Here is my problem: XYZ stock closes at 7.90. I place a buy stop limit order for the next day to buy at 8.00 with the limit at 8.07. I place the order like this because I am seeking some confirmation that the price is moving in the desired direction. The problem is XYZ stock has an ask price of 8.25, so the order is rejected by the system because the buy stop is below the ask price. I realize that I could place the order as a buy limit order at 8.07, but that would get me in 8.07 or at any price below that, which leaves me wide open in the event of a large downward gap at the open. Is there any way that I can limit the entry range when the ask price is above the price range I would like to enter at? Thank you all...
PS: The next trading day that ask price of 8.25 was never hit, in fact XYZ opened at 7.88, so I would have been able to place the order after the open IF I could have gotten access to a computer at that time.
Follow posts
Another Stop Limit Question
Displaying all 11 forum posts
This is a similar problem I had. I've been trading paper for awhile and doing consistently well, but the mechanics of real trading are causing me some problems. I placed a stop buy order which was executed at a much lower price than what I wanted. The stock went down and I shouldn't have been on-board. Then my stop limit order was skipped over and the stock continued to go down. The stock rebounded and on the way back up my stop limit was executed.
I ended up losing less money than my maximum risk for that trade was, because I was in at a much lower price, but I didn't want to be involved with that move at all which is why I placed a high buy order.
My internet here is really bad especially around 1900 which is when the NYSE opens in my time zone. So I can't watch the market and make these trades manually, and I can't watch the streaming videos that TK uses for training.
I need a method of buying and stopping that has a higher degree of success for me getting the prices I want. I want in at or slightly above a certain point, and stopped out at or slightly below a certain point. How do I do this?
I ended up losing less money than my maximum risk for that trade was, because I was in at a much lower price, but I didn't want to be involved with that move at all which is why I placed a high buy order.
My internet here is really bad especially around 1900 which is when the NYSE opens in my time zone. So I can't watch the market and make these trades manually, and I can't watch the streaming videos that TK uses for training.
I need a method of buying and stopping that has a higher degree of success for me getting the prices I want. I want in at or slightly above a certain point, and stopped out at or slightly below a certain point. How do I do this?
A limit order only executes on a buy when the limit is above the stock price, it sells when the price is below the limit price.
A stop limit is a limit order that's triggered when the stop price is reached, it the limit is below the stop price in the stop limit buy order, the limit won't execute until the stock price is below the limit asking price.
A stop limit is a limit order that's triggered when the stop price is reached, it the limit is below the stop price in the stop limit buy order, the limit won't execute until the stock price is below the limit asking price.
Whats confusing the hell out of me right now, is that my buy on that stock was the high of the day.
I placed a buy stop of 23.1 and it was executed at 22.93. The high of the day was 22.93 but that was achieved at the end of the day. The previous highest peak on the chart is 22.81 at the beginning of the day.
After the price of 22.93 the chart never went down to to my stop-limit of 22.4 where it was sold. The lowest point after that peak was 22.62.
If shares were not traded at or above my buy stop why would that order become active?
And if I bought shares at 22.93 on the chart but the price range following that purchase never fell down to my stop-limit why were they sold?
The ticker is EXAM.
Maybe I should send TK a Email about this. Is it possible my trades were made pre and post market or something like that?
I placed a buy stop of 23.1 and it was executed at 22.93. The high of the day was 22.93 but that was achieved at the end of the day. The previous highest peak on the chart is 22.81 at the beginning of the day.
After the price of 22.93 the chart never went down to to my stop-limit of 22.4 where it was sold. The lowest point after that peak was 22.62.
If shares were not traded at or above my buy stop why would that order become active?
And if I bought shares at 22.93 on the chart but the price range following that purchase never fell down to my stop-limit why were they sold?
The ticker is EXAM.
Maybe I should send TK a Email about this. Is it possible my trades were made pre and post market or something like that?
Could someone answer, do after hours bids and offers trigger stop orders?
Mio - I do not trade after hours or use stop orders but my understanding is that no, after hours trading and prices do not trigger stop orders. In addition it is my understanding these are two different systems here at TK
Mlonrgie,
OldFart is correct regarding your question on what will trigger a stop order. Pre-market and post-market quotes would not trigger an open stop order that you have for the regular market session.
If you have a question regarding a specific order please contact us through live chat or over the phone at 877-495-5464. We would be happy to review the trade in question to determine what happened.
Best regards,
Stefan McVeigh
TradeKing Customer Support
OldFart is correct regarding your question on what will trigger a stop order. Pre-market and post-market quotes would not trigger an open stop order that you have for the regular market session.
If you have a question regarding a specific order please contact us through live chat or over the phone at 877-495-5464. We would be happy to review the trade in question to determine what happened.
Best regards,
Stefan McVeigh
TradeKing Customer Support
I only use market orders and i add a stop loss in case Im wrong, just seems simpler
I sent a email to TK support, and the response I got was that during the opening of a day's trading the volatility caused my buy stop to execute significantly lower than I would have liked.
What I still don't understand is why the charts at TK and stockcharts.com don't have that price being traded during the beginning of the day. That price was traded at the end of the day, but my trade was executed at the beginning of the day.
I need to use stop buy orders because I can't be in front of my computer with reliable internet during the day's trading.
I'm down slightly this week because of this trade and another where the buy stop was executed significantly below the stop point. I would be doing well this week otherwise, but I'm not upset because my analysis has been sound, my mechanics are causing me problems.
I need to place a high buy stop-limit order I think, with the limit below the stop, but this runs the risk of my order not being filled. Probably not a good solution either.
I'm trying to think of a method to purchase a stock at or slightly higher than my selected price. Which allows me to prove the direction of a stock, while avoiding getting caught when I read the chart wrong.
What I still don't understand is why the charts at TK and stockcharts.com don't have that price being traded during the beginning of the day. That price was traded at the end of the day, but my trade was executed at the beginning of the day.
I need to use stop buy orders because I can't be in front of my computer with reliable internet during the day's trading.
I'm down slightly this week because of this trade and another where the buy stop was executed significantly below the stop point. I would be doing well this week otherwise, but I'm not upset because my analysis has been sound, my mechanics are causing me problems.
I need to place a high buy stop-limit order I think, with the limit below the stop, but this runs the risk of my order not being filled. Probably not a good solution either.
I'm trying to think of a method to purchase a stock at or slightly higher than my selected price. Which allows me to prove the direction of a stock, while avoiding getting caught when I read the chart wrong.
Sounds like you need to use a contingent order (under advanced orders), which I use all the time. One of the cool features (beside it would allow you to do what OP wanted, you can also set it to trigger on Last Price, instead of Bid or Ask.
I prefer Last Price myself, since bid/ask might not always reflect what actually happened when the stock did trade hands.
I prefer Last Price myself, since bid/ask might not always reflect what actually happened when the stock did trade hands.
Yes, thank you, a contingent order is exactly what I was looking for. To bad I can't seem to use some sort of Contingent-OTO order, for the stop loss. I guess I'll have to wait a day to enter that side of a trade.
Does anyone know of a method for entering a OTO order on a contingent order?
Does anyone know of a method for entering a OTO order on a contingent order?
Displaying all 11 forum posts
You must Log In to post to this forum.
Not a member? Register Now to …
- See what other traders are doing
- Make your own trades public
- Share your thoughts on a trade
- Join or start a group
- Connect with like-minded traders
