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SimplePlan
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Hi Guys. Just a newbie with a question. Do you recommend putting stop/loss orders on stocks. What is the best way to set them up, I don't know much about them. Do you set them to sell at market price when it reaches a certain level, or do you set a limit order for a certain amount? If you set limit and it reaches that point, what if it goes below that before it has a chance to sell. You could miss the sell right?


ALSO, What brokers do you guys use. I like ameritrade but 10.99 a trade is rediculous. That means it costs me 21.98 for each buy/sell combo. I am afraid to switch because I usually have no problem filling and am use to using ameritrade. I also want to be able to buy any stock, from pink to nasdaq. I use ameritrade's LevelII are there any free LII services out there?

I would love to know how you operate day to day.

Thanks - You guys rock!

Jay

Posts: 112 | From: NY | Registered: Apr 2004  |  IP: Logged | Report this post to a Moderator
Phoenix
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Choicetrade is 5 bucks a trade I believe, and allows stop-loss orders, even on pennies.

Never use a market order on a penny stock, always limit orders -- you will get screwed.

(Some brokerages, like Scottrade, wont allow you to put market orders on pinks, pennies, or any other stock under $1 anyway.)

The only other options for Level 2 outside of Ameritrade (that I have personal knowledge of) is Scottrade's "elite" program, which requires you to have 25,000 bucks in your account but you get L2 for free I think.

Microcaptrade does real-time on: stock filtering, news, and also Level 2 if you want it...but not cheap, something like over 100 bucks/month for the premiun package....they are also probably the best solution for a daytrader, period.

Think Alphatrade will give ya Naadaq Total View, Pinks and Pennies (all with L2) for around $63 a month.

I have used MCT and Alphatrade and liked 'em both. Just wish they were cheaper.

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metal1
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you should try to avoid market orders but like you said, if you put in a stop with a limit, you could miss the sale completely
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003  |  IP: Logged | Report this post to a Moderator
   

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