Look for the yellow Order Entry button in the toolbar across the top of your Scottrader window. View Graphic

The Scottrader Trading Disclosure will come up. After reading it carefully, click I Agree to continue placing an order or click Cancel to close the window. View Graphic

When you click Order Entry, the following window appears. View Graphic

There are several ways to place an order from different locations within Scottrader.

You can click on the Buy or Sell located in the Trading column of the main quote list. This will also bring up the Scottrade order entry box. View Graphic

Enter the symbol of the stock or option for which you want to place a trade (for options, remember to use a period followed by the detailed option symbol). Trading is available on Scottrader for NYSE, regular NASDAQ and NYSE Alternext issues. For trading of other securities, such as mutual funds or fixd income products, you will need to access the appropriate trading page within the Scottrade Web site.

The current Bid, Ask, Last, Volume and Time display to the right of the symbol. You will then need to enter the necessary information as you would normally do when placing an order in the site, and click "Send Order". Rules for order entry on Scottrader are the same as those within the Web site. When you send the order, the status of the order is displayed below the order entry

Any order placed on the system that is changed (modified) or canceled is always subject to prior execution of that order and a "Too Late to Change" or "Too Late to Cancel" (TLC) message from the exchange.

QuickBuy and QuickSell

You can right-click on any symbol in your list to access the QuickBuy and QuickSell options.

Note:Macintosh operating systems do not have the ability to right-click. Mac users should use the Buy/Sell option.

When you choose to do a QuickBuy or QuickSell of a stock, you have the option of 100, 200, 500 or 1000 shares. When you click on one of these options, Scottrader will take you directly to the Order Entry window. Information that you selected will be entered automatically on the order entry screen.

Note: These orders default to market orders, so if you want to place a limit order, change the information before you send it, or use the Buy/Sell option instead.

Selling from Positions

You can sell a stock directly from your Positions screen. To access the Positions page on Scottrader, click on Positions located under the Shortcuts menu at the top of the main quote window. This will display a screen listing the positions you hold in your account.

View Graphic

To the right of each position is a Sell button. When you click on this button, your information will automatically be entered into the Order Entry screen. Again, this will default to a market order, so verify and change, if needed, before sending the order.

Market Orders

A market order is an order to buy or sell a security at the best available price. You cannot specify special instructions such as All Or None (AON) or Good til Cancelled (GTC) or Good til Date (GTD) on market orders. Market orders are automatically entered as Day Orders. There is no guarantee of the execution price, and it can be several points higher or lower from the quoted bid/ask, especially during fast market conditions or when orders are placed in pre-market or after-market trading hours.

Prior to the market opening, market orders can be changed or canceled if sufficient time is allowed to process the request.

Stocks priced under $1 per share must be entered as a limit order.

Placing Your Market Order

You will use the following fields to place a market order:

• Market Side - Buy, Sell, Sell Short (used to create short position), Buy to Cover (used to close short position)
• Quantity
• Symbol
• Order Type: leave this field as "Market"
• Time in Force (TIF) - Day

Limit Orders

A limit order is an order to buy a stock at or below a specified price or to sell a stock at or above a specified price. For instance, if the current market price for XYZ is 9, a limit order would be an order to buy 100 shares of XYZ Corp at 8 or to sell 100 shares of XYZ at 10. The customer specifies a price and the order can be executed only if the market reaches the specified price or better. A limit order is a conditional trading order designed to avoid the danger of adverse unexpected price changes.

Placing Your Limit Order

You will use the following fields to place a limit order:

• Symbol
• Market Side - Buy, Sell, Sell Short (used to create short position), Buy to Cover (used to close short position)
• Quantity
• Order Type - you will choose "Limit"
• Limit Price - enter your limit price in this field
• Time in Force
• Qualifiers - AON (All or None) if desired

When you enter a price, do not use a dollar sign or fractions; prices should be entered as 12 or 20.25, for example.

A limit order can be a Day Order, Good til Date or Good til Cancelled. You can choose to have the All or None restriction placed on your limit order if it is over 100 shares.

Note: The limit price entered has to be less than 100% away from the current market price.

Stop Orders

A stop order is a buy or sell order that automatically converts to a market order and will buy and sell securities at the current market price once the order is triggered by the stop price. The stop price is set above the current asking price on a buy, or below the current bid price on a sell order. For instance, a sell stop order on XYZ stock that is currently trading 20 bid (the price at which you can sell), 20.25 ask (the price at which you can buy) can be entered to sell 100 XYZ at 18 stop.

For NASDAQ orders, a stop order becomes a market order if either of the following scenarios take place:

• The stock is quoted at your stop price (bid for sell stops and ask for buy stops).
• The stock actually trades at or through the stop price.

For listed stocks (NYSE or NYSE Alternext), a customer is entitled to the next sale on the primary market when the price trades at the stop price, providing there are enough shares available at that price.

A stop order may be a Day Order, Good til Date or a Good til Cancelled order. A stop order gives you the opportunity to protect a profit or limit a loss on a security already purchased. Be aware that significant, short-term market movements may trigger your stop order, creating an undesired/unwanted buy or sell. Also, depending on market conditions and the fact that your order is a market order, once triggered, there is no guarantee of the execution price, and the price received can be several points away from the stop price.

