Orders can also be placed directly from the Market View window. To open the Market View window, click on the Market tab at the top of the WebTrader screen.
To create an order in the Market View:
- Click a price in the "Bid" column to create a SELL limit order at a selected price, or click a price in the "Ask" column to create a BUY limit order at the selected price, as shown in Figure 10.
Figure 10: Placing a trade in the Market View window.
- The Order Management Panel will appear with the appropriate Asset Type tab selected.
- Complete the order following the directions from the "Placing an Order" section of this tutorial (beginning with step 2).
SEE: Why Late Trading Is Illegal
Modifying an Order
Traders can modify the parameters for any order that has not yet been executed. To modify an order:
- From the Orders tab in the Order Management Panel, click the "Preview Order button," as shown in Figure 11.
Figure 11: Select "Preview Modified Order" to change an order that has not been executed.
- Change the desired parameters.
- To accept the changes, click "Preview Modified Order" and click "Submit Modified Order."
- To reject the changes, click "Disregard Order Modification."
Traders can cancel orders that have not yet been executed. To cancel an order:
- In the Order Management Panel, click the Orders tab.
- Cancel one open order by clicking the "Cancel" button on the appropriate order row.
- Cancel all open orders by clicking the "Cancel All Open" link above the order rows, as shown in Figure 12.
Figure 12: All un-executed orders can be canceled by clicking the "Cancel All Open" link.
SEE: Protecting Yourself From Market Loss
How To Place Trades With Interactive Brokers' WebTrader: Conclusion
InvestingA market order is the most common order used to purchase a financial security.