question about stops

[snowbdrca]

Hi,

I've just started trading, and today I had to go out for a while so I set my stop to take me out of a trade if it went below a certain amount... but when I got home my stock was well below my stop, and it wasn't sold. I'm wondering if I have to be logged in for the stop loss to work? I did get a message saying it was recieved. any advice on stops would be appreciated. I use Questrade as a broker by the way, and I've used stops in their beta platform with no problem but 2 days ago I switched to their PRO platform

Thanks

 

[Magos]

Hi,

I've just started trading, and today I had to go out for a while so I set my stop to take me out of a trade if it went below a certain amount... but when I got home my stock was well below my stop, and it wasn't sold. I'm wondering if I have to be logged in for the stop loss to work? I did get a message saying it was recieved. any advice on stops would be appreciated. I use Questrade as a broker by the way, and I've used stops in their beta platform with no problem but 2 days ago I switched to their PRO platform

Thanks

Ok.
Did you opt your account for guarantying stop? (Some companies do that if you pay premium)
A stop is not guarantee, therefore slippage may exist. The share should have been sold in a level below your stop, and you should have been out of the trade.
You don’t have to be logged to active stocks... Call your broker and ask for a reasonable explanation and let me know please

 

[Rhody Trader]

My first thought is that maybe you put in a stop limit order rather than a straight stop order. The former will only get executed at your price or better - meaning if the market blows through you won't get filled.

 

[Magos]

My first thought is that maybe you put in a stop limit order rather than a straight stop order. The former will only get executed at your price or better - meaning if the market blows through you won't get filled.

we could have put a limit buy or a limit sell, but then again it should have been linked like an OCO, or he didnt match positions.....

I am not sure! either... can you please put a screen shot in the thread SNOW

 

[snowbdrca]

I tried to post a pic my trading screen, but it doesny seem to work... QuestraderPRO

basicly what I did was set my stop for a certain amount, lets say 3 dollars, and then set the "GTC" button for 3.50, i then hit sell and got a message that the request was accepted

I called Questrade today, and they told me that the "stop" will be my trigger number and the other box will have to be lower than that... I guess I shouldn't have hit the GTC button... does this make any sense? I'm a little nervous about using stops now

 

[snowbdrca]

If u hit the above link, and then click on "Stock boxes and order tickets", then click on "basic order tickets" u will see my order screen
thanks

 

[Magos]

I tried to post a pic my trading screen, but it doesny seem to work... QuestraderPRO

basicly what I did was set my stop for a certain amount, lets say 3 dollars, and then set the "GTC" button for 3.50, i then hit sell and got a message that the request was accepted

I called Questrade today, and they told me that the "stop" will be my trigger number and the other box will have to be lower than that... I guess I shouldn't have hit the GTC button... does this make any sense? I'm a little nervous about using stops now

Stop:$3.00
GTC:$3.50
Hit sell => request was accepted

What price did you sell, what does the trade ticket say?

 

[snowbdrca]

I sold at 2.90, but It had been at that range for a while, and I figured I should have been stopped out

 

[Magos]

I sold at 2.90, but It had been at that range for a while, and I figured I should have been stopped out

Since you sold at $2.9 then your stop should be a buy Stop.
Buy stops usually get slippage depending on volatility.
What I understand from the above is that your stop was placed at 3.50 since the good till cancel (GTC).
So if the price hits 3.50 you should buy and net the position and lose 0.6, you shouldn’t be short again.?!
But if you placed an order to sell at $3.50 therefore the price has not reached that level and that would have been a Sell Limit. Those don’t provide slippage

this is what I understand from all the above