Fyers Trading Platform: Complete Guide to Placing Buy & Sell Orders

How to Place a Buy/Sell Order on Fyers: A Step-by-Step Guide

Fyers is a popular trading platform in India known for its robust features, advanced charting tools, and user-friendly interface. Whether you're a seasoned trader or just starting out, understanding how to place buy and sell orders efficiently is crucial for successful trading on the Fyers platform. This comprehensive guide will walk you through the process of placing different types of orders on Fyers, covering both the web platform and the mobile app. We'll cover the various order types available, explain how to use them, and provide practical tips to ensure smooth and efficient order execution. By the end of this article, you’ll be well-equipped to place buy and sell orders on Fyers with confidence, empowering you to navigate the platform effectively. Let's dive into the world of order placement on Fyers and arm you with the knowledge you need to trade seamlessly.

Understanding Different Order Types on Fyers

Before placing an order, it's crucial to understand the various order types available on the Fyers platform. Each order type serves a specific purpose and can be used to manage risk and execute different trading strategies. Here are the common order types you'll encounter on Fyers:

• Market Order: A market order is an order to buy or sell a security at the best available current market price. This order type is executed immediately, ensuring that you enter or exit a position quickly. However, the exact price at which the order gets executed may vary slightly due to market volatility.
• Limit Order: A limit order is an order to buy or sell a security at a specified price or better. The order will only be executed if the market price reaches or is better than the limit price you have set. This type of order is useful when you have a specific price in mind and are not in a rush to execute the trade.
• Stop-Loss Order: A stop-loss order is an order to buy or sell a security once it reaches a specified price (the stop price). It's used to limit your losses by automatically closing out a position if the market moves against you, and will prevent you from losing too much on a particular trade.
• Stop-Loss Limit Order: This order type combines features of both stop-loss and limit orders. Once the stop price is triggered, the order becomes a limit order, and it will only execute if the price reaches the limit price or better. This order type provides an extra level of control and can be useful when you are not in a rush to execute a trade.
• Bracket Order (BO): A bracket order allows you to place a market order along with a stop-loss and a target profit order. All three orders are executed simultaneously, and the position will automatically close if either the stop-loss or target profit level is reached. This order type is very useful for intraday trading.
• Cover Order (CO): A cover order is similar to a stop-loss order. You place a market order, along with a stop-loss order.
• Good Till Triggered (GTT) Order: A GTT order allows you to place a buy or sell order that remains active until a specific trigger price is hit, or until you choose to cancel the order. This order type is useful for setting up long-term trading plans.
• After Market Order (AMO): An AMO allows you to place orders that will be executed the next trading day. This is useful when you want to place orders after market hours.

Understanding these different order types is essential for making informed trading decisions and managing risk effectively, so it is important to understand all the options before you place an order.

Placing a Buy Order on the Fyers Web Platform

Here's a step-by-step guide on how to place a buy order on the Fyers web trading platform:

1. Login to Your Fyers Account: Open your web browser and navigate to the Fyers website. Enter your login credentials to access your trading account.
2. Search for the Stock: Use the search bar at the top of the screen to search for the stock you want to buy. Once you find the correct stock, click on it to open the chart and order entry interface.
3. Open the Order Entry Window: Click on the 'Buy' button, usually located on the left side of the chart. This will open the order entry window, where you enter all the details of your order.
4. Select Order Type: Choose the order type you want to use (Market, Limit, Stop-Loss, etc.) from the order type dropdown menu.
5. Enter Quantity: Enter the number of shares you want to buy in the 'Quantity' field. This is the number of shares you want to buy.
6. Set Price (For Limit, Stop-Loss, etc.): If you selected a limit or a stop-loss order, you need to set a price. Enter the price at which you want to buy the shares in the 'Price' field.
7. Set Trigger Price (For Stop-Loss): If you selected a stop-loss order, you also need to specify the trigger price. Enter the trigger price in the ‘Trigger Price’ field.
8. Review Your Order: Double-check all the details before you submit the order, to ensure they are correct.
9. Place the Order: Click on the 'Buy' button to place your order, and wait for the order confirmation.
10. Order Confirmation: You will receive an order confirmation on the screen along with an order number and other details. You can also verify the order status in the ‘Order Book’.

