limit order allows you to buy or sell a stock at a specific price or better. This gives you control over the execution price—ideal when you want to avoid unfavorable price fluctuations. What is a Limit Order? Buy Limit Order: Placed below the ...