How to Start Trading: Order Types

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Important legal information about the email you will be sending. By using this service, you agree to input stop trading instructions to brokerage accounts real email address and only send it to people you know. It is a violation of law in some jurisdictions to stop trading instructions to brokerage accounts identify yourself in an email.

All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The subject line of the email you send will be "Fidelity. For illustrative purposes stop trading instructions to brokerage accounts. Before you submit an order online, a preview screen allows you to review all the details of the order. You can edit or cancel the order before submitting it. Once your order is placed, an order confirmation screen which contains your order number and trade details will be displayed.

You can print this confirmation for your records, or view it online after your order is placed. You can also receive a trade confirmation via email. The Order Status page is updated as soon as the order is executed. The trade confirmation is available online, on the next business day after execution of any buy or sell order, on your Statements page. It can also be mailed to you or sent by email.

If you do not have sufficient funds in your core account, you should not wait for the confirmation to reach you before mailing your payment or securities. Once you view or receive your confirmation, examine it carefully and advise us of any discrepancy immediately. Once you have placed an order, you can view its status online. You can also view your order history or set up an alert to receive execution notifications.

If the order has not yet been executed, you can attempt to either cancel, or cancel and replace it. To cancel and replace an order, find the order that you would like to replace and choose Attempt to Cancel and Replace. On the following screen, you will be able to make changes to the order quantity, order type, stop trading instructions to brokerage accounts, time in force, and conditions. About canceling and replacing Orders are not canceled automatically by an identical order or an order at a different price for the same security.

You must cancel a previous order if you place a substitute order. Fidelity cannot be responsible for any executed orders that you fail to cancel. A transaction resulting from a failure to cancel such an order will be applied to your account, and you will be responsible for that trade. Also, an attempt to cancel an order is subject to previous execution of that order.

Cancellation requests are handled on a best-efforts basis. Confirmation of a cancellation order does not necessarily mean the previous order has been canceled, only that an attempt to cancel the order has been placed. By submitting a cancel and replace order, you are instructing Fidelity to cancel your prior order. Once we receive a verified cancel status for the original order, the replacement order is sent to the marketplace.

Like Attempt to Cancel orders, Attempt to Cancel and Replace is subject to previous execution of the original order. Fidelity reserves the right but is not obligated to cancel open orders when the limit price becomes unrealistic in relation to the market price. A cancellation notice will be mailed to you promptly in this event, and you may place a new order if you wish.

Additional market conditions may warrant a cancellation of your order without prior notification. Some stop trading instructions to brokerage accounts include, but are not limited to, exchange rulings, stock delistments, erroneous executions, corporate actions, stock halts or other abnormal market conditions. You can place your brokerage orders when markets are opened or closed. However, orders placed when the markets are closed are subject to market conditions existing when the markets stop trading instructions to brokerage accounts, unless trades are made during an extended hours trading.

Any equity requirement necessary for trade approval will be based upon the most recent closing price of the security that you intend to buy or sell.

Because of fluctuating conditions, the stop trading instructions to brokerage accounts execution price may differ at times from the most recent closing price. For orders placed prior to market open, Fidelity may wait for the primary exchange to open before commencing trading in a particular security. Please use caution when placing orders while the market is closed. Securities may open sharply below or above where they closed the previous day.

Fidelity reserves the right to refuse to accept any opening transaction for any reason, at its sole discretion. Fidelity will credit the proceeds of a sale to your core account on the settlement date. Proceeds will automatically be used to pay down any margin debt if you have any, and the balance will remain in your core account. You may also have a check for the proceeds mailed to you. Brokerage customers with Checkwriting may write checks against the proceeds of a sale on or after the settlement date.

This amount is reflected in the Cash Available to Withdraw balance. Retirement accounts Trades placed in retirement accounts must be paid for from assets present in the core account at the time of placing the trade. Brokerage accounts Trades placed in a brokerage account are settled according to these rules:. Retirement accounts are not eligible for margin.

Endorse the certificates exactly as they are registered on the face. The registration must correspond with the name as shown on your brokerage account.

Write "to National Financial Services LLC" on the line between "appoint" and "attorney" on the back of your certificate. Write your brokerage account number on the top right face of the certificates. Only originals no photocopies are acceptable. Make sure to keep all paperwork together in the same package. Securities not in good order Securities that are not in good order are not negotiable, and proceeds from their sale cannot be released to you until the certificates have cleared transfer.

