Sporticas

I am trying to find out which online discount brokers currently provide the ability to place bracket orders. A bracket order is a way of saying – if stock goes below x amount sell, if stock goes above y amount sell. A bracket order is an easy way to do this all in one order, but I am also interested if someone can suggest any brokers which at least allow you to place two separate sell orders on the same security (one being a stop loss, and one being a limit) to do the same thing. Thanks!
discount brokers.

Gene:Interactivebrokers (IB) allows you to place very complex conditional orders. you can place multiple orders that’s part of a “group”. Once one order in the group is executed then the other orders are canceled. In your case you can place an order (market or limit or stop limit, etc) to buy or sell AND attach a bracket order to that order. Once the order is executed the bracket order, which usually consists of a profit-taker order and a stop loss order, is activated. The two sides of the bracket order are automatically assigned to the same group so that once one is executed the other part of the the bracket is canceled.

You should aware that although IB commission is very low ($ 0.005 per share or $ 1 min per order), they do require that you make at least $ 30 commission per month. If you can’t make that, then they’ll charge you $ 10 market quote fee. If you make the $ 30 commission then, no quote fee is charged. Etrade also offers conditional order. Although the level of sophistication is less than IB.

Common Sense:ThinkOrSwim

OCO One Cancels other
First initiates OCO
Blast 6 (and more)

In other words when you put a Market, Limit Or Buy Stop you can also add a Stop Loss and Limit (sell). (OCO).

I used to deal with Schwab and Scottrade. ThinkOrSwim was voted as the best “software” based broker on-line. Their charts are great.
They have many other great free services. I am an absolute fan of ShadowTrader (available on-line with the platform)….. For the limited Mutual Funds that I have I also get Free Trades (on all funds, even the ones that Schwab and Fidelity charge for) – up to 3 a month.

I’m not associated with ThinkOrSwim in any way other than being a customer. I’m just glad I acted on the review. Check it out.