Placing a Bracket Order in Handy Trader
This tutorial will demonstrate how to place a bracket 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 United States Steel Corporation, Symbol X.
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 X on the New York Stock Exchange 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. A Bracket Order in this example will place an order to Buy symbol X. Once that order is filled we will have attached orders to sell that stock at a higher limit price or a lower stop price. We will enter an order to buy 100 shares of X at the Market so for the quantity we can keep the order at 100 shares. Under the Order type, we can select Market.
Under the Attach order Section, we will want to pull down the menu by tapping it and select Bracket. Please note that your sell orders at a higher price and lower price are not placed until you have purchased the underlying stock. We will place our Profit Taker Price at 33.00 and select Good Till Cancel. For our stop price, we will place the order at a lower price, say for example $27 and also select Good Till Cancel.
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.
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. Since we placed a market order and the market is open, the order will show up in Trades as a completed order. The bracket portions to sell will be under the Order Tab. If you would like to modify your order you can tap the order and then select the modify button. From there you can enter in either a new stop price or limit price depending on which order you selected. If you would like to cancel the order, which will also cancel the other order, you can select Cancel.
Thank you very much for being a Zacks Trade client. We hope you enjoyed this tutorial and found it helpful.