Trading Direct

Stock Order Entry Help:

Use the stock order entry screen (Top Nav location: Trading...Stocks) to place buy and sell orders for stocks. You should always call (1-800-925-8566 or 212-766-0230) if you need help with any order. The fields on this screen correspond to the information a broker would ask when taking your order. Orders can be placed on any day, at any time - day or night. At any point before actually submitting the order, you may click "Clear Order" or "Cancel" to abort the ordering process. You have not actually placed your order until you have successfully submitted your order to Trading Direct.

If a real-time quote is desired, click on the "Get Quote and Holdings" link from the order entry screen.

Orders may be either accepted or rejected.
The most common reasons for rejection of orders are:
1. Placing an order that is too far away from the actual market price of a security.
2. Placing a second order for a security for which you already have an open order.
3. Placing an order in your cash account to sell a position which actually resides in your margin account, or vice versa.
After clicking "Send Order" on the "Review Stock Order" Screen, an order acknowledgement message will appear on the next screen, with a prompt to View Order Status. Always check the Order Status screen (Top Nav location: Trading...Order Status), to see the status of your order, after submission to Trading Direct.

Trading Direct reserves the right to review and either accept or reject any order received. If for any reason at all you are ever unsure that you have placed your order as entered, or if you have a question regarding the acceptance or rejection of a particular order, it is your responsibility to call us (1-800-925-8566 or 212-766-0230) and speak to one of the our registered brokers.

Entering A Trade

1. Select a Transaction from the drop-down box.
  • Buy - For a Cash Account, funds must be deposited before acceptance of an order. With a Margin Account, adequate buying power must be available before acceptance of an order.
  • Sell from Holdings - Select this choice if placing a sell order for stock which resides in the account you have chosen to trade in.
  • Sell Short - A short sale involves the sale of a security that is not owned by the seller. The investor borrows the security for delivery at a future date. An investor typically sells short in anticipation of a decline in the price of the security or to protect a profit in a long position. Orders to sell securities short are accepted subject to our ability to borrow an equivalent number of shares of that security. You must have an approved margin account prior to entering a short sale order.
    By placing a short sale order, you agree that if market conditions change or if we are no longer able to borrow the shares, we may require you to cover your short sale at any time and you agree to pay any costs relating in any way to the repurchase of that security.
    Before placing a short sale order, be sure that the stock's price is at or over $3 per share. You must have a margin agreement on file and enough buying power in your account. If you carry short positions in your account, the account will be "marked to the market" to ensure that the proper level of collateral is maintained.
  • Buy-to-Cover-Short - Select this choice if you wish to close out an existing short position.
2. Symbol: Enter a symbol in the Symbol box. If unknown, enter company name in the "Get Quote" Box at top-right of screen, to obtain symbol.
  • Note, there are special order entry symbols for Class A or B shares, and Preferred (Prf) Stocks (or exchange listed bonds with a designated letter series), Listed Warrants, and for stocks trading on a when issued basis. See table below for details...
    Class or Series A or B shares a space followed by the letter series Berkshire Hathaway Class A BRK A
    Preferred Stock (Prf) with letter class designation a space followed by the letters "PR", then the letter series Kilroy Realty 6.375% Series H KRC PRH
    Listed Warrants a space followed by the letters "WS" ABC Corporation Warrants ABC WS
    When [As, and If] Issued Stocks a space followed by the letters "WI" Northstar Realty when issued NRF WI

3. Shares: Enter the number of shares in whole numbers with no fractions or decimals in the Shares box.

4. Order Type Select an Order Type.
  • Market - An order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is entered, and received by the appropriate exchange, market maker. Market order execution prices may be different from the quote. As market orders are normally executed on a first come, first served basis, a market order may have to 'wait in line' for previously entered orders to be filled. This delay may mean that prices will change by the time your order comes up.
  • Limit- An order for which you set a maximum price you are willing to pay as a buyer, or a minimum price you are willing to accept as a seller.
    Enter the limit price in the box that appears after clicking on "Limit".
  • Stop - A stop order is activated and becomes a market order once the stock trades at or through the stop price specified by you. Once the order is activated, you are guaranteed execution, but there is no guarantee of the execution price. Buy Stop prices must be above the last transaction price and Sell Stops below.
    Enter the stop price in the box that appears after clicking on "Stop".
  • Stop-Limit - A combination of a stop order and a limit order. Once the security trades at or through the stop price specified by you, the Stop is triggered. The order then becomes a Limit order. Enter both the stop price in the "Stop Price" box and the limit price in the "Limit Price" box.
  • AON - A buy or sell order can be marked "All-or-None" (AON) to signify that no partial transaction is to be executed.
  • FOK - A buy or sell order can be marked "Fill-or-Kill" (FOK) to signify that the order must be filled immediatley or killed (cancelled).
5. Duration: Select a duration for the order.
  • Day - Day orders remain open for one trading day, unless executed or canceled. If you are placing an order after market hours, the order will be open for the next trading day. If you are placing an order during market hours, the order will remain open for the remainder of that trading day.
    Note, if placing a market order, a timing of "day" must be selected.
  • GTC - GTC orders are Good-'Til-Canceled, which means that they remain open until executed for a period of 365 calendar days.
6. Select an Account Type. Select the proper Account Type for the position you wish to trade. If a particular position resides in your cash account, for example, we will automatically reject a sell order that specifies your margin account, and vice-versa.
  • Cash - Enough money must be on deposit in the cash account prior to placing an order. All trades must be paid for in full. (Debits are not permitted.)
  • Margin- An account in which you are able to borrow money to purchase marginable stocks. You must submit a signed Margin Agreement and have minimum equity of $2000 in order to have a margin account.
  • Short- Select this account type in order to sell stock short, and buy to cover short.
7. Review Before Sending & Send Order

When you click "Review Before Sending" a recap of your order will be displayed for your review.

If order parameters are acceptable, click on "Send Order" button" to submit your order.

Be sure to check the Order Status screen (Top Nav menu location: Trading...Order Status) after submitting your order.

Note: Market orders placed between 4:00PM and 4:02PM eastern time may be rejected. Please place orders for the next trading day after 4:15PM.