By following these steps, you can place your buy order easily using the Fyers web platform.

Placing a Sell Order on the Fyers Web Platform

Here's how to place a sell order on the Fyers web platform, which is a similar process to placing a buy order:

1. Login to Your Fyers Account: Open your web browser, navigate to the Fyers website, and log into your account using your credentials.
2. Search for the Stock: Use the search bar to find the stock you want to sell and then click on it to open its chart and order entry interface.
3. Open the Order Entry Window: Click on the 'Sell' button, usually located on the left side of the chart. This will open the order entry window, which is very similar to the buy window.
4. Select Order Type: Choose the order type you want to use from the dropdown menu. Select the order type that matches your trading style and strategy.
5. Enter Quantity: Enter the number of shares you want to sell in the 'Quantity' field.
6. Set Price (For Limit, Stop-Loss, etc.): If you are using a limit or stop-loss order, specify the price at which you want to sell your shares.
7. Set Trigger Price (For Stop-Loss): If you are using a stop-loss order, specify the trigger price at which you want your order to be triggered.
8. Review Your Order: Verify all the details of your order before you confirm it.
9. Place the Order: Click on the ‘Sell’ button to place the sell order.
10. Order Confirmation: You will receive an order confirmation on the screen and you can check its status on the ‘Order Book’.

By following these simple steps, you can efficiently place your sell order using the Fyers web platform.

Placing a Buy/Sell Order on the Fyers Mobile App

Here's how you can place both buy and sell orders on the Fyers mobile app, which is very similar to the web version of the platform:

1. Open the Fyers Mobile App: Launch the Fyers mobile app on your Android or iOS device, and enter your login credentials.
2. Search for the Stock: Use the search icon to search for the stock you want to buy or sell, and then tap on it.
3. Open the Order Entry Screen: Tap the ‘Buy’ button (for a buy order) or the ‘Sell’ button (for a sell order) at the bottom of the screen to open the order entry window.
4. Select Order Type: Select the order type that you want to use (Market, Limit, Stop-Loss, etc.). You can see a dropdown menu with all the options.
5. Enter Quantity: Specify the number of shares you want to buy or sell in the ‘Quantity’ field.
6. Set Price (For Limit, Stop-Loss, etc.): If you are using a limit or a stop-loss order, enter the price at which you want to buy or sell your shares.
7. Set Trigger Price (For Stop-Loss): For stop-loss orders, enter the trigger price at which you want your order to be triggered.
8. Review Your Order: Verify all the details before you submit your order.
9. Place the Order: Tap the ‘Buy’ button or ‘Sell’ button to place your order.
10. Order Confirmation: You will receive an order confirmation on the screen. You can also check the order status on the ‘Order Book’.

Using the mobile app is very easy and the process is very similar to using the web interface.

Specific Order Types: Bracket Order (BO) and Cover Order (CO)

Here is how you can place Bracket Orders (BO) and Cover Orders (CO) on the Fyers platform, as these orders are quite popular with intraday traders:

Placing a Bracket Order (BO)

1. Open the Order Entry Window: Select the stock you want to trade and click on the ‘Buy’ or ‘Sell’ button to open the order entry window.
2. Select Order Type as BO: In the order type dropdown, select ‘Bracket Order (BO)’.
3. Enter Quantity: Enter the quantity of shares that you wish to buy or sell.
4. Set Entry Price: If you do not want a market order, you can set a limit price for the entry order.
5. Set Stop-Loss Price: Specify the stop-loss price to manage your risk. This is the price at which you will automatically exit the trade if the market moves against you.
6. Set Target Profit Price: Specify the target profit at which you want to exit the trade.
7. Review Your Order: Double check all the details before submitting the order.
8. Place the Order: Click on the ‘Buy’ or ‘Sell’ button to place your order.

