Limit Orders - Please help (feeling useless)

Can’t see the wood for the Trees, feeling stupid.
I just opened a practice account with Oanda. I’m just messing about with all the screens and options and am having problems with a Limit Order. My understanding is that it’s to buy or sell within a certain range. If the present market price is 157.3340 I thought I should be able to set the range as a lower of 157.3100 and upper of 157.3300(to buy). When I try that the system says that I must have the lower as below the present price and upper above it. Someone please put me right. I just know I’m going to feel stupid when I get a reply :o

hi Wentworth

The upper bound and lower bound values are to protect you from ‘slippage’ in price when you order is placed. They are not for straddling the price which is what I think you are trying to do. You would need two seperate limit orders to do that

eg. If your limit order price gets hit and in the short time before your order is placed in can slip especially in valotile times like news releases… if the price has moved outside the upper bound and lower bound values of your order then the order is not placed. It is there for your protection.

well that’s how I understand it. hope it helps
cheers
Brendon

Hi Brendon,

Many thanks. I see what you mean, it does make sense now.