Buy/Sell Stock Help
(Ctrl+P or Command Key+P to Print)   --   Return to the Help Center

Direct Routing
Introduction
How Do I. . .
Place a Basic Stock Order?
Place a Basic Stock Limit Order?
Place an Advanced Stock Order?
  - Place an Order for Bulletin Board Stocks?
Cancel a Stock Order?
Edit a Stock Order?
Find a Stock Symbol?
Enter Special Stock Symbols?
  - For Bulletin Board Stocks
  - For Canadian & International Stocks
  - For Preferred Stocks
  - For Warrants
  - For IPOs (Initial Public Offerings)
Get a Quote?
Place a Market Order using the SnapTicket?
Activate Express Trading?
Deactivate Express Trading?
Definitions
Actions
Buy
Sell
Buy to Cover
Sell Short

Quantity
Quantity

Symbol
Symbol
Find Symbol


Terms
Market
Limit
Stop
Stop Limit
Trailing Stop
Price
Day
Market On Close (MOC)
End of Week (EOW)
End of Month (EOM)
Until Canceled (GTC)
Good Through Date (GTD)
Express Trading

Special Instructions
All or None (AON)
Do Not Reduce (DNR)
Fill or Kill (FOK)
AON/DNR


Introduction:

The Buy/Sell Stock ticket provides you with a method to buy and sell stocks within your account. Only listed and over-the-counter (OTC) stocks with a valid ticker symbol may be traded through the Buy/Sell Stock ticket.

If you are new to online investing, be sure to try the Basic ticket, an easy-to-understand and informative way to place market, limit, stop, and stop limit buy and sell stock orders.

If you are an online trading veteran try the Advanced ticket. With a wealth of features, the Advanced ticket is a convenient and powerful way to place market, limit, stop, stop limit, and trailing stop buy and sell stock orders.

The Secure Trading System remembers the Buy/Sell Stock ticket you last used and will present that ticket format to you each time you place a stock order. You may switch tickets at any time by selecting the Basic or Advanced tabs at bottom of the ticket. Whichever one you use, you will find a Buy/Sell Stock ticket that has your trading needs in mind.

The SnapTicket provides quick access to quotes and an order ticket for placing an equity market order. The quote is a shortened version of the Extended Quote display and is available along with a trade ticket at the bottom of the Secure Trading System at all times during your visit. « 


How Do I. . .
Definitions:

    Buy
    Any purchase (or request to purchase) of a security to create a long position. «

    Sell
    Any sale (or request to sell) of a security to reduce or offset a long position. «

    Buy To Cover
    Any purchase (or request to purchase) of a security intended to cover a short position. «

    Sell Short
    Any sale (or request to sell) of a security that you do not own. Sell Short orders are placed with the anticipation that the market price of a security will decline so that you may then purchase the security (cover your short position) at a lower price. «

    Quantity
    The number of shares you wish to purchase or sell in your order. «

    Symbol
    The identifying ticker or alphanumeric code for the stock. If you do not know the stock's ticker symbol, select the Find Symbol link under the Symbol field to search for the correct ticker symbol. «

    Find Symbol
    Allows you to search for the identifying ticker or alphanumeric code for a stock. «

    Market
    Choosing the term of Market indicates that you wish to seek an immediate execution for this order at the current market price, provided a buyer or seller is available. Buy orders will usually execute near the ask price, and sell orders will usually execute near the bid price.

      Remember, bid and ask prices may change within seconds in a fast-moving market. While it is our responsibility to get the best attainable price, we cannot assure prices on market orders. «

    Limit
    Choosing the term of Limit indicates that you wish to seek the purchase or sale of a stock at a specific price or better. To place a Limit order, you must specify a price at which you wish the order to be filled.

      If the stock trades at your price, do not assume that your order has been executed. However, if the security "trades through" your price, your order may have been executed. Check the Review Orders for information on the status of your current orders. Stocks and options* may trade on various exchanges; however, your order may only be placed on one exchange or third market. Therefore, your order must be entitled to an execution on the exchange or third market on which it was placed.

      Confusion may arise when over-the-counter (OTC) limit orders do not execute. Although a last trade on an OTC stock may have been at or through your limit price, the order may not necessarily be entitled to an execution. Buyers should reference the ask price and sellers should reference the bid price. OTC quotation listings in newspapers may be last bid, last ask, or in between.

      Limit orders may be set to expire at the end of the trading day (Day) or the end of the following month (GTC - Good-'til-Canceled). «

    Stop
    A Stop order indicates that you want your order to become a Market order once a specific "stop" price has been reached. Each market center determines if the order is activated either by an execution at the stop price or the appropriate quote. For listed securities, the most common practice requires that an execution actually occur at your stop price. For Nasdaq/OTC stocks, the stop may be triggered on either an execution at that price or at the appropriate quote. For equity sell stops, the appropriate quote is the bid price; for equity buy stops, the appropriate quote is the ask price. Once the order becomes a market order, it will then seek an immediate execution, with buy orders usually executing near the current ask price and sell orders executing near the current bid price. Placing a stop order for a volatile stock does not guarantee order execution at or near the stop price. Once activated, your order competes with all current market orders. The Stop order is designed to protect against potential loss by liquidating (or covering) a position (or partial position) if the market price changes in a direction that negatively affects the position's valuation. Stop orders are accepted on listed stocks, most options*, and selected over-the-counter (OTC) stocks. «