Placing a Cover Order (CO)

1. Open the Order Entry Window: Select the stock you want to trade and open the order entry window by clicking the ‘Buy’ or ‘Sell’ button.
2. Select Order Type as CO: From the order type dropdown, select ‘Cover Order (CO)’.
3. Enter Quantity: Enter the quantity of shares you want to trade.
4. Set Entry Price: If you do not want a market order, you can set a limit price for your entry order.
5. Set Stop-Loss Price: Specify the stop-loss price to manage your risk. This is the price at which you want to exit your position if the market moves against you.
6. Review Your Order: Verify all the details of your order before submitting.
7. Place the Order: Click on the ‘Buy’ or ‘Sell’ button to place your order.

Both of these order types help you manage your risk while trading, so it is a very useful tool that all intraday traders must understand.

Tips for Efficient Order Placement on Fyers

To ensure smooth and efficient order placement, keep these tips in mind:

• Practice with a Demo Account: If you are new to Fyers, use a demo account to practice order placement before trading with real money.
• Familiarize Yourself with the Platform: Take time to learn about the various features and functionalities of the platform.
• Use Watchlists: Create watchlists for the stocks you are trading so that you can place orders quickly and easily.
• Set Price Alerts: Use price alerts to stay informed about market movements and use them to plan your trades more efficiently.
• Check Order Book: Always monitor your order book to check the status of your orders.
• Verify All Details: Double check all the order details to ensure that everything is correct before placing your trade.
• Use Keyboard Shortcuts: If you are using the web platform, use keyboard shortcuts to place orders more efficiently.
• Stay Updated: Keep up with all the new features and tools that are being rolled out by Fyers, so you can fully use all the features of the platform.

By using these tips, you can reduce errors and make your order placement process more streamlined.

Conclusion: Mastering Order Placement on Fyers

Placing buy and sell orders is a fundamental aspect of trading on the Fyers platform. This guide has covered the various order types, step-by-step instructions for both the web platform and mobile app, and provided practical tips to ensure efficient order execution. By understanding and utilizing the various features available, you can enhance your trading strategy and manage risk effectively. Remember to always check your order details before placing an order and to practice with a demo account before trading with real money. With the right knowledge and preparation, you can confidently navigate the Fyers platform and achieve your trading goals. By mastering the order placement process, you are on the path to becoming a more proficient trader.

Frequently Asked Questions (FAQs)

1. What is a market order on Fyers?

A market order is an order to buy or sell a security at the best available current market price, ensuring immediate execution.

2. What is a limit order on Fyers?

A limit order is an order to buy or sell a security at a specified price or better. It will only be executed if the market price matches the specified price.

3. What is a stop-loss order on Fyers?

A stop-loss order is an order to buy or sell a security once the price reaches a specified stop price, used to limit potential losses.

4. What is a bracket order (BO) on Fyers?

A bracket order allows you to place a market order along with a stop-loss and a target profit order. All three orders are executed simultaneously.

5. What is a cover order (CO) on Fyers?

A cover order is an order that is placed along with a stop-loss order, helping manage your risk, and making sure you do not face large losses.

6. What is a Good-Till-Triggered (GTT) order on Fyers?

A GTT order allows you to place a buy or sell order that remains active until a specific trigger price is hit or until the order is cancelled by you.

7. How do I place a buy order on the Fyers web platform?

Log in, search for the stock, click ‘Buy’, select order type, enter quantity, set price/trigger price if needed, review, and place your order.

8. How do I place a sell order on the Fyers mobile app?

Open the app, search for the stock, tap ‘Sell’, select order type, enter quantity, set price/trigger price if needed, review, and tap to place the order.

9. Where can I check the status of my orders on Fyers?

You can check the status of your orders on the ‘Order Book’ available on both the web platform and mobile app.

10. Can I use a demo account on Fyers to practice placing orders?

Yes, it is advisable to use a demo account to familiarize yourself with the platform and practice placing orders before using real money.