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How does typing in online orders for stocks work?

How does typing in online orders for stocks work?

Postby edom » Thu May 16, 2013 6:44 pm

Im buying stocks for the first time. I want to know this. Say this stock trades for $11.68 on stock screen. I want to buy in when it's little cheaper so I order in 100 shares at $11.35. However, stock price rise about .18 for the next 15 minutes. Does my order get automatically cancelled? or is my order in hold for next few while? I have TD Waterhouse account.
edom
 
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Joined: Wed Oct 03, 2012 6:42 pm

How does typing in online orders for stocks work?

Postby ephram » Thu May 16, 2013 6:48 pm

First you identify the stock, usually by its ticker symbol.

Select Buy/Sell

How many shares?

Order type - For your example a LIMIT order is appropriate. Once you select LIMIT, then there should be a space to enter the limit price.

Order duration - Most systems default to "today only". If your order is not executed by the close of business, then it disappears. Another choice is "good until canceled", which usually lasts for 60 or 90 days. Check your firm to be certain.

You may want to add optional characteristics like "all or none". This says to either execute your entire 100 shares or do nothing. It eliminates the possibility of paying a commission for a small partial fill.

Your system should have a link for "order status" or something similar to check on executions.
ephram
 
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Joined: Thu Oct 04, 2012 8:59 am

How does typing in online orders for stocks work?

Postby guri » Thu May 16, 2013 7:02 pm

Your TD Ameritrade account works like any other account.

If you put in a "Limit" order with a Good Till Cancelled..... your order will stay active until it's filled. It will only execute if someone is willing to sell you shares at the limit price or below.

You should read some books on trading. Ignorance can be very costly.
guri
 
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Joined: Tue Jun 26, 2012 3:35 am


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