If you’re new to Upstox, you might have heard about GTT orders ๐ and wondering what they are and how they work. In this article, we will explain what GTT orders are and how to place them in Upstox.
Firstly, GTT stands for Good Till Triggered, which means that the order will remain active until a certain condition is met โฐ. GTT orders can be used to automate your trading strategy and execute trades without needing to constantly monitor the market ๐ค.
Steps of placing a GTT order in Upstox:
Step 1: ๐
Login to your Upstox account Firstly, you need to log in to your Upstox account. If you don’t have an account, you can Create one by visiting the Upstox website and following the registration process.
Step 2: ๐
Once you have logged in, Select the Stock you want to trade by typing the stock name or symbol in the search bar. Then, click on the ‘ GTT’ button. This will take you to the GTT Orders section.
Step 3: ๐
Choose the trigger price and the order type In the GTT order window, you will need to choose the trigger price and the order type. The trigger price is the price at which your order will be executed. The order type can be a limit or a market order.
For example, if you want to buy HDFC Bank shares if the price reaches Rs. 1600, set the trigger condition as ‘Price Reaches below’ and the value as Rs. 1600. Once the trigger condition is met, your GTT order will be executed automatically, and you will have bought HDFC Bank shares at the price of Rs. 1600.
Step 4: ๐ฏ
You Can Also Set Stop Loss & Targets, Assuming that you want to set a condition to sell a stock if it falls by 5% from the trigger price as a stop-loss and also sell it as a target if it reaches a 10% increase from the trigger price.
Step 5: โ
Review and confirm the order Once you have set all the parameters for your GTT order, review the details carefully and click on the ‘Confirm’ button to place the order. You will also need to enter your Upstox PIN to confirm the order.
Step 6: โณ
Wait for the trigger condition to be met Once you have placed the GTT order, it will remain active until the trigger condition is met. Once the trigger condition is met, your order will be executed automatically.
In conclusion, GTT orders can be a useful tool to automate your trading strategy and execute trades without needing to constantly monitor the market ๐. With Upstox, placing a GTT order is easy and can be done in just a few simple steps ๐ค.
Frequently Asked Question (FAQs)
What is a GTT order?
GTT or Good Till Triggered order is an order type that allows you to set a trigger price at which a buy or sell order will be executed automatically.
What are the benefits of placing GTT orders?
GTT orders help automate trades, manage risk, and protect profits without the need to constantly monitor the market.
What is the validity period of GTT orders?
GTT orders are valid for up to one year from the date of placing the order.
Can I modify or cancel my GTT order?
Yes, you can modify or cancel your GTT order anytime before the trigger price is reached.
Is there anything I should be aware of before placing GTT orders?
GTT orders are not guaranteed to be executed and are subject to market conditions and liquidity. Make sure to read and understand Upstox’s terms and conditions for GTT orders before placing them.
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