Prefix the symbol '&' with your place holder.
Your problem will be solved.
select * from <table_name> order by &<place_holder>;
Thanks for the response.
I am already using place holder as &order_by clause at my report query.
Could you please provide me some other suggestions.
At present I am not able to do the test case with place holder, but I experienced the same problem while ordering with user parameters.
To solve the issue, I have given initial value for user parameters then it worked fruitfully. So try user parameters with initial value instead of place holders.