How to Place Stop Orders
October 27, 2015 by Adam posted in • No Comments
Welcome to the thinkorswim tutorial and the fourth module training. In this lesson, I am going to teach you how to play stop orders with the thinkorswim platform and let’s go to the monitor tab and let see what we have opened so far. We have actually just one trade open as you can see.
We are flat on crude-oil, in E-mini S&P 500, and the E-mini Dow.
And the only trade we have open is 3 mini lots short on the Euro-US dollar which we are up $6 for the moment.
Right now you can see that we are in an open trade, this means that we don’t have a stop loss order in place and that’s a bad trading system because you don’t know what the market is going to do and you always need to use stop orders with your trades.
So right now we are going to go to the chart and let see where price is trading at.
We are short about here so I think we are going to place our stop order around this level because if price breaks with this height it means that, of course, this down structure or this structure is no longer a Flagger where we are in an obstructor.
In any case, you have to choose the price level that you want to place your stop order and at the level is 13362.
So we are going to back to monitor, you are going to click on the Euro-US dollar and this will bring out the actual trade.
We are 3 mini lots short on the Euro-US dollar. You are going to click this circle at the right of Euro-US dollar and then you are going to choose create order with a stop.
This will bring us to the trade tab of the thinkorswim platform and right here we have the order that we need to modify.
We are going to buy 3 mini lots of the Euro-US dollar at market at…Well, when price goes up to this level which was the 1336 level. Let’s go back to the trade tab and let’s make the order or the price 13362.
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And we have a stop order, “Good until it’s cancelled.” This means that it will stay on until we cancel it or it gets failed and we confirm and send it.
We confirm the settings of our order again and we send it to the exchangers.
Now if you go back to your charts you can see that you have a stop order right now, right here at this level.