"These orders are held in a separate order file with Fidelity and are not sent to the marketplace until the order conditions you've defined have been met." They have a "reliance on trigger processing, market data, and other internal and external system factors." There are more moving parts than a plain vanilla market order. "Sell trailing stop order" is shown at 0:37 - 1:03.
Here is a nice video with pictures that shows trailing stops in action: Trailing Stop Limit: Once triggered, the order will become a limit order. Trailing Stop Loss: Once triggered, the order will become a market order. When $PMCN drops to $170, your limit sell order is triggered. Your limit price however, stands pat at $170. Thanks to your trail, your limit price has also risen, to $170 (15% below the market price). The price of $PMCN continues to rise and reaches $200. (Edit 2, edited inline:) Say you put a Trailing Stop Limit Sell order on Consolidated Pemmican ($PMCN) with a trail of 15% when $PMCN's market price is at $100. For example, a 15% trail means your 'stop price'/'limit price' stays 15% below the market price for a Sell order. Your 'trail value' can be either dollars, or %. (Edit 2, inline:) I think (someone with more expertise please correct me if I'm wrong) that if it is a Trailing Stop Loss order, it's the 'stop price' that is calculated using the 'trail', and if it is a Trailing Stop Limit order, it's the 'limit price' that is calculated using the 'trail'. (You locked in the gain in your 'stop price'/'limit price'.) When the market price drops below your 'stop price'/'limit price', the order is triggered. When the market price falls, your 'stop price'/'limit price' stays the same. For example, for a Trailing Stop Sell order with a 'trail' of $3, your 'stop price'/'limit price' stays $3 below the market price as long as the market price rises. Now your 'stop price'/'limit price' follows the market price, but offset by the 'trail value'. With these, you also set a 'trail value'.
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Maybe a Fidelity rep or pro trader can weigh in here. Triggering of stop orders: "Equity stop orders placed with Fidelity are triggered off of a round lot transaction of 100 shares or greater, or a print in the security." I'm not sure what this means. Sell stop loss and sell stop limit orders must be entered at a price which is below the current market price." But see this recent post from Fidelity. "Buy stop loss and buy stop limit orders must be entered at a price which is above the current market price. When the market price reaches your stop price, the order turns into a limit order. When the market price reaches your stop price, the order turns into a market order. If the order is for more than 100 shares, or multiples of 100, Fidelity says it may be filled in parts until all of the shares are bought/sold, which may take more than one trading day to do. "there can be no assurance that all orders at a particular price limit (including yours) will be filled when that price is reached."Ī limit order can be placed for the day, or as "Good Til Canceled". There is a possibility your limit order doesn't get filled, depending on the (cryptic to me) mechanisms of the market. If the market price plunges below your limit on a sell limit order, you won't accidentally sell too low.
Limit Order- You are asking to buy those shares at or below your limit price, or to sell them at or above your limit price. So u/Marvosta urges us to use a Limit order (see below) Go check out u/Marvosta's post, it's good.
U/Marvosta warns us that during a turbulent market (such as during a short squeeze), there may still be low-price 'bids' loitering around out there, and your market sell order could blunder into one, causing you to sell at, say, $255 when the market price is $1,000. The risk with this one is that if the market price is jumping around quickly, you see a price on your screen but by the time your market order goes through, you actually bought or sold at a different price. Immediate sale or purchase of the shares at whatever the market price is at that moment. This info is from Fidelity's page FAQs: Order Types. I will go through the order types in order of how much control they give you, getting to the trailing stop limits last in section (4). To discuss this, first I want to go over the other order types, so we can see how TSLSOs fit into the order type universe. Jargon note: "Equities" and "securities" are the same thing as stocks. If the market price drops back down through the 'trigger', the order turns into a limit order and is executed (as best the brokerage is able). TL DR- A "Trailing Stop Limit Sell Order" has a 'trigger' that follows the market price of the stock up, as long as it rises.
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