The Order Ticket - Stock/ETF

The Order Ticket is designed for ease of use and flexibility.
Selecting “Stock/ETF” or “Options” will display the appropriate ticket.

Brokerages determine what Order Types and Duration selections are available.

All or None allows you to dictate whether to accept partial fill of an order or not.  Toggle to turn this on/off.

The Order Summary appears below Order details as an additional security step to ensure your order is correct.

Click “Stage” for later review, “Review” to continue the Order process orClear” to start over.

Note:  If you start an Order in one account, then switch accounts, you’ll review the following notice:

Order Types are in a drop-down box and the types offered often vary from one brokerage to the next.

‘Duration’ – How long the order is good for:  Day (current trading day) or GTC (Good til Cancelled) 

‘Condition’ – Must be met for the order to be filled/executed:  “None” (no conditions) or “All or None” (all of the order must be filled, or none at all).

After completing the order ticket, click ‘review’, then ‘submit’.

Virtual Account Overview

Virtual Trading gives you the real trading experience without risking any money.     It is a valuable “next step” learning tool – designed to mimic the trading experience as closely as possible.

You’ll start with a $100,000 account.  Virtual, of course.

Trades are executed during Market hours – 9:30 a.m. – 4 p.m. Eastern Time, however there is a 15 minute delay after Market open for orders to begin executing.

As with Live Accounts, there are limits on trades if there is not sufficient Buying Power in your Virtual Account.   There can be expensive Spread/Margin Requirements to adhere to.

Virtual Accounts do have limitations that Live Accounts do not have:

Virtual Accounts are not subject or responsive to Corporate actions such as buyouts, name or symbol changes, stock/option splits and strike price adjustments to name some examples.

Virtual Accounts are “Auto-Journaled”.   This automatically keeps record of all trades for later analysis and reconciling.

These practice accounts are identified by a yellow bar on the left side of the account window.

Virtual Accounts are powered by Choice Trade to provide the real trading experience.

Order Types - How to Enter

Market Order are Buy or Sell orders to be executed immediately at current the Market Price.  Execution of the trade is more important than price.   As long as there is a willing buyer or seller, the trade will be executed.

Limit Orders (including Net Debit and Net Credit) allow you to set the Maximum Price to Buy or Minimum Price to Sell a security .  Because these orders have ‘limits’ they may not be executed.  When they are, they will be executed at the Limit Price – or better.
Low Volume, a slow or very fast market may mean your Limit Price may not be reached and thus, your order not executed.

Stop & Stop Limit Orders

These are protective orders, to be placed on a current position.

A Stop Order becomes a Market Order when the Stop Price is reached.   This does not mean you will get the Stop Price when the Order executes.  You are willing to Buy/Sell at any price once your Price is reached to have the Order execute. 

A Stop Limit Order generally offers more protection:   Once the Stop Price is reached, the order converts to a Limit Order to execute once that price – or better- is reached.   Thus, there are two values to enter on the Order Ticket for Stop Limit Orders.

How to enter a Stop Order/Stop Limit Order:

On the Positions tab, click “Close” for the Stock/ETF entry you want to add a Stop/Stop Limit Order to.  You’ll be navigated to the Order Ticket tab to continue. 

On the right side of the Order Ticket (Exit Order):

1.  Change Exit Condition from default “Limit” to “Stop” or “Stop Limit
2.  Enter Stop Price.  For Stop Limit Orders,  the Stop Price will be the higher of the two values.
Enter Limit Price, if applicable.
3.  Change Duration from Day (default) to GTC (which may vary by brokerage)
4.  Review & Submit

Notes:  As long as it’s not a Day order, the Stop/Stop Limit order will remain Live until you cancel the order or it executes*.   (Some brokerages have expiration dates on such orders)

Trailing % and Trailing $

As the names suggest, these orders follow trades upward by a set $ or %.  They are placed on a current position.    Click “Close” from the Positions Tab, then follow the steps below:

1.  Change Exit Condition to “Trailing % (or $)
2.  Enter price or percentage to exit trade
3.  Select Duration (Day/GTC)
4.  Review, then Submit

This will be a Live Order until it Executes, Expires or is Cancelled.

Positions Tab

The Positions Tab offers 4 table views of your current trades.   You can access these by clicking on the drop-down box in the upper right of the screen.  “All” combines the 4 views.  

Total Gains
This table view displays the Overall $ and % Gain/Loss and the Daily $ and % Gain/Loss based on the previous trading day’s results.

Share Performance
This table breaks down Total Gains by showing Entry Cost compared to Current Value per Share.

Total Performance
Similar to Share Performance, but shows Total Entry Cost and Total Current Value.