Placing a Stop Order in Handy Trader
This tutorial will demonstrate how to place a stop 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 Starbucks, Symbol SBUX.
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 SBUX 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 select Good Till Cancel order.
GTC orders will generally be cancelled automatically under the following conditions:
If a corporate action on a security results in a stock split, exchange for shares, or distribution of shares.
If the company issues a dividend where the rate exceeds 3% of the prior day’s closing price.
If you do not log into your Zacks Trade account for 90 days.
At the end of the calendar quarter following the current quarter. For example, an order placed during the second quarter of 2018 will be cancelled at the end of the third quarter of 2018. If the last day is a non-trading day, the cancellation will occur at the close of the final trading day of that quarter. For example, if the last day of the quarter is Sunday, the orders will be cancelled on the preceding Friday.
Orders that are modified will be assigned a new “Auto Expire” date consistent with the end of the calendar quarter following the current quarter.
We can then elect the Order type as Stop and then enter a Stop Price. Stop orders become market orders once the stop price is either reached or crosses through the stop price. Our stop order to sell will want to be below the current market price so we will enter $50.00 as the stop price. Once the market reaches that price or goes through that price, then the order will become a market order to sell.
Once the stop price is reached or goes through that price, it becomes a market order. 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 market opens well below your stop price on the next day then your stock will be sold at the market for that lower 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 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.