Place an Advanced Order

The type of order you send to the market can greatly affect the price at which the order is executed. By default, orders are placed as market orders (a common order type) at the best price available. However, the execution price may be different from the last price quote you received. You can take better control over your order execution by choosing one of the order types listed below:

Basic Order Types

1. Market -- An order to buy or sell a stock as soon as possible at the best price available. In a fast market condition where the price may be fluctuating quickly, a market order can be very risky.
2. Limit -- An order to buy or sell a certain quantity of a security at or below a specified price, or to sell it at or above a specified price (called the limit price). This ensures that a trader will never pay more for the stock than the price he/she sets as the limit.
   (For instruction on placing this order type, see below.)
3. Stop Market -- An order to buy or sell a certain quantity of a security if a specified price (the stop price) is reached or passed. Once triggered, a market order is entered. During fast markets, prices can fluctuate and can cause executions at unexpected prices.
   (For instruction on placing this order type, see below.)
4. Stop Limit -- An order to buy or sell a certain quantity of a security at a specified price or better, but only after a specified price has been reached on the market. Once triggered, a limit order is entered, which may not execute if the stock price more away. A stop-limit order is essentially a combination of a stop order and a limit order.
   (For instruction on placing this order type, see below.)
   
   

Advanced Order Types

1. Trail Stop -- A complex stop-loss order in which the stop loss price is fixed below the market price. If the market price rises, the stop loss price rises proportionately, but if the stock price falls, the stop-loss price doesn't change. This technique allows investors to set limits on the maximum possible loss without setting a limit on the maximum possible gain, and without the need to monitor the investment on an ongoing basis.
   
   For example, imagine you buy DELL at $40.50 and wish to sell it at the market if it trades down to $40.00. However, if DELL begins trading higher, you want to protect that profit. By entering a Trailing Stop order at $0.50, the proportionate dollar amount will track the bid price--e.g. if DELL trades up to $43.00, your trailing stop will be automatically increased to $42.50. If DELL trades down to $42.50, your order will be triggered and sold at the market. If DELL continues to rise, so will your trailing stop, always maintaining a $0.50 margin.
   
   (For instruction on placing this order type, see below.)
   
   
2. Make Best -- Make Best Orders are designed to get in or out of a stock as quickly as possible. To do this, a Make Best order will determine the current inside Bid or Ask price and move you to the inside. When selling, Make Best references the current inside Bid and subtracts a penny. When buying, Make Best references the current inside Ask price and adds a penny.
   
   (For instruction on placing this order type, see below.)
   
   
3. Best Bid/Ask -- Best Bid/Ask Orders function much the same as Make Best Orders. However, Best Bid/Ask permits you to specify an adjustment greater than 1 cent.
   
   (For instruction on placing this order type, see below.)

Place a Market Order

See Buy a Stock.

Place a Limit Order

1. Select Market Depth Window from the Features drop-down menu, and enter the stock symbol and quantity of shares that you wish to trade in the lower portion of the window.
   
   
   
   
2. In the Order Type pull-down, select "Limit."
3. In the Price field, enter the price you wish to obtain.
   (See Enter Price Information for details.)
4. Select a Route for your order; and set Time In Force (TIF).
   (See Time in Force for more information.)
   (See Choose a Route for information on additional Routes.)
5. Click the action you wish to take "Buy," "Sell," or "Sell Short" to submit your request. An order will be generated when (if) the limit price is reached.

Place a Stop Market Order

1. Select Market Depth Window from the Features drop-down menu, and enter the stock symbol and quantity of shares that you wish to trade in the lower portion of the window.
   
   
   
   
2. In the Order Type pull-down, select "Stop Market."
3. In the Stop field, enter the price you wish the market to reach before your order is sent. The Stop price functions as a trigger for your order.
   (See Enter Price Information for details.)
4. Select a Route for your order; and set Time In Force (TIF).
   (See Time in Force for more information.)
   (See Choose a Route for information on additional Routes.)
5. Click the action you wish to take "Buy," "Sell," or "Sell Short" to submit your request.
6. A Market order will be generated when (if) the stop price is reached.
   
   Caution: Stop orders revert to regular market orders once the stop price has been reached. In volatile markets, while a stop order instructs that the order is sent after a specific price is reached, it does not specify that the order NOT execute if the price moves opposite the desired direction after being initiated but before being executed.
   
   Stop orders are supported internally. Since unusual market conditions and bad prints can adversely affect stop orders, they are not guarenteed.
   
   

Place a Stop Limit Order

1. Select Market Depth Window from the Features drop-down menu, and enter the stock symbol and quantity of shares that you wish to trade in the lower portion of the window.
   
   
   
   
2. In the Order Type pull-down, select "Stop Limit."
3. In the Price field, enter the price you wish to obtain.
   (See Enter Price Information for details.)
4. In the Stop field, enter the price you wish the market to reach before your order is sent. The Stop price functions as a trigger for your order.
5. Select a Route for your order; and set Time In Force (TIF).
   (See Time in Force for more information.)
   (See Choose a Route for information on additional Routes.)
6. Click the action you wish to take "Buy," "Sell," or "Sell Short" to submit your request.
7. A Limit order will be generated when (if) the stop is reached. Your order will be filled when (if) the price is reached.
   
   Caution: Stop orders are supported internally. Since unusual market conditions and bad prints can adversely affect stop orders, they are not guarenteed.

Place a Trail Stop Order

1. Select Market Depth Window from the Features drop-down menu, and enter the stock symbol and quantity of shares that you wish to trade in the lower portion of the window.
   
   
   
   
2. In the Order Type pull-down, select "Trail Stop."
3. In the "Trail Stop" field, enter the amount the stock must drop in price before you exit the stock.
4. Select a Route for your order; and set Time In Force (TIF).
   (See Time in Force for more information.)
   (See Choose a Route for information on additional Routes.)
5. Click the action you wish to take "Buy," "Sell," or "Sell Short" to submit your request.
6. A market order will be generated to purchase the stock. The order will then trail up as the stock rises. When the stock drops the specified amount (10 cents, in this case), a market order will be generated to sell the stock.
   
   Caution: Stop orders are supported internally. Since unusual market conditions and bad prints can adversely affect stop orders, they are not guarenteed.

Place a Make Best Order

1. Select Market Depth Window from the Features drop-down menu, and enter the stock symbol and quantity of shares that you wish to trade in the lower portion of the window.
   
   
   
   
2. In the Order Type pull-down, select "Make Best."
3. Select a Route for your order; and set Time In Force (TIF).
   (See Time in Force for more information.)
   (See Choose a Route for information on additional Routes.)
4. Click the action you wish to take "Buy," "Sell," or "Sell Short" to submit your request.
5. A market order will be generated at 1 cent above the inside Bid price for a Sell, or 1 cent below the Ask price for a Buy.

Place a Best Bid/Ask Order

1. Select Market Depth Window from the Features drop-down menu, and enter the stock symbol and quantity of shares that you wish to trade in the lower portion of the window.
   
   
   
   
2. In the Order Type pull-down, select "Best Bid/Ask."
3. In the Adjustment box, enter the amount you wish to add or subtract from the current inside Bid or Ask to create the price for your order.
4. Select a Route for your order; and set Time In Force (TIF).
   (See Time in Force for more information.)
   (See Choose a Route for information on additional Routes.)
5. Click the action you wish to take "Buy," "Sell," or "Sell Short" to submit your request.
6. A market order will be generated at the inside Bid price plus your adjustment for a Sell, or at the inside Ask price plus your adjustment for a Buy.