Placing a Market Order in Handy Trader
This tutorial will demonstrate how to place a limit order in Handy Trader.
To open an order ticket, you will want to click on the More Menu button and then Order Ticket. From there you can type in the symbol under the search area. In this example, we will enter Netflix, Symbol NFLX.
Once you type in the symbol and click search, you will then want to select the appropriate product and exchange you want to trade on. If you are approved to trade other products or in other countries, you may see other products and exchanges under the drop-down menu. Please make sure you select the appropriate product any exchange. In this example, we will select NFLX on the NASDAQ and select Stock.
You will notice the bid and ask price as well as detailed pricing information. You will want to tap the blue buy button. You can then adjust the number of shares. In this example, we will enter 100 shares. Under time in force, we will keep the order good for the day since this is a market order. A day order means that the order is good for that trading day only or the subsequent trading day if the market is closed. Under the order type, we will select Market.
By default, Market orders are day orders which guarantee an immediate execution as long as the market is opened and barring any extenuation market circumstances such as halts, exchange issues, etc.
Please note that while a market order does guarantee your execution if the market is open and there are no extenuating market circumstances, your price is not necessarily guaranteed. If the marker is not open, it will be filled the next day and doesn’t mean that your order will right at the opening price.
You can preview your order by tapping the preview button. You can then review your order and if you have a margin account, you can see the margin impact the order will have as far as margin requirements go. When you are ready to submit your order, you can slide the Submit Buy button. You can then select whether you would like to create a trade alert. Your order will show up in the Orders & Trades button. Since the market is currently open the order has filled.
Thank you very much for being a Zacks Trade client. We hope you enjoyed this tutorial and found it helpful.