Order Types & Alerts
Ustocktrade currently only offers cash accounts and the following order types are available to users in the Ustocktrade ATS.
Market Order: A market order is an order to buy or sell a security immediately, at the best price available in the market. While a market order will generally be filled at or near the current offer (for a buy order) or at or near the current bid (for a sell order), no price is guaranteed. Market orders are used to buy and sell quickly, taking the price the market gives you.
Limit Order: A limit order is a type of order that enables you to buy or sell at a specific price.. A buy limit order may execute if your limit price is at the current offer or higher. A sell limit order may execute if your limit price is at the current bid or lower. Limit orders are used when you require a specific price, understanding the order may take some time to execute, or may not execute at all, if your price is not reached. This order type will expire at the end of the trading day.
Price Alerts: Receive automatic alerts via email or notification on the application when a stock price has reached your specified Buy or Sell price.
Strategies: You can place three types of strategies:
Buy Strategy – An order to buy more stock at a specific limit price below the market. This is a type of limit order, typically placed away from the current market, which remains open for 30 days or until canceled. Note: this order type will only execute if your limit is reached during normal market hours.
Sell Strategy - An order to sell stock you own at a specific limit price above the market. This is a type of limit order, typically placed away from the current market, which remains open for 30 days or until canceled. Note: this order type will only execute if your limit is reached during normal market hours.
Get Out –An order type which automatically sells your entire long position with a Market order when the Last Traded Price of the stock is at or below your Get Out price. This order type will stay open for 30 days or until canceled. Note: this order type will automatically cancel prior to the 30 day expiration if your position becomes zero.
More on the Get Out Strategy Order Type
- With a Get Out Strategy, you would enter a Get Out price (below the current market) where the Get Out Strategy will trigger* if the Last Traded Price of the stock is at or below that price. You will be notified your Get Out strategy has triggered*, any open sell orders will be canceled, and a market order will automatically be entered on your behalf to sell all the shares you own at that time.
- With a Get Out Strategy, you can simultaneously place an order to sell all or part of your shares (at the market or at a higher limit) while your Get Out Strategy is open. If your Get Out Strategy is triggered*, any open sell orders will be canceled and a market order will be entered to sell your remaining position at that time.
- If, while you have a Get Out Strategy open, you sell your entire position using a separate market or limit order, your Get Out Strategy will be canceled at the time your position is liquidated. If you re-enter the stock, you would have to re-enter a Get Out Strategy if you wanted to use this feature.
- IMPORTANT NOTES: Your order review will notify you if your Get Out price is close to the Last Traded Price as it may trigger immediately. For a Get Out Strategy, a market order will be placed once the Get Out price triggers*, and the execution price is not guaranteed to be the same as the Get Out price or Last Traded Price.
Get Out Strategy vs Alert Strategy
With a Sell Alert Strategy, you enter an Alert price above the market where you want to be notified to sell if the stock price rises. The Sell Alert triggers* if the stock trades at that price or higher, and you will be notified so you may enter your sell order.
*Get Out Strategies and Alert Strategies are triggered by regular way trades only.