> ## Documentation Index
> Fetch the complete documentation index at: https://docs.xblu.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Place an order

> Direction, order type, size, leverage, stop loss and take profit.

![The order ticket](https://mintcdn.com/xblu/w0Wp6w4XTfxdrP8i/images/en/ticket.jpg?fit=max\&auto=format\&n=w0Wp6w4XTfxdrP8i\&q=85\&s=2a7ac67602687e180d4da984764b30df)

## Steps

**1. Pick a side**

**LONG** if you think the price will rise, **SHORT** if it will fall. The price under each side includes the spread.

**2. Choose the order type**

| Type | When it fills |
| - | - |
| **Market** | Now, at the broker's price on receipt. |
| **Limit** | When the price reaches your level or better. |
| **Stop** | When the price reaches your level, then at the market. |
| **Stop limit** | When the price reaches the trigger, a limit order is placed at your limit price. |

A buy order is triggered by the ask, a sell order by the bid. A limit, stop or stop limit order waits in **Open Orders** until the price reaches it. No margin is held until it fills. Choose its **Expiration**: **GTC** (until you cancel it), **Today**, or a **Specified** date and time.

**3. Set the size**

Depending on the instrument and your preference, you enter the size in **Lots**, or as an amount with a leverage. With **% Risk**, you set the share of your balance you accept to lose at the stop loss, and the size is worked out for you.

**4. Set the leverage**

Click the leverage to open **Adjust leverage**. The dialog states the range for the instrument. A higher leverage ties up less margin and brings the liquidation price closer to the entry price.

**5. Add a take profit and a stop loss, if you want**

Both are optional. Each can be set as a price, in points, or as a result.

To leave in steps, click **Add a target level** or **Add a stop level** and give each row the share of the order it closes, in percent. Together, the rows of one side close at most 100% of the order.

A **Trailing stop** starts at the distance you set. Once the profit reaches that distance, the stop follows the price at it and never moves back.

**6. Check the estimates and send**

Before you send, the ticket shows the **Est. Execution Price**, the **Spread**, the **Opening Fee**, the **Required margin**, the **Pip value**, the **Liq. Price**, the **Overnight swap**, and the **Risk / reward**. Click the order button, check the summary and click **Confirm order**.

> [!NOTE]
>
> A market order is filled at the broker's price on receipt, or refused. It is never filled against a stale quote. The price can move between the confirmation and the fill: beyond the slippage shown, the order is refused rather than filled worse.

## How a stop loss fills

A stop loss closes at the market price once the price reaches it. In a fast or gapping market, it can close worse than its level. A take profit closes at its level or better. No exit is guaranteed.

A stop loss placed beyond the liquidation price no longer protects you: the position would be liquidated first. The ticket refuses it.

## Why an order is refused

The ticket tells you why, next to the field concerned. The common reasons:

* The market is closed, halted or paused.
* The instrument is close-only: open positions can be closed, no new ones opened.
* The stop loss or take profit is too close to the price, too far, or on the wrong side.
* The free margin on the trading account is too low, or the margin is below the minimum for an order.
* The size is outside the instrument's range.
* The leverage is outside the range the instrument allows.
* There is no fresh price for the instrument right now. Try again once it quotes.
* The price moved further than your slippage tolerance before the order could be filled.
* Your account leverage changed since the ticket was priced. Check the ticket, then place the order again.

A refused order shows **Order refused**: nothing was executed and no margin was taken.

## After the order

A notice tells you when an order fills, waits, is triggered, is cancelled or expires. An expired order is removed, and nothing is executed.

## Skip the confirmation

In **Trading preferences**, **Do not show trade confirmations** sends an order with one click. See [Preferences](https://docs.xblu.io/en/settings/preferences.md).


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