Ok, I need help here. I am trying to make a buy and get a warning that I am attempting to enter an order for a security which I do not hold in my account. Please check your account holdings screen. Welllllllll..duh.. of course I am trying to buy something I don't currently own...but maybe because of how I am trying to buy it? Here are the facts
the current quote:
Bid 1.10
Ask 1.33
Last 1.14
I put in a buy for 200 shares and then used STOP LIMIT.. stop at 1.10... limit at 1.15 GTC
I then clicked on advanced orders and chose OCO... stock-stock
In there I put in a Sell order for 200 shares and then a stop set at 1.01 GTC
So what am I doing wrong here?
Forum > OCO ... One Cancels Other
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Posted June 07, 2009 (08:59PM)
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Posted June 07, 2009 (09:09PM)
Ok.. my bad. I realized I wanted to do a OTO..not an OCO....but just to be sure, anything wrong with what I tried to do if I changed it to the One Triggers Other? I am startin low before I try this on larger securities.
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Posted November 04, 2009 (12:32AM)
beretdude
were you able to accomplish placing the sell stop order? i also want to place a buy order and a sell stop order at the same time, but i'm not sure how to do it. thanks |
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Posted November 04, 2009 (03:08AM)
Im pretty sure u cant set a stop order at the same time that u buy. It needs to be done in seperate steps
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Posted November 04, 2009 (07:24AM)
Actually, yes you can do a buy and a sell order at the same time. That would be a OneTriggersOther order and it is done like this:
BUY X amount of shares of ABC Limit Y and choose Day and then down below where you put in your limit price, you click on ADVANCED ORDERS.. and select OneTriggersOther(stock-stock)... the screen will change and you can see that it show if your first order is executed, then you can put in a sell order and do all your normal stuff there.. be it limit.. stop/limit..etc... then do a review and you should not get any warnings that you did anything wrong in there. The same applies if you do a OneCancelsOther(stock-stock)... where you decide you are either selling at a limit price...OR you want to sell at a stop price... which ever order occurs first, the other order on that would be cancelled...which if you think about it, only makes sense. If you sold it at limit then it is gone and wouldn't be there for the stop. Kapeesh? Do understand though, that even though you are combining the orders on the One triggers Other, if both occur, you pay the commission on both sides of it... first when you buy and then when you sell. Happy Trading... /:) |
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Posted November 04, 2009 (05:52PM)
If I am wrong, I stand corrected. I was thinking of trailing stops as per this thread http://community.tradeking.com/forum/topics/3645/forum_posts
Next question, can you set a limit order on stocks below $5? |
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Posted November 04, 2009 (07:48PM)
I have a question that pertains to this:
today I tried to put a Stop/Limit on a stock that I own. (NANO) 7.35 I want to sell this stock if the price goes below 7.00, and sell if it hits 9.00 So, I put a stop/limit of Stop of 7.00 and Limit of 9.00 When I tried to do this TK notified me that if I use a Stop/Limit for a sell, my limit should be less then my stop? Is this right? BD, I'm glad you brought this topic up, b/c I would like to use this feature if possible. But first, I need to figure out if I'm even doing this stop/limit right?? |
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Posted November 04, 2009 (08:22PM)
BDL, One would think that Stop/limit means that you are putting both a stop and a limit on the same stock. One would be wrong, though. I Got frustrated with that same thing initially. What you really want, though, is a One-Cancels-Other order (stock-stock) under the advanced orders tab. This lets you enter a stop and a limit order on the same stock, and if one is triggered, the other is automatically cancelled. The Stop/limit order, from what I understand, is really a sequential order--once your stop is triggered, then a limit order is sent to the market. (I haven't used it, this is what I remember). Hope that helps. |
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Posted November 05, 2009 (12:34AM)
thanks for the reply beretdude
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Posted November 05, 2009 (09:21AM)
BDL... this is an advanced order and here is what you do: 1. place a limit order to sell the stock at 9.00 and click on GTC (good till cancelled) 2. hit the advanced order drop down menu and select OCO stock - stock. 3. Next you enter sell / stock symbol / # of shares 4. click on stop limit and 2 boxes will pop up. In the stop box enter 7.00 5. in the limit box enter the minimum price you want to sell the stock for (usually the bid/ask spread) which is probably 6.95 or 6.90 6. Next click on GTC and preview the order. 7. If everything is ok then submit. |
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Posted November 05, 2009 (06:08PM)
thanks TJ and buynhold, I think that clears it up, im gonna try it out and see what happens:)
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