Stop Order Didn't Work on ETrade

jfallon · Oct 10, 2003

Hi,

I tried to place a Buy Stop Order for AVO with the stop at 18.00 on ETrade. Its closing price is 18.65. Does anyone know why this didn't work?

Thanks,
Joe

Mr Subliminal · Oct 10, 2003

If AVO is currently at 18.65, and you wish to buy at 18.00, then just submit a limit buy order at 18.00, not a stop order.

jfallon · Oct 10, 2003

I want to buy it at its current price (18.65) and automatically stop out if it ever gets to 18.00. I thought that I am supposed to use a stop order to do that with a setpoint of 18.00. Is that right?

Mr Subliminal · Oct 10, 2003

Yes, but you need a stop limit order to sell at 18.00 for that.

http://www.nyse.com/glossary/glossarylinks.html?s=1042235995792

Whether you can make one order conditional on the other on ETrade is another thing.

jfallon · Oct 10, 2003

So in other words I can only set the stop after I buy the stock?

IndexTrader · Oct 10, 2003

1st, put in your order to buy at market OR limit.

THEN, after your order is filled, put in a sell stop order at 18 IF the price is trading above that.

jfallon · Oct 10, 2003

thanks!!!

you guys are great

Mr Subliminal · Oct 10, 2003

Anything for a fellow SNL member. The j is for Jimmy, right?

Edit : Just saw from your first post that it's Joe

You're still welcome, though

version77 · Oct 10, 2003

Quote from Mr Subliminal:

Whether you can make one order conditional on the other on ETrade is another thing.

That's why Joe needs to dump ETrade and hook up with IB....

jfallon · Oct 10, 2003

What is IB? Is the consensus that ETrade sucks? I need a place to trade where I can place Stop-Loss's on both Nasdaq's and NYSE stocks. What is everyone's opinion on the best place to trade?