一个broker给我的email中的一段：望有助。
A limit order to buy is fairly straightforward. You are telling the broker to buy the stock at a price certain or better. Therefore a limit order to buy will be placed when the stock is above the level you would be willing to pay for it. For example, the stock is trading in the 24s, you are willing to pay 23. You place a limit order to pay 23 for 100 shares. This order will execute when the broker having the order is able to purchase 100 shares for you at a price of 23 or less.
A stop order to buy is different and more complex. The stop portion of the order acts like a trigger. Suppose you believe that the stock, trading at 23, will rise, but only if it frst reaches 25. You can set a stop order to buy 100 shares with a stop of 25. When the price hits 25 that order becomes a market order and will be executed at the best price available after the stop point of 25 is reached. The execution price might be anywhere depending on the price when they get to your order which is now a market order.
A stop limit order combines the features of both stop and limit orders. The stop portion still acts as a trigger, but the limit portion restricts the execution of the order once the stop is reached. Suppose the stock is 23. You wish to buy 100 shares if the price reaches 25, feeling that that point will trigger more buyers and higher prices. However you are concerned that the stock could gap up on you. The stock might open at 29. If that happens with a buy stop order the trigger of 25 will be reached when the stock opens at 29. You will be filled at the best price which may well be 29 or more. You are not willing to pay 29 or more. Therefore you enter a stop limit order. You set the stop at 25 and you set the limit at, say, 25.50. Now, when the price of 25 is reached and the stop is activated you have a limit order to pay 25.50 or better for the stock. In the gap open example you will not be filled because while the order is active the broker cannot get you a price of 25.50 or better.
The part of all this that is counter-intuitive, and thus confusing, is that you are not willing to buy the stock now at lower prices. You feel that the stock will rise when prices reach a certain higher level and that the opportunity is to buy when prices reach that level. Further complicating the issue is the fact that people are using these orders for different reasons. While in the example you are trying to find an opportunity to make money by buying the stock, there is someone else out there who is short the stock and whose goal is to limit his losses if the stock rises above a certain level.
a stop order to sell works in the same fashion. |
狗仔卡
发表于 2009-5-12 10:54 PM
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
发表于 2009-5-12 11:12 PM
