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.

i dunno your question kind of confuses me, i never have a problem getting a limit order through assuming it hits the price of my order. With td ameritrade i can set a trade trigger which allows me to trigger a trail stop or a limit order or whatever i want when an equity hits a certain price. I think i trailing stop would be best, just gotta figure out a percentage your comfortable with.

Tripping,

Thanks, and I don't blame you for being confused. I feel like a 5th grader trying to understand this stuff, so I doubt I'm making much sense. Your response prompted me to do more digging and I found what I was looking for in the "Advanced Orders" section on Scottrade I can place a conditional order. That would look like this....

Trailing Stop Order to Sell 1000 Shares of SIRI (SIRIUS XM RADIO INC) with a trailing stop amount of 0.05 Points. Duration of order is Good until Cancelled.
Estimated Commission: $7.343
Estimated Order Proceeds: $61.257

If the following event(s) occurs:
The Bid Price of SIRI (SIRIUS XM RADIO INC) is greater than or equal to $0.60.
The duration of this condition is Good until 4:00 PM ET on 04/29/2009.


Doesn't look I can push out the condition more then April 29th, but I could always cancel and redo the order if for some reason things aren't sorted out by then. And I'm guessing the "bid" is the best condition to use, but could be wrong.

Hope this helps others....

Thanks

looks like you figured it out :O