Is this standard trading practice?

[ER9]

I have to cancel my stops before my broker will allow me to sell my shares. Do all brokers do this?
I find it hard to believe they do since it seems it would cripple scalpers and short term traders.

 

[lescor]

never heard of that one before. Does that mean you aren't allowed to use stops to enter positions either?

 

[ER9]

If I try to sell with an open stop order I get a message that I don't have enough shares to sell.

 

[candletrader]

Quote from ER9:

I have to cancel my stops before my broker will allow me to sell my shares. Do all brokers do this?
I find it hard to believe they do since it seems it would cripple scalpers and short term traders.

Name the broker...

 

[ER9]

Scottrade.

 

[silk]

Or else you could accidently sell your shares twice if you didn't later cancel your stop order after selling the shares.

This would result in a short sale violation. (selling shares you don't own without specifiying that it is a short sale).

 

[EqtTrdr]

Tradestation works the same way...

Its a pain if you ask me..

You should be allowed to place an order to sell/cover whenever you want regardless of prior stop orders still in effect..

if I forget to cancel the stop order..than its MY fault...

If I cant get out of a position at the price I want when I could have been filled because my broker prevents it untill I cancel my stop order...than ITS THEIR FAULT..

Just my .02

 

[No Mon - No Fun]

If the stock in question is liquid enough and if your broker allows you to do so, instead of cancelling your existing protective stop loss order and entering a new closing order, you could just modify the stop election price (and eventually adjust the limit price) and move your stop beyond the actual last price/best bid/best ak (whatever triggers your stop), so that your existing stop gets elected and executed immediately.