Placing A Stock Trade using Limit Orders

We'll go over the general steps needed to buy and sell stocks, which you can hopefully apply to the majority of brokerage sites.

Prerequisite: Login to your brokerage account and click the Tab "Trade"(if available), to get to the trading section of the site(stocks & options)

Buying a stock using limit order
  • Select option "Buy" to buy stocks
  • Input Number of shares you want to buy (AON checkbox - "All or None" if checked, implies the order will only be completed if all the shares requested can actually be bought. If the shares are not available, the order will not be fulfilled. This avoids getting only a partial order fulfilled. Check the AON checkbox if you're not sure.)
  • Enter the stock symbol. The brokerage website should provide you with a search link with which you can find the stock symbol by searching for a company name
  • Order Type: Select limit. Choose a limit price per explanation in "Buying Limit Orders" section above
  • Duration/Order Expiration: This informs us how long your order will be kept open in case it can't be fulfilled right away for any reason. You can choose to keep your order open till 4pm the same day/end of day or keep your order open until you manually cancel it yourself
  • Click on the Review button to preview your final order (If you get a warning message, pay attention to it. Either you won't be able to place the limit order because the limit price is too far than the current market price OR you'll get a general warning that you can ignore. If the limit price is too far away, then change the order to pick a closer limit price and continue.)
  • Following this, you can hit the final Place Order button to complete your buying transaction

Selling a stock using limit order
  • Select option "Sell" to sell stocks
  • Input Number of shares you want to sell(Check the AON checkbox if you're not sure)
  • Enter the stock symbol. The brokerage should provide you with a search link with which you can find the stock symbol by searching for a company name
  • Order Type: Select limit. Choose a limit price per explanation in "Selling Limit Orders" section above
  • Duration/Order Expiration: This informs us how long your order will be kept open in case it can't be fulfilled right away for any reason. You can choose to keep your order open till 4pm the same day/end of day or keep your order open until you manually cancel it yourself
  • Click on the Review button to preview your final order (If you get a warning message, pay attention to it. Either you won't be able to place the limit order because the limit price is too far than the current market price OR you'll get a general warning that you can ignore. If the limit price is too far away, then change the order to pick a closer limit price and continue.)
  • Following this, you can hit the final Place Order button to complete your selling transaction

Placing a "market order" instead of a "limit order" for buying and selling a stock should follow similar logic.




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