Placing Your Stop Order

You will use the following fields to place a stop order:

• Market Side - Buy, Sell, Sell Short (used to create short position), Buy to Cover (used to close short position)
• Quantity
• Symbol
• Order Type - you will choose "Stop"
• Stop Price - enter your stop price in this field
• Time in Force - a stop order can be a Day Order, Good til Date or Good til Cancelled

When you enter a price, do not use a dollar sign or fractions; prices should be entered as 12 or 20.25, for example.

Note: Stop orders must be placed at least .10 below the current bid or above the current ask. Scottrade has established this guideline due to the possibility of the order being invalid if the market price moves below the designated sell stop price or above the buy stop price.

Stop Limit Order

A stop limit order is an order to buy or sell a security at a specified price or better (stop limit price), but only after a given stop price has been reached or passed. It is a combination of a stop order and a limit order. The order initially is a stop that, once triggered, becomes a limit order instead of a market order and will only be executed at the limit price or better.

A stop limit order may be a Day Order, Good til Date or Good til Cancelled order. As with any order limited by price, you risk your order not executing if the market price does not reach the limit you specified.

Placing Your Stop Limit Order

You will use the following fields to place a stop limit order:

• Market Side - Buy, Sell, Sell Short (used to create short position), Buy to Cover (used to close short position)
• Quantity
• Symbol
• Market Type - you will choose Stop Limit
• Limit Price - enter your limit price in this field, at or below the stop price on a sale, or at or above the stop price on a buy
• Stop Price - enter your stop price in this field.
• Time in Force - a stop order can be a Day Order, Good til Date or Good til Cancelled

When you enter a price, do not use a dollar sign or fractions; prices should be entered as 12 or 20.25, for example.

Note: Stop orders and stop limit orders are handled differently by the exchanges and are considered "not held" orders. No priority is given to these orders and you may not be executed, even if the stock is trading at your price.

Stop limit orders must be placed at least .10 below the current bid or above the current ask. Scottrade has established this guideline due to the possibility of the order being invalid if the market price moves below the designated sell stop price or above the buy stop price.

Trailing Stop Order

A trailing stop order is a stop order in which the stop price adjusts by a set percentage or point level as the market price of the stock fluctuates.

A trailing stop order may be a Day Order, Good Till Canceled (GTC), or Good Till Date (GTD). A trailing stop order gives you the opportunity to protect a profit or limit a loss on a security already purchased. Be aware that significant, short-term market movements may trigger your stop order, creating an undesired/unwanted buy or sell. Also, depending on market conditions and the fact that your order is a market order, once triggered, there is no guarantee of the execution price, and the price received can be several points away from the stop price.

Placing your Trailing Stop Order

You will use the following fields to place a trailing stop:

• Symbol
• Market Side - Buy, Sell, Sell Short, Buy to Cover
• Quantity
• Order Type - Trailing Stop
• Trail Type - Select Percent or Points
• Trail Amount - enter as Percent (ex. 5, 10, 15) or Points (ex. 1, 2, 3)
• Time in Force (TIF) - Day, Good Till Canceled (GTC) or Good Till Date (GTD)

Option Orders

Call and put options can be traded on the Scottrader platform for accounts that have applied for and been approved for option trading. Permitted strategies include covered call writing and purchasing puts and calls. Advanced option trading strategies are permitted on the OptionsFirst platform and can be established by downloading and completing an application from optionsfirst.com.

Placing your Option Order

You will use the following fields to place an option order:

• Symbol - enter period followed by option symbol (ex. - .IBMET for IBM May 100 call)
• Market Side - Buy to Open, Buy to Close, Sell to Open, Sell to Close
• Quantity - enter number of contracts
• Order Type - Market, Limit, Stop, Stop Limit
• Limit Price - enter limit price if applicable
• Stop Price - enter stop price if applicable
• Time in Force (TIF) - Day, GTC or GTD
• Qualifiers - AON, if applicable

Option chain is accessible via the Shortcuts drop-down menu and provides a link to the Trade Order Entry screen for easy order entry.

Limit Price

This is where you would enter the limit price for an order to buy or sell a security at a specific price or better. The limit price field is not used for market orders.

If you receive an error that says "Invalid decimal limit price," re-enter the price in decimal format. For example, if you enter 12 1/4, enter 12.25 instead.

If you receive an error that says "MPV is 0.01 for this security" (or another increment), the decimal price is incorrect. MPV is the Minimum Price Variation. The minimum price variation is the smallest increment by which the quote on that issue can move. For example, if the MPV is 0.05, the valid limit/stop price would be 3.05, 3.10, 3.15, etc. If the MPV is 0.01, the valid limit price would be 3.01, 3.02, etc. Initially, equity stocks trading in decimals will have an MPV of .01 and options trading in decimals will have an MPV of .05 if the limit price is less than $3 and .10 if the limit price is greater than or equal to $3.

Time in Force

Good for the Day/Day Order applies to any buy or sell order that is entered with a limit, stop, stop limit or trailing stop. The order will remain in effect as an open order until the order is executed that day or until the close of the markets for the day it was placed. If unexecuted, the order will expire or cease to exist, requiring a new order to be placed.

Good til Canceled (GTC) would be specified for any buy or sell order that is entered with a limit, stop or stop limit price. Your order would remain an open order and in effect until the last day of the month following the month in which you placed your order. For the schedule of dates when open orders are canceled, see the Message Center in the site.

Good til Date orders allow you to specify a date up to 90 days after your order is placed.