How to Attach Sell Stop Orders on Thinkorswim

TL;DR

To attach sell stop orders on Thinkorswim, initiate a buy order and select 'buy custom' with stop to set your trigger price. You can also attach a sell stop order to existing shares by creating a closing order with the desired stop price and adjusting it as necessary. Remember, the fill price after triggering is not guaranteed.

Transcript

hey Traders my name is Joe mazzola and in this video I'm going to show you how to play cell stop orders on the thinkorswim platform now specifically we're going to look at three examples how to open a position and attach a self-stop order how to attach a cell stop order to an existing position and finally how to adjust your price once you have a se... Read More

Key Insights

• 🤗 Thinkorswim platform allows traders to attach sell stop orders to open positions and existing shares of stock.
• ✋ A sell stop order can be triggered by the bid price reaching a specific level, but the fill price is not guaranteed.
• ✋ Stop orders can be canceled and replaced to adjust the price or other parameters.

Questions & Answers

Q: How do you attach a sell stop order to a position on Thinkorswim?

To attach a sell stop order to an existing position, right-click on the position, hover over "create closing order," and select "with stop." Set the price and time in force, then confirm and send the order.

Q: Can I change the price of a sell stop order after it has been placed?

Yes, you can cancel and replace an existing stop order to change the price. Right-click on the order, select "cancel replace order," enter the new price, and confirm and send the updated order.

Q: What is the difference between a stock market order and a sell stop order?

A stock market order triggers a market order to buy or sell shares at the best available price at that moment. A sell stop order triggers a sell order when the bid price reaches a specified level, but the fill price is not guaranteed.

Q: How can I monitor my working stop orders on Thinkorswim?

Go to the Monitor tab, navigate to the Activity and Positions page, and look for the Working Orders section. Here, you can see all your active stop orders and their status.

Summary & Key Takeaways

• The video demonstrates how to buy 100 shares of stock and attach a sell stop order using the Thinkorswim platform. It explains the concept of a stock market order and different trigger options for the sell stop order.

• The video also shows how to attach a sell stop order to existing shares of stock in an account. It explains the process of creating a closing order and setting the stop price.

• Lastly, the video explains how to cancel and replace an existing stop order, using examples from both Apple and Microsoft stocks.