If you set a stop order on a sell, the stop price is the price at which the market price needs to move past for your order to be placed and hopefully processed.
6. Identify which account you will use for funds.
Select an account type from the Account Type drop-down list box. For example, if you’re buying or selling securities using cash in your money market, cash, or sweep account, select this entry. If you were instead using margin, select this entry. If you were shorting a security—this means selling a security you don’t own or buying back a security to cover a previously created short position—select this entry.
7. Describe the type of order.
Select an order type from the Order Type drop-down list box. For example, if you want to place a market order—that means you are willing to buy or sell the security at the market price—select this entry. If instead you want to buy a stock only at a limit price, select the Limit Order Type. If you want to buy a stock only at the stock price, select the Stock Order Type. You can also specify that the order type is a stop limit order.
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