Last, Ask, Bid

I'm a new trader and wonder when I make a sell which $ figure should I go by..

 

Depends on the trading style...

For a scalper, Shorting or selling at Ask is critical.

Others... depends on the edge you're trying to utlize.

 

If you mean what price you can get executed at immediately, you will generally pay the offer and sell at the bid. If you are trading with limit orders (always wise, unless you need out in a big hurry), you can, of course, try and do better, and a good floor broker can usually at least split the spread and get you executed somewhere in the middle. The last price traded is irrelvant in all but very liquid markets, as it can be very recent or very old, and as a result, in options, it is generally pretty meaningless.
Jessie

 

I use ameritrade , I go to the trade menu and enter the amount of shares to sell and the tick and hit enter and away it goes

 

I think I'm sopposed to sell at bid and buy at ask is this right.

 

You can buy at the ask or bid at any price below the ask and wait to get hit.You can sell at the bid or offer at any price above the bid and wait to get taken.

 

With Ameritrade you don't have a choice. The best you can do is a limit order. You do not have the option of selling at the ask or the bid. If you are trying to enter a short position, the MM's they use will not offer you out. If you are trying to close a position you will sell at the bid price. Conversely, you cannot buy to open or cover at the bid, nor will the MM's bid you out. You will pay the ask. Ameritrade is not set up to facilitate scalping.