I bought some stocks in various securities the past few weeks but wanted to put some sell orders in place to ensure if it drops below a certain price, it automatically sells.
For instance, one stock is about $30 a share, I bought it for just over $29. If it drops below $28 I wanted to sell but if it goes above $35 I want to sell. Would that be a "sell stop limit?"
I put in the request for the "stop" to be at $28 and the "limit" at $35, but my trading broker ScottTrade says "your an idiot"
Really it says "Unable to enter the order because the stop price is less than $0.10 below the bid price for the security. Enter a stop price that is at least $0.10 below the bid price for the security."
Is that possible to do or am I just a moron today?