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E. How To Trade Online
How to enter an online order.
Please print this page for future reference for entering online orders.
- On the left side of the screen, check whether this will be a cash or margin purchase.
- Indicate whether this is a buy or sell. For option purchases, indicated if this is an opening or closing transaction.
- Indicate the number of shares for this transaction.
- Indicate the symbol of the stock, or option.
- Indicated the type of order (market, limit, stop, stop limit).
- In the case of limit or stop orders, indicate the price.
- In the case of a stop limit order, indicate the price.
- Indicate whether this is a day or good-til-cancelled ("GTC") order.
- Indicate whether you wish this to be an all or none ("AON") order.
- If all information is correct, send the order.
- Now, an "order ticket" will appear detailing all the terms of the order. If it is correct, place the order. If incorrect, make the correction on the order ticket and place the order.
If you currently own a security and wish to sell it…..
- Go to your holdings on the account summary page.
- Click the symbol of the security that you wish to sell.
- An order ticket will appear detailing the terms of the order.
- Make any necessary changes and place the order.
FAQ
What is a market order?
You are indicating that you wish to make the trade at the current market
price. Most orders are market orders. Woodstock Discount recommends
that clients use market orders due to the possibility that sometimes a limit
order may not get executed. With market orders, your trades will be
executed.
What is the difference between a limit, stop, & stop limit order?
In the case where you own the security:
A limit order is placed above the current market. For example, you own
IBM and the current market is 110. You wish to sell it at 120. You would
enter a sell limit order at 120.
A stop order is placed below the current market. For example, you own
IBM and the current market is 110. You wish to sell it if it falls below
100. You would enter a sell stop order at 100. If IBM trades at 100, your
stop order is triggered, and now your order becomes a market order.
A stop limit order is placed below the current market. For example you
own IBM and the current market is 110. You wish to sell it if it falls to 100, but you want to sell it at 100 and not below. You would enter a sell
stop limit order at 100. If IBM trades at 100, your stop limit order is triggered and your order now becomes a limit order of 100. Your order can be executed at 100 or
possibly slightly higher. However, unlike a stop order, one risk is that you might not get executed at all if IBM continues to fall and does not trade at 100
again.
What is an all or none (AON") order?
You are indicating that you wish to purchase a certain amount of shares at
a certain price. You only want the order to be filled if the entire order can
be filled at that price and you will not accept a partial fill.
What is a GTC order?
You are stating that the order is Good until Cancelled ("GTC") by you.
What is a Day Order?
You are stating that the order is good for today only. Once the market closes at 4:00, your order is cancelled.
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