2023: How to enter bracket, limit, trailing or stop loss orders on Charles Schwab for stocks and ETFs? How much broker is charging for buy and sell stop loss and limit orders?

How to Use Stop-Loss Orders and Limit Orders at Schwab

If you want to make sure your order gets filled, a market order is a good choice. But if you want to make sure you get a certain price or better, a market order simply won’t work. You need something more sophisticated, like a limit order.

Similarly, if you want to make sure you don’t lose more than a pre-defined amount of money on a trade, a stop-loss order is what you want. Schwab has these advanced order types—and more. Here are the details:

Advantages of Limit Orders

Because the securities markets are oftentimes very fast moving, you could easily get a fill far from the price you thought you were going to get. That is, if you use a market order.

But a limit order guarantees a price at or better than the limit you specify on the trade ticket. Thus, limit orders provide more safety than market orders. But the downside is that your order won’t fill if the market price doesn’t move in the right direction.

Limit orders can be placed on either the buy or sell side.

Advantages of Stop-Loss Orders

A stop-loss order stops losses. How exactly does it do that? It uses a stop price instead of a limit price. When the market price goes through the stop price, a market order is triggered; this takes you out of the trade, which stops the carnage. As with limit orders, stop-loss orders can be placed as either buy or sell orders. You would use a buy stop order on a short position. The stop price would be placed above the entry and market prices.

Using Stop-Loss and Limit Orders with Schwab’s Software

Schwab offers limit and stop-loss orders on its website, browser platform StreetSmart Central, and its desktop software StreetSmart Edge.

To access the broker’s trade ticket on the website, just type in the company name or ticker symbol on the trade bar that appears at the bottom of the screen. Then click on the Trade link on the bar. Doing so will generate the order form on a new page above the trade bar.

You’ll first want to select buy or sell under the action menu. Then select the number of shares. Now it’s time to select the order type. You can choose from limit, stop, stop limit, and trailing stop. The last three can all be used as stop-loss orders.

For the trailing stop order, you’ll want to set a trailing amount, either in percentage or dollar terms. For a sell order, the stop price adjusts (increases) as the stock price moves higher. But if the stock price declines, the stop price remains fixed and is triggered when the stop is reached. At this point, you’ll get a market order, which prevents further losses.

The browser platform doesn’t have the trailing stop order, but the desktop platform does.

Charles Schwab Limit Order

Charles Schwab Comparison

Bracket Orders on the Charles Schwab Platform

Schwab offers bracket orders on StreetSmart Central. To launch this platform, click on the icon with the down and up arrows (located in the top-right of Schwab’s website). Once you’re on the platform, click on the Trade tab in the top menu and select All-In-One Trade Ticket.

Charles Schwab Bracket Order

On the trade ticket, click on Create an Advanced Order and choose One Triggers Two (OTT). With this widget, you’ll be able to submit sell limit and sell stop orders with a buy order. This is a bracket order. You can also do this in reverse when shorting a stock. The one downside is that trailing orders are not available on StreetSmart Central.

Using the Mobile App

Schwab’s mobile app offers limit, stop, and stop limit orders. Trailing orders are not available.


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