IB is Interactivebrokers.com... You can trade 100 shares for $1. 500 shares for $5.00. And 1000 shares for $7.50. They have all the stops you will ever need...
JFallon: Ask your friend with the MB what a stop order is! http://www.mbusa.com/brand/container.jsp?/models/main.jsp&modelCode=SL600R
Hi ,You were not entirely incorrect with your BUY STOP order to catch the breakout, if that's what your were attempting to do, Buy stop orders should trigger , I 've read a book by Stan Weinstein and he suggests (at the time of printing) that buy stops be used to catch breakouts, Buying using a limit order probably replaces it at your brokerage. -Stan Weinstein'secrets for profiting in Bull and Bear Markets-page 65. -You probably won't miss the next one.
Understand stop and stop limit orders Stop and stop limit orders are orders that have "triggers" â they execute only when the stock reaches a certain price. How do I understand stop and stop limit orders? -------------------------------------------------------------------------------- These orders are most commonly used to protect a gain on a profitable long or short position, which is why they're frequently referred to as "stop loss" orders. When you place a stop order, you're placing an order that will turn into a market order when your stock reaches the stop price. For example, let's say a stock you own is trading at 55, and you place a stop sell order at 50. When (and if) the stock goes down to 50, your order will turn into a market order-and fill at whatever the current price is when your turn comes up in execution. This could be 50, or higher, or lower. This contrasts with a stop limit order, which is an order that turns into a limit order at the stop price. In the above example, if you placed a stop limit at 50, and the stock moved to 50, your shares would sell at 50 or above-but not below the stop limit price. So if the stock went to 50, and then below before your order filled, it would remain an open limit order. Tip: For stop limit orders, the price must be entered as follows: Enter price in decimal format. Fractions are not accepted. Listed Stocks (NYSE, AMEX) can be priced in multiples of .01. Stop and stop limit orders cannot be placed on Over The Counter Stocks (NASDAQ, OTCBB). Another way to differentiate the two is to remember that stop orders guarantee an execution (if the stock reaches or moves past your stop price), but not the price; stop limit orders guarantee the price, but not the execution. Tip: Buy stop/stop-limit orders at a price that is above the current market price. Sell stop/stop-limit orders at a price that is is below the current market price. The grid below explains the minimum requirements for the prices of stop/stop limit orders. During Market Hours Type of Order Price Must Be at Least Buy stop/stop-limit orders 10 cents above the current ask Sell stop/stop-limit orders 10 cents below the current bid During Non-Market Hours Type of Order Price Must Be at Least Buy stop/stop-limit orders 10 cents above the last sale price Sell stop/stop-limit orders 10 cents below the last sale price Note: If the after-hours quote is displaying a bid of $0.01, a sell stop/stop limit order cannot be placed online. Please call one of our brokers at 1-800-786-2575 for assistance.