Traders and investors can use the ScottradeELITE platform to place orders for stocks, ETFs and options.

Placing a Stock or ETF Order
The ScottradeELITE Order Entry window is where orders to buy and sell are entered and submitted. To open the Order Entry window, click the Order Entry button on the Main Toolbar, as shown in Figure 20, or right-click anywhere on a price chart, select "Place a Trade" and left-click the desired symbol.


Figure 20 - Click the Order Entry button in the Main Toolbar to open the Order Entry window.


The Order Entry window appears by default in its Standard (horizontal) form, as shown in Figure 21.


Figure 21 The Order Entry window appears by default in its Standard form. Click the Settings icon in the lower right hand corner (shown here inside the yellow circle) to change the format.

To change the style of the Order Entry window, click the Settings icon in the lower right hand corner of the window, click on Templates and choose "Vertical" (shown in Figure 22) or "Square."


Figure 22 - The Order Entry window in its Vertical style. Click the Settings icon in the lower right corner (shown here inside the yellow circle) to switch to a different style.


The Order Entry window appears with the Stock/ETF radio button filled as the default. To place a stock or ETF order:

  • Enter the appropriate Symbol; real-time Last, Bid and Ask information is displayed in buttons below the symbol.
  • Click the Last, Bid or Ask button to populate order form with one of these prices, if desired.
  • Enter the order Quantity.
  • Select the Order Type - Market, Limit, Stop or Stop Limit.
  • Select the All or None (AON) qualifier, if desired, from the Qualifier field; otherwise, leave this field blank.
  • Choose the order Duration - Day or Good till Cancelled (GTC).
  • Place the order by clicking on the appropriate Buy, Buy to Cover, Sell or Sell Short button.
The order is submitted as soon as the button is clicked with no confirmation message. To receive a confirmation window, click the Settings icon, and select "Show Confirmation Window When Placing Orders" (see Figure 24 under "Placing an Option Order). Click "OK" to close the window.

Once the order is submitted, the status of the order appears in the Trading Log window, shown in Figure 23 (to open a Trading Log window, from the Main Toolbar > Activity> Intraday Trading Log). When the order is confirmed, "Order Confirmed" appears at the bottom of the Order Entry window.

Note: If the order is placed through a broker, click "Reload Trading Data" on the Trading menu to view the trade information in ScottradeELITE.

Figure 23 - The Trading Log displays all trading activity for the specified time period.

Placing an Option Order
Open an Order Entry window and click the radio button next to Option, as shown if Figure 24.


Figure 24 - Click the radio button next to "Option" to open the option Order Entry window.


Once the Option radio button is selected, the Option Symbol Builder window appears. Enter the symbol of the underlying security and click "Enter". Next, use the advanced drop-down menus under Call/Put, Expiry and Strike to select available options contracts for that security. Click "OK" to close the Symbol Builder and populate the Order Entry screen with the selected option contract. Note: Use the Option Symbol Builder to edit the symbol or build a new symbol.

Fill in the other fields (Quantity, Order Type, Duration and Qualifier) and submit the order by clicking on the appropriate button:

  • Buy to Open
  • Buy to Close
  • Sell to Open
  • Sell to Close
By default, the order is submitted as soon as the button is clicked. To receive a confirmation window, click the Settings icon and select "Show Confirmation Window When Placing Orders" (see Figure 25). Click "OK" to close the window.


Figure 25 - Click on the Settings icon and select "Show Confirmation Window When Placing Orders" to view order entry confirmations.


Once the order is submitted, the status of the order appears in the Trading Log window (to open a Trading Log window, from the Main Toolbar > Activity > Intraday Trading Log).

SEE: Getting Acquainted With Options Trading

Cancelling an Order
To cancel an order from the Order Entry window:

  • Click the "QuickCancel" button; and
  • Choose "Cancel All Order" to cancel all outstanding orders, or cancel one order by selecting the individual order in the list.
To cancel an order from the Open Orders window, click the appropriate button ("Cxl Order, Cxl Same Symbols or Cxl All Orders) at the top of the screen.

Modifying an Open Order
There are several available methods to modify an order. One method is to:

  • Click the Open Orders button on the Main Toolbar
  • Click to highlight the row of the order to be modified
  • Click the "Modify Order" button
Traders can also right-click the highlighted order and select "Modify Order" for [symbol] within the menu.

The "Quick Modify" button is another method that traders can use to modify orders directly from the Order Entry window. From the Order Entry window, click "Quick Modify" and click on the order that is to be modified.

Closing an Order
To close an order, highlight the trade in the Positions window, right-click and select "Close [symbol] Position, as shown in Figure 26. Alternatively, highlight the trade in the Positions window and click the Close Position button on the Window Toolbar. Either action will open an Order Entry window with the symbol and quantity filled in. The appropriate button to close the position will be highlighted (for example, Sell with be highlighted to close a Buy order); click to close the position.


Figure 26 - Highlight a trade in the Positions window, right-click and select "Close Position" to close a trade; or, highlight the trade and click the Close Position button on the Window Toolbar.



Next: Beginner's Guide To ScottradeELITE Online Trading - Advanced Features »



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