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Scottrade Stop Loss - help please?

post #1 of 3
8/6/12 at 12:47am
Thread Starter 

Hi traders! I'm new to stock-trading. Just started a couple of weeks ago and I have a question regarding the feature "Stop Limit". I'm talking about the sell's side. I've heard a lot of people talking about putting a 10% stop loss order. For example, I'm buying Stock ABC and its price is $10. To prevent further loss, I want to make sure my stock sells at $9 (the 10% rule). How do I incorporate that in any of the order types available on Scottrade? I know the "Stop" order will sell my stock at market price but I don't want that, I want it to be exactly what my stop loss order is. Of course, the remaining feature is "Stop Limit". When I click on that, it tells me to put numbers on Limit Price and Stop Price. What exactly do those mean? Thanks!

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post #2 of 3
8/6/12 at 3:52am

a limit order should do it for you..

 

A limit price is what it will try to get.. and a stop price is what it will sell at or below if it triggers.

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post #3 of 3
8/6/12 at 11:19am

A sell limit in a long trade placed below your entry will not work for your needs. 

Either use a stop or stop limit

Stop will get you out at market, which is best used in a losing trade IMO.

I rarely see slippage with liquid instruments. 

If you are in a winner and want to guarantee profits at a certain price, then use a stop limit. 

 

http://www.sec.gov/answers/stoplim.htm

http://www.investopedia.com/ask/answers/04/022704.asp#axzz22mOBNWVS

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