Cancelling Your stock purchase Order

Some months back, we did a post of how the stock market works and the process for managing your portfolio (in case you missed it, click here). Today, we want to talk about Cancelling Your stock purchase Order.

A cancelled order is a previously submitted order to buy or sell a security that was placed with the Nigerian Stock Exchange (NSE).

A lot of you might have at one point in time or the other complained about buying a stock and not getting it fulfilled at the right price and time. You wished your money was returned to your account while some prefer that we kept trying to fulfill that order before the opportunity was missed.

Well, your worries are over as we have implemented the Stock Cancel Order which means you can cancel a stock order if you feel the price is not right(wait for it…..)all by Yourself!

Here is how it works:

· When a stock is bought, you can cancel the stock order by clicking on the cancel order button in the modal shown when the info icon is clicked

· Once the cancel order button is clicked, it is cancelled whether the market is open or closed and the fund plus fee are reversed to your cash balance

· Of course when all the stock units of an order are fulfilled/completed, you cannot cancel anymore

· When a stock order has been partially fulfilled, and you attempt to cancel, the units pending are cancelled and the funds and fees for the pending units are reversed while the fulfilled units are added to your portfolio

· When an order is expired, your stock order is cancelled and funds + fees are reversed to your cash balance

· However, when your order is pending and the cancel order button is clicked, the order is cancelled successfully

· Once an order has been successfully cancelled, your funds + fees of the units are reversed to your cash balance

· In case funds & fees are reversed, the amount is added to your cash balance in the currency of the product.

Follow these easy steps to Cancel your Stock Order

· Login to your Wealth.ng account
· If you have a pending order, click on the (i) icon beneath the stock trade you want to cancel.
· Click the “Cancel Order” option for the stock trade.

Did You know?

· When a sell order is completed and the stock is pending, you can also cancel the order

· When a sell order is cancelled, the stock remains in your portfolio and no funds are credited to your cash balance

· A partially fulfilled sell order can get cancelled and when it is cancelled, the units sold are credited to your cash balance

Remember that Transactions are only cancelled when the market price is greater than the bid price and funds are returned to your Cash Balance, but you can also do it yourself, so thread carefully.

Next up…….. Buy/Sell Trade Limit