You can use the Independent Direct to place stock and option orders. Stocks and EFT Order are placed in the ‘Trade’ tab/widget, an Options Order are placed in the ‘Options’ tab/widget.
Let’s explore. Click the link below to gain a better understanding of how to use each function:
How to place Stock/EFT orders
Stock and ETF orders are placed through Independent Direct’s ‘Trade’ tab.
To place a stock/ETF order, enter the security symbol. As you search for the symbol, we provide suggestions for corresponding securities. After selecting a security, the trade ticket is automatically updated with the symbol’s data.
To place an order, you can simply specify the action, or advance trading options, your trade ticket includes:
- Share volume
- Order type: Market, Limit, Stop, Stop Limit or Trailing Stop
- Trailing amount
- Limit offset
- Duration: Day or Good Til Canceled (GTC)
- Extended hours: whether the order can be executed in pre-market, post-market, both or none
- Expiration date
- Buy/ Sell/ Sell short/ Buy to cover
- All or None: indicating that an order must be executed in its entirety or not executed at all
You can also place conditions on your trade to ensure your trade meets your mandatory requirements.
When you’ve completed the trade ticket and are ready to place an order, click the placement button to confirm your desired outcome.
A confirmation popup will appear that contains your trade status and order number. If something goes wrong and you can’t place an order, a status message will display the reason.
Resolve the issue, and then attempt to execute the order.
How to place Options Orders
Options orders are placed through Independent Direct’s ‘Options’ tab.
To place an Options, enter the security symbol. As you search for the symbol, we provide suggestions for corresponding securities.
Your Options ticket will include:
- Symbol
- Strike range
- Expliration type
- Expiration
- Add stock to trade ticket option
Strike Range: Use this drop-down menu to determine the number of options to display. For example, if you select ‘5,’ the Option Chain will locate an option with a strike price closest to the underlying security’s current price and then display five options with strike prices both above and below the found option’s strike price.
Expiration Date: Utilize this drop-down menu to select options with a specific expiration date.
As you change the option chain, such as choosing between calls and puts and adjusting the bid and ask prices, the options trade ticket dynamically updates to show the selected option, its details, and the current bid and ask prices. This ensures that you accurately represent your intended trade before placing the order.
Once you hit the ‘Trade’ button a window will pop up to Place a New Order, once you feel comfortable with your trade settings, hit ‘Trade’ to place.
Viewing Open Orders & Order History
Within the ‘Orders’ tab, you can find pending orders waiting for execution. Under your ‘Orders’ tab, you will find your ‘Working Orders’, ‘Historical Orders’ and ‘Positions’, but you can modify your Orders tab with additional widgets as per your personal preference.
You can view your Orders:
- Date modified
- Status
- Last & Side
- Quantity
- Filled
- & Remaining
You can also Edit, Replace, Duplicate and Cancel your Orders under your Orders tab.
Short Selling in USD and CAD: What You Need to Know
Short selling involves borrowing and selling shares to repurchase them later at a lower price. This strategy is available for both U.S. and Canadian-listed stocks. When you short a stock, whether it’s priced in USD or CAD, you’re essentially taking out a loan on the shares, and there’s a borrow fee (or interest) applied for as long as you hold the short position.
The amount of interest depends on how easy or hard it is to borrow the stock. For example, more popular or “hard-to-borrow” stocks usually have higher fees. This interest is charged daily and can be a key factor in your short trade’s overall cost and potential profit or loss. It’s especially important to consider currency exchange rates when shorting U.S. stocks in a CAD-denominated account, as changes in FX rates can also impact your returns.
Independent Direct makes it easy to view, manage and cancel your Orders.
