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