X-O Limit Orders

Glastoun

I set up an X-O account and assumed I could set up a few limit orders for the full value that I paid in, and once the first one that triggered had used up the money I could cancel the other ones. But once I'd set up the first, it said my available balance was £0, even though no order had been placed yet.

So if I set up a limit order to buy when a share reaches a certain price, those funds are committed even though no action has been taken yet?

Is there any share dealing platform that allows the setting of multiple limit orders with a total value greater than the current balance?

Of course I could do the price monitoring myself but the internet makes people lazy.

And I can't help interpreting X-O as an anguished face.....

Shaolin_Monkey

I couldn't see it being allowed with an ISA account. If more than one fills, how would you settle it if you've used your full ISA allowance? With a non ISA TD Direct Trading Account I can put orders in up to my trading limit (the trading limit is way more than the cash in the account, and takes account of other stocks held). Bear in mind if more than one of the limit orders fills, you are on the hook for the trade, and they will expect settlement when due.

Glastoun

Yes, was thinking it was something like that, although I thought once one of the orders went through the others might be declined, as if I'd left my credit card details with three hotels waiting for a cancellation and it hit the credit limit after the first one confirmed their booking.

Cheers,

IronWolf

You could probably do this with a traditional broker, but their fees are much higher.

I think you'll just have to monitor them yourself. Sites like https://www.Morningstar.co.uk off an alert service which will send you an email when a target price is hit. Use that and then quickly log in to order the shares.