TC2000 Help SiteTrading Stocks & Options Trading StocksHow To Place A Sell Limit Order With An Order Ticket

How To Place A Sell Limit Order With An Order Ticket

Placing a Limit order instructs TC2000 to buy or sell a certain amount of a stock at a specified price or better. This order type is often used when price is the primary and fill is a secondary concern.  A limit order is not guaranteed to fill but if it fills it will be at the stated price or better. These steps demonstrate how to use the standard order ticket to place a Limit order.

1. Click the Sell button at the top of the price pane to open the Sell order menu

2. Select Sell {Sym}...

This opens a standard Order Ticket pre-filled based on the user-defined default sell ticket. If no changes are desired, simply click Sel {Sym} and confirm to place the order.

3. Make Edits to the Order ticket

The order ticket contains these fields which can be edited on the fly:

  1. Qty
  2. Order Type
  3. Order (limit) basis
  4. Duration (GTC)
  5. More
  6. Sell button
  7. Estimated cost of trade
  8. Limit price
  9. Conditional order menu
  10. OCA
  11. Toggle to large order ticket
  12. OTA dropdown arrow
  13. Set order ticket defaults

4. Set Quantity

Click the Qty button to choose the desired quantity for the order. Quantity can be set on any one of these four basis:

  • Number of shares--the actual number of shares desired
  • Dollar Value--a dollar amount (the program will select the closest number of shares to that dollar value)
  • Percent of Buying Power--some percent of the available buying power in the account
  • Percent of Cash--some percent of the available cash in the account

The typing fields for Shares or Dollars allow user-defined values not shown on the tables.

5. Select order type

If the order ticket does not say "Limit", click the drop down and choose Limit from the menu.

6. Choose the Limit basis

Using the various fields in the menu, the Limit basis can be set on:

  1. The Ask (or an offset above/below the Ask);
  2. The Midpoint between the Bid & Ask;
  3. The Bid (or an offset above/below the Bid);
  4. A specific price
  5. "Step-to" order values

Note: the offset spinner is used to set the offset values above or below the Bid/Ask.

The limit basis can be set on either Dollar value or Percentage.

7. Set the Duration

The time-in-force field is used to choose the duration --GTC (good-til-cancelled by user); Day (good for the current trading session only); Immediate or Cancel (fill any quantity of the order immediately or cancel it); Fill or Kill (fill the full quantity of the order immediately or cancel it);

8. Add the order to an existing OCA (one-cancels-all) or create a new OCA group with any outstanding order.

By clicking the OCA button and selecting any order from the list, an OCA group is created. (This step is optional and only used if an order dependency is desired.)

9. Create/add Conditional Order

10. Attach a stop or target to the order (optional)

Attach to the order a Stop/Trailing Stop order or a Profit target.

Select a Stop and Target to create a bracket order.

The OTA ticket is pre-filled with the user-defined values for a bracket order.

11. Click the Sell {Sym} button

12. Confirm to place order

The trading tools work on either a LIVE brokerage account or a PAPER (simulated) trading account. Live market trading requires an account with TC2000 Brokerage (www.TC2000Brokerage.com).