Placing a Stop Limit Order in Handy Trader
This tutorial will demonstrate how to place a stop 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 Tesla, symbol TSLA.
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 Tesla on the Nasdaq and select Stock (Smart).
You will notice the bid and ask price as well as detailed pricing information. You will want to tap the red sell 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 as a Day 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.
We will want Stop Limit as the order type. Stop limit orders become limit orders once the stop price is either reached or crosses through the stop price. Our stop will want to be below the current market price so we will enter $350.00 as the stop price. Our limit order will be below the stop price. We will enter $345.00 as an example of the limit price. This is the least amount we are willing to sell the security for.
Please note that limit orders guarantee your price but do not guarantee your execution. There has to be a market for the price that you specify and there could be instances where there are orders ahead of yours or there are only enough shares to fill at that 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. If your order hasn’t filled, you can update the order by tapping the open order and then tapping the modify order button. You can then modify your stop and or limit price and slide again to place the modification.
Thank you very much for being a Zacks Trade client. We hope you enjoyed this tutorial and found it helpful.