I tried to execute a Stop Order on Schwab with TPTW and this message came up: "This order cannot be accepted. Stop orders are not being accepted for this security. To enter, omit the "stop" designation. (DO200)" I'm fairly new at trading and wondering if the problem is me with ordering or with the "security" (tptw), the SEC or is it just Schwab eliminating the transaction. I'm a 9-5er so I like to set orders for the day where they can execute while I'm working. Thanks, 1st time poster
($TPTW) It trades at $0.04 on the OTC. I don't think its an SEC thing, its probably just Schwab, but I'd bet its the same at any broker on penny-stocks like this. Maybe check the Robinhood Reddit forums.... from the looks of it this might be a popular stock over there lol. Just fyi though, if it triggers your stop, more than likely you'll get a price way below that (percentage-wise) on things like this. Its just the way it works. Schwab probably doesn't want to handle an influx of 1000's of calls from newbies (and I don't mean that in a bad way) tying up customer service wondering wtf happened.
Robinhood doesn't support this stock. I think it may be Schwab as well and not the order itself. It's such a simple order and I am not ready for options yet. I was able to use stop order on HAL (Schwab) and worked pretty good. I am aware that I will not get a good price when the stock crashes but it's better than losing a lot more by the time I get to look at it at work. If anyone has any suggestions on which type of trading platform will support similar penny stocks and be able to execute a stop order, please chime in...Thanks
Make certain if you ever set a Trailing Stop at Schwab that you know EXACTLY what will happen, not what you think or hope happens, especially if you set it after market hours or on the weekend. Surprise!
I just want to order a Stop price below the current value and have it turn into Market Order. I thought it would be an easy do with most well known brokers. It's tough to know EXACTLY what will happen and I'm wrong half the time in this quest, better than the last though.
Trailing stop order cannot be executed in the after hour sessions because market orders are not allowed. They can be set for the next regular session. It is true for any firm.
They probably don’t allow it to avoid moving the stock a large amount which the regulators do not like. To you it may only be 1 or 2 cents. To them, it looks like 25 or 50 percent.
I've figured it's all about the money like most, but there must be some brokers (platforms) out there that let you order a Stop at any time where it is executed in trading (NYSE or NASDAQ or whatever) time below the Bid. I'm not looking for a Trailing Stop or a Stop Limit, I need the old fashion "Stop" order which is similar to the "Stop-Loss" order. I'll keep looking and downloading apps till I get what is needed. Thanks