    Stop Limit
    A Stop Limit order indicates that you want your order to seek an execution at a specific price once that "stop limit" price has been reached, therefore becoming a Limit order at the same price once the stop limit price has been reached. Each market center determines if the order is activated either by an execution at the stop limit price or the appropriate quote. For listed stocks, the most common practice requires that an execution actually occur at your stop limit price. For Nasdaq/OTC stocks, your stop limit may be triggered on either an execution at that price or at the appropriate quote. For equity sell stop limits, the appropriate quote is the bid price; for equity buy stop limits, the appropriate quote is the ask price. Stop Limit orders are accepted on listed stocks, most options*, and selected over-the-counter (OTC) stocks. However, in a fast-moving market, it may not be possible to execute your order at your limit price, so you may not have the protection you were seeking. «

    Trailing Stop
    A Trailing Stop order is similar to a stop order, but instead of a stop price, a stop parameter is used, creating a trailing activation price. A Trailing Stop indicates that you want your order to become a Market order once the activation price has been reached. For listed securities, an actual execution must occur at or below the activation price for sell orders and at or above the activation price for buy to cover orders. In addition, the execution must be at or within the National Best Bid or Offer. For NASDAQ and OTC National Market System stocks, the bid must be at or below the activation price for sell orders and the ask must be at or above the activation price for buy to cover orders. In addition, orders are not activated for listed, NASDAQ, and OTC National Market System stocks during locked or crossed markets. Trailing Stop orders are not accepted on OTCBB securities.

    Price
    The price you wish to specify for your Limit, Stop, or Stop Limit order. You cannot specify a price for Market or Trailing Stop orders.

      When choosing terms of Limit, buyers enter a price for the most they are willing to pay. Sellers enter the least amount they are willing to accept. Limit orders are executed at the limit price or better.

      When choosing terms of Stop, buyers must enter a stop price above the ask price. Sellers must enter a stop price below the current bid price.

      When choosing terms of Stop Limit, buyers must enter a stop price above the ask price. Sellers must enter a stop price below the current bid price.

      When choosing terms of Trailing Stop, if using points, the trail amount must be a minimum of one cent and no greater than the current bid if a sell, or ask if a buy. If using a percentage, the trail amount must be a whole number between 1 and 99.

       «

    Day
    Choosing Day indicates that you want the order to cancel itself at the end of the trading day if it has not been executed. You do not need to specify Day for Market orders. All Market orders are always good for the Day only. «

    Market On Close (MOC)
    Choosing MOC indicates that you want to execute as close as possible to the market closing price. For listed securities, the MOC price is normally the close price. For NASDAQ and OTCBB stocks, the price will depend on the side of the market and other conditions. MOC orders for NASDAQ stocks may be executed at a single price close and are not guaranteed to execute in their entirety. MOC orders must be placed at least twenty minutes prior to the closing time of the market or exchange. Any orders or cancellations placed after this time will be handled on a best effort basis and may not execute. Short Sell MOC orders may not execute. «

    End of Week (EOW)
    Choosing EOW indicates that you want the order to stay valid until it executes, is canceled, or expires. The expiration date for all EOW open orders is the last trading day (business day) of the current week after the order has been placed. Orders placed after market close on the last trading day of the week will carry through to the end of the following week. You may not specify EOW for market orders. «

    End Of Month (EOM)
    Choosing EOM indicates that you want the order to stay valid until it executes, is canceled, or expires. The expiration date for all EOM open orders is the last trading day (business day) of the current month after the order has been placed. Orders placed after market close on the last day of the month will carry through to the end of the following month. You may not specify EOM for market orders. «

    Until Canceled (GTC)
    Choosing Until Canceled (GTC) indicates that you want the order to stay valid until it executes, is canceled, or expires. GTC short sale orders may be canceled anytime the shares are not available for borrowing. The expiration date for all GTC open orders is the last trading day of the next month after the order has been placed. You may not specify GTC for Market orders. All Market orders are always good for the Day only. «

    Good Thru Date (GTD)
    Choosing GTD indicates that you want the order to stay valid until it executes, is canceled, or expires. The expiration date for all GTD open orders is the day specified by the user. GTD dates are limited to a maximum of the end of the next month (GTC) or two trading days minimum. You may not specify GTD for market orders. «

    Express Trading
    Express Trading allows you to bypass the Preview Order Screen when submitting an Internet equity or option order.  «

    All or None (AON)
    Choosing All or None (AON) indicates that you want your order to be executed in its entirety or not at all. Note: AON orders have the lowest priority in the market and are put at the end of the queue, regardless of the time entered. «

    Do Not Reduce (DNR)
    Choosing Do Not Reduce (DNR) indicates that you want your order to be executed without reducing the price to reflect future declared dividends. «

    Fill or Kill (FOK)
    Choosing Fill or Kill (FOK) indicates that you want the immediate purchase or sale of a specified amount of stock, though not necessarily at one price. If the order cannot be filled immediately, it is automatically canceled (killed). «


«