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  1. #1
    Join Date
    Nov 2003
    Location
    ohio
    Posts
    8,908

    Default What Control Can Online Brokers Assert?

    My son has an online account with Schwab. I anticipated a volatile market today and asked him if he had a stop order placed on TNH which closed yesterday at 129.93. He attempted to place a stop order and was told it had to be at 112 or lower. He decided not to go that low and the stock opened at 115.50 and closed at 123.51. Had he placed the stop order it would have triggered, having reached a low of 111.60. It also reached a high of 131.58 today. Something doesn't seem kosher here. Am I just nitpicking?

    --------------billyjoe

  2. #2
    Join Date
    Nov 2003
    Location
    SacTown
    Posts
    14,938

    Default

    Quote Originally Posted by billyjoe View Post
    My son has an online account with Schwab. I anticipated a volatile market today and asked him if he had a stop order placed on TNH which closed yesterday at 129.93. He attempted to place a stop order and was told it had to be at 112 or lower. He decided not to go that low and the stock opened at 115.50 and closed at 123.51. Had he placed the stop order it would have triggered, having reached a low of 111.60. It also reached a high of 131.58 today. Something doesn't seem kosher here. Am I just nitpicking?

    --------------billyjoe

    Read the fine print...different brokers have different rules
    "Trade What Is Happening...Not What You Think Is Gonna Happen"

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  3. #3
    Join Date
    Dec 2004
    Posts
    6,314

    Default

    Quote Originally Posted by billyjoe View Post
    My son has an online account with Schwab. I anticipated a volatile market today and asked him if he had a stop order placed on TNH which closed yesterday at 129.93. He attempted to place a stop order and was told it had to be at 112 or lower. He decided not to go that low and the stock opened at 115.50 and closed at 123.51. Had he placed the stop order it would have triggered, having reached a low of 111.60. It also reached a high of 131.58 today. Something doesn't seem kosher here. Am I just nitpicking?

    --------------billyjoe
    That seems way out of line. How can they dictate where you place a stop. If that is the case I would get out of that brokerage asap.
    THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR

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