The sell order window is activated if you press F2. It will appear on the bottom end of the screen of trading platform so that it doesn’t interfere with the real-time streaming data. The window is colour coded in red.
The highlighted section shows you the details of the selected scrip that you want to sell. You can quickly reconfirm or change the details in a jiffy (The order is to, sell 1 share of Sun Pharmaceuticals).
From here, you could not only change the scrip, but also go from equity to the underlying derivatives of different scrips. You can modify these details as per your requirements.
There are two order types to choose from:
• Market – If you choose this and click on submit, your order will get executed at the current market price (CMP) prevailing at that moment.
• Limit – You get to define the exact price you want to sell for. This order type gives traders more control over the executed price when the market is volatile.
In case you choose limit, the Price box gets activated and you could fill in the price that you want to sell for. Until there are buyers willing to pay for your offer price, the order will remain pending for the day. You can modify the selling price as many times as you want.
Next, you’ll have to select the quantity you want to sell. You can either type in the details or use the arrow buttons to increase or decrease the quantity. The default quantity is set to the minimum and you can change it accordingly. (Since, the order is in the equity segment, the minimum quantity is 1).
There are three product types:
• CNC – For more than one day (overnight positions).
• Margin – For overnight derivatives (futures & options).
• Intraday – Refers to positions that will be closed before the market closes. You get more leverage to trade with this order type and the position will be squared off by the end of day (between 3:10 and 3:30 PM).
1. CNC– Assuming you have Sun Pharma in your demat account and you want to sell it, you will have to choose this order type. It will sell from your existing holding. However, if you mistakenly choose Intraday as your product type, the system will treat it as a fresh position and you will end up going short.
2. Intraday – Let’s say you don’t have Sun Pharma in your demat account and you just want to trade on the short side. In that case, you must choose Intraday.
The default order type is day as it’s the most logical and feasible one for retail traders and investors. It means that once you place an order, it will be valid until the closing hours of the market. IOC orders are meant for larger and higher frequency traders who are looking to dispose off their holdings without exposing the entire quantity. It is a risk management measure to avoid being taken advantage of. It cancels the order immediately, if there is no matching counter offer.
• Trigger Price – Applicable only when you’re placing a stop loss order.
• Disclosed Quantity – Is used when the sell quantity is large. This feature is helpful to hide the entire quantity of the sell order from showing up in the exchange order book. It is mainly useful if your trade size is very large.
• Pro/Cli (Proprietary/Client) – “Cli” is chosen by default and it is necessary for orders to go through at the client level.
After you’ve filled all the required details, click on “Submit”.
Then, you’ll receive a system generated re-confirmation. Click on “OK” to complete the process. You can get all the details and the status of your order by clicking on “Trade” on the main menu and selecting the third option “Order Book”. You could also do this by pressing the shortcut key F3.
The Order Book shows you all the details pertaining to your trades.
The screenshot above is a sample of how your order book will look if you place multiple orders. The time, date, order numbers and scrip details are clearly mentioned.