Types of stop orders possible...
Here's a question for the Traders on da board. I have a plain jane Scottrade account and want to create what I call a Stop...Trailing Stop order. Problem is I don't know if that is even possible.
Should the hand of god smile apon us longs and siri shoots up :D I want to then have a trailing stop initate at a price above my average so I can lock in profits. Here's an example (hypothetical of course).
I have 1000 shares @ .50 cents average
Create Stop order at .60 that when reached will automatically create a Trailing-Stop order .05 behind the current .60 price.
I'm somewhat familar with the stop limit order, but since limit orders guarentee price not execution I don't believe those are what I'm looking for.