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Registered User
Joined: 11/11/2004
Posts: 25
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I am starting to trade using Scottrade, the well known discount broker. The experience has been very good so far, but when I inquired about setting multiple stops, I got "stopped"
I asked if I could set a "Stop Loss", and a "Limit" at the same time and was told no. In other words, I wanted to "bracket" the stock to prevent a sudden dive with the stop loss, and automatically sell at my trigger price on the upside.
This seems reasonable to me. I am a "swing" trader, and check things out only at the end of the day. Scottrade has a $0.15 gap between current price and any stop or limits set, which is OK, but why not be able to set both high and low limits at the same time??
Is this "rule" something set by SEC or is it just this particular brokers rule?
Thanks.
Roy Ewing 
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 Gold Customer
Joined: 10/7/2004
Posts: 264
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Sounds like just a broker issue to me. Several brokers, like Interactive Brokers, will allow you to create a bracket order for just that purpose. Good luck.
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Registered User
Joined: 11/11/2004
Posts: 25
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Goldman25,
Thanks for the feedback. Kinda what I figured, but had not been able to find that specific issue addressed on various broker web sites.
Roy
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Registered User
Joined: 1/15/2005
Posts: 6
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On a side issue. I used to trade with Scott Trade and noticed that when I placed limit orders that they would only fill when the ask dropped to my bid price and that my order would never show on the Level II.
Since then I have moved to Ameritrade and notice that all of my orders appear on Level II within seconds of my placing the order.
This may not seem like much ... but I missed several trades using Scott Trade ... and paid more in commissions because I was not placing a market order.
Jim
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