Ok, C just cut 10% of their investment bank workforce, so I'm hopeful that the stock will rally tomorrow (Monday...today actually). 

I've never set a "stop-limit" order before, so I've got a question about how they work.  Can I set a C sell order at $20.50 and a C "stop-limit" order at $18.50 at the same time?  --So if the stock stays between $20.50 and $18.50, nothing will happen, but if it goes to $20.50 it sells and if it goes to $18.50 or lower it sells (to limit my losses).

Can I have a limit order and a stop-limit order going at once?

I've been trading for 13 months now, and I've learned about options a bit (and still learning), but there are still simple questions like this that I've never felt a need to mess with before.  Usually, when I buy a stock I see no need to set stop limits because I'm confident in my purchases. 

Also, what do you think the stock is going to do on the job cut news? go up in a short lived rally? (that's my hope).

(Maybe someone is up late enough to take a look at this before I head to bed... I've got a Quantitative Methods test tomorrow and I'm up late studying...I figured I would set a few limit orders before I head to bed.  ...There's nothing like waking up in the morning to discover that you've made a couple hundred before you even got out of the bed. ) 

Danny - not certain that TK offers that type of orders - this is from AMTD online help

=====================================================

What is a conditional order and how do I place one?

Conditional orders let you combine two or three individual orders that will, if filled, either cancel or trigger additional orders. Conditional orders are available for both stocks and single-leg option orders (in option-approved accounts).

The following types of conditional orders are available:

1. OCA (one cancels another) - submit two orders simultaneously; if one order is filled, the other is canceled.
2. OTA (one triggers another) - submit an order and if that order is filled, submit another order.
3. OTT (one triggers two) - submit an order and if that order is filled, submit two additional orders.
4. OT/OCA (one triggers an OCA order) - submit an order; if that order is filled, submit two orders simultaneously; if one of these orders is filled, cancel the other.
5. OT/OTA (one triggers an OTA order) - submit an order; if that order is filled, submit another order. If that order is filled, submit a third order.

Please note: When entering OCA orders, the Order Type cannot be market and Expiration (e.g., Day, GTC) must be the same for both parts the order.

To indicate that you want your order to be conditional, select the checkbox next to Make this a conditional order.

Next, select the type of conditional order you want to place and enter the order details for the second and (if applicable) third legs of your conditional order.

When your order details are complete, select Review order to confirm and place your conditional order. (Express trading is not available for conditional orders).

Review your conditional order on the order confirmation page, then select Place Order, Change Order, or Do Not Place Order.

TK might not offers those:

Conditional orders let you combine two or three individual orders that will, if filled, either cancel or trigger additional orders. Conditional orders are available for both stocks and single-leg option orders (in option-approved accounts).

The following types of conditional orders are available:

1. OCA (one cancels another) - submit two orders simultaneously; if one order is filled, the other is canceled.
2. OTA (one triggers another) - submit an order and if that order is filled, submit another order.
3. OTT (one triggers two) - submit an order and if that order is filled, submit two additional orders.
4. OT/OCA (one triggers an OCA order) - submit an order; if that order is filled, submit two orders simultaneously; if one of these orders is filled, cancel the other.
5. OT/OTA (one triggers an OTA order) - submit an order; if that order is filled, submit another order. If that order is filled, submit a third order.

Please note: When entering OCA orders, the Order Type cannot be market and Expiration (e.g., Day, GTC) must be the same for both parts the order.

To indicate that you want your order to be conditional, select the checkbox next to Make this a conditional order.

Next, select the type of conditional order you want to place and enter the order details for the second and (if applicable) third legs of your conditional order.

When your order details are complete, select Review order to confirm and place your conditional order. (Express trading is not available for conditional orders).

Review your conditional order on the order confirmation page, then select Place Order, Change Order, or Do Not Place Order.

Danny, looks like TK is fine - trade screen ==> Advanced Orders:

You are not the only one who is up at 2:50EST :-)

Hehe, thanks David.  I still couldn't figure out exactly how to use a "stop limit" even after reading the directions.  Maybe I'm just being thick.  There are two boxes, "stop" and "limit".  So...your purchase or sell (the order has to be all sell or buy I suppose) will go through so long as the stock price is between those two figures? 

Thanks again for pointing out the advanced orders screen.  I'll be checking into that more extensively. 

Well, it's 2:10am CST, so I'm gonna head to bed.  I've got that test tomorrow, and I'm about Quantitative Methods-ed out.  However, I'm gonna do a little trading before class...class doesn't start till noon.  With any luck, I'll unload my C tomorrow.  (Or, without "luck," it could bottom out. :)

Danny,

 Use the OCO orders.   The lower price is a stop loss order and the upper price is a limit order.  I use them sometimes on my option trades.    Setting the stop loss order is somewhat tricky.   You need to leave enough room for intraday movement, ie 2 - 3 ATR.

Give it a try, you will learn a new trick.

Jim

Jim, thanks for the advice...I'll be sure to try out OCO orders.

--danny 

Danny, do NOT use stop-limit orders. What a stop-limit means is trigger a limit order once the stop is hit. If you did a stop-limit of 18/20.50, then there would be no order until it hit 18 at which point you'd have a limit order at 20.50. The stock could go down to 0 and your sell would never execute.

 That's why you want a OCO order with one order as a stop and one as a limit. Personally I've never used stop-limit as to me the entire point of a stop is to cut and run (although  I guess if you're worried about a bad option value on open you might have one).

MikkelFishrr, thanks for the info on stop-limits.  It looks like OCO orders are the way to go.  I'm still a newbie at some stuff, and I wasn't really sure how a stop-limit functioned, so thanks again for the advice, and thanks again to everyone else too.  You guys have really came through for me on answering my question here, whether in comments or in private messages, and I appreciate all of it.

David - I made a 100% on my Quantitative Methods test.  Thanks for asking.  Basically, we had a math (statistics) test on "simple linear regressions" and "multiple linear regression."  Just a plain old pencil, paper, and calculator.  All the QM classes after this one are software based or are about how to set up samples and gather data.  This is the plain old "grunt work" math QM class.  I usually re-work my homework three or four times, and I like staying up late the night before the tests.  That way, when I take the test the next day, the material feels "fresh" because I was looking at it just a few hours ago.  I usually study a good hour or so the morning of the test too.  I haven't had a math class in about 10 years, so I'm studying more than I usually would.  I'm taking classes this summer because they are pre-requisites toward my MBA classes that I'm going to start in the fall. My intention was to go to school full time this fall, but it's looking like I may have to work full time and go at night...it depends on if my wife can get a good paying job in the next month or so - she just graduated.  I've got to get at least halfway through my MBA in order to start applying to phd programs, which is the long term plan ...well, either that or retire from my tradeking earnings. ha! :)   

I told a few of the other students before class that I study until about two or three in the morning usually, and they thought I was crazy.  Of course, none of them made a 100% either.  I just seem to get more done at night...and I HATE mornings (maybe because I don't drink coffee?).

Speaking of "stop loss" orders - I, personally, don't like to place ones - I hate to lose a fight ( this is my cardinal sin ), but I do fore myself to do so, especially if I'm putting on bigger than usual position or just have too many positions and it is getting out of hands on management side. What I found works best for stop loss activation price is the stop set based on volatility ( let say for the last 20 days ), this way I am nt getting shaken off on intraday swings. It is a little different from just placing a stop based on 2-3 ATRs.

I found THIS free software to do a lot of work for me

P.S. Studing at nights was the only way to go for me in my student years - hate to be distructed in spite of been heavy coffee drinker :) Congrats on your test