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SO YOU WANT TO TRADE ONLINE
TRADERS GETTING ORGANIZED
TRADERS LESSON ORDER TYPES
TRADERS LESSON ORDER ENTRY
TRADERS LESSON STOP ORDERS
TRADERS LESSON SELLING SHORT
UPGRADES AND DOWNGRADES
MARKET INSIGHTS
TRADERS LINKS 1
TRADERS LINKS 2
TRADERS LESSON TRENDLINES
TRADERS LESSON CHARTS and TA
TRADERS WORKSHEET
When To BUY and SELL
TRADING LESSON THE OPEN
TRADING STRATEGY EARNINGS
STOCK and MARKET NEWS
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| How should I place stock orders? |
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| Always use LIMIT orders, for buying and selling: On your order entry screen click on buy or sell Click on day order Fill in ticker symbol and number of shares you wish to purchase or sell Click on the LIMIT box or line and enter in your price target. (ex. limit 55) When you use a limit order and enter it in this way you will know ahead of time the price your order will get filled at,if and when the stock's share price trades up or down to the price limit you set. If through the course of the day the stock's price never trades up or down to this range your order simply gets closed out at the end of the day with no action taken. Another advantage of using a limit order is, if your order has not yet been filled you can change or cancel it anytime you wish, with a market order once you've placed it that's generally it, because your likely to get filled before you ever get a chance to change your mind and cancel. Most brokers will charge anywhere from $5-$10 more for limit orders, but let me tell you it's well worth the difference in price. However you may be able to find a few brokers that do not charge any additional amount for limit orders vs market orders. Remember if you use a market order, your order goes to the trading floor and lines up along with everyone else's (first come - first serve) and by the time your order gets filled you could end up paying a lot more than you intended , or sell for a lot less. This is particularly dangerous with fast moving stocks that move because of earnings news/split announcements, or just the current hype of whatever sector is currently hot. Speaking of technology stocks and another hot topic IPO's, these stocks can move 5, 10 , 15 points or more in a matter of minutes. Anyone using market orders to enter and exit these highly volatile stocks is absolutely foolhardy! I'm sure you've heard the horror stories, it's one of those days where there is strong buying/selling pressure at the open, a lot of hype or negative air is in the market. Now someone places a market order to buy/sell in one of these issues only to have their order filled at 5-10 points or more off where they first saw the share price when they initially place their market order. When using a limit order you get rid of this problem. ex. Stocks trading at 50 /you want to buy it at 50 / you place a limit order to buy at 50...you won't have to come back to your order confirmed screen being surpised that you paid ex. $62 Ouch! BUT remember once you are in your trade, proper risk control also means implementing the use of sell stop orders for long positions and buy stop orders for short positions. |
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