The settlement date is the day on which payment for securities bought or certificates for securities sold must be in your account. Settlement dates vary from investment to investment; please see the table below for details. For options and other securities settling in one day, you must have sufficient cash or margin equity in your account when your order is placed. Stop trading instructions to brokerage accounts times by security type. The securities markets have circuit breakers that will halt trading in all securities for a period of time in the event of a severe market decline.

Fidelity will continue to communicate the status of any open trades via the Orders page of your portfolio. In order to address extraordinary market volatility in individual securities, the securities markets have also implemented a Limit Up-Limit Down mechanism that will prevent trades in certain stocks from occurring outside of specified price bands. Trades for individual exchange-listed or National Market System NMS stocks will be prohibited from occurring at a set percentage higher or lower than the average security price in the preceding five minutes during certain market hours.

The following has been effective since December 8, Fidelity will attempt to communicate the status of any open trades via the Orders page of your portfolio. Options trading is not subject to the Limit Up-Limit Down price stop trading instructions to brokerage accounts. During Limit Up-Limit Down conditions, options exchanges may accept or reject option market orders entered during the halt depending on the trading state of the underlying security.

Placing a mutual fund trade online is easy. The order isn't "official" until you review all the information and click Place Order. There's never a commission for Fidelity mutual fund trades, though other fees and expenses may apply. See the fund's current stop trading instructions to brokerage accounts for details. You can place a mutual fund trade anytime.

The mutual fund trading screen can stop trading instructions to brokerage accounts found by following this path: After entering information about the fund you want to buy or sell, click Preview Order to review your order before you place it. You can change or cancel your order on the Order Verification page.

After you place your trade, the confirmation screen confirms the trade details. Print this screen, or note the confirmation number. You can also receive a trade confirmation via e-mail. You can attempt to cancel an unexecuted order after it has been placed. To do this, go to the Orders page, select your order, and choose Cancel.

You must request a cancellation of your order before the closing price is calculated. For Fidelity Funds, the Attempt to Cancel has to be initiated before 4 p.

Pricing times for non-Fidelity funds vary. To check pricing rules, see the fund's prospectus. Mutual funds are priced based on stop trading instructions to brokerage accounts next available price. For Fidelity funds that price daily, the next available price is calculated stop trading instructions to brokerage accounts on the 4 p.

Non-Fidelity funds may have different policies. See the fund's prospectus stop trading instructions to brokerage accounts more information. You do not need to "sell" stop trading instructions to brokerage accounts your Core account to create cash to purchase a mutual fund. For brokerage accounts, the trade will settle automatically if there is enough cash available in your Core account. A group of mutual funds, each typically with its own investment objective, managed and distributed by the same company.

You can sell a non-Fidelity fund and buy stop trading instructions to brokerage accounts Fidelity fund with the proceeds. This type of transaction is called a cross family trade, where you sell mutual fund assets in one mutual fund family to purchase mutual fund assets in a different fund family. The settlement date for the sale portion of the transaction is one business day later than the trade date. Therefore, the purchase takes place on the next business day following the sale.

On the sale of your mutual funds, you will receive the next available price, and on the purchase of your mutual funds, you will receive the next business day's price.

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If you're reading this, you may be planning to open a brokerage account. You may wish to invest for your retirement or a child's education, or simply to try to grow some cash you have set aside. This publication explains what to expect if you do decide to open a brokerage account, including what information you will be asked to provide, what decisions you will be asked to make, what questions you should ask your broker and what your rights are as a customer of a brokerage firm.

When you decide to open an account, there will be paperwork to complete. This will include a new account application , which brokerage firms may also call a new account form, account opening form or something similar. This application form will require you to provide some information about yourself, as well as ask you to make certain decisions about your account. As explained in more detail below, brokers use this information for several purposes, including learning about you and your financial needs and meeting certain regulatory obligations.

While it may take a little time to fill out the application, it is important to answer the questions on the application accurately. So, be sure to read the application and the accompanying agreements and other documents the brokerage firm gives you carefully—and ask questions about anything you don't understand. In a new account application, along with other information, you'll likely be asked to provide your:.

Be accurate when you are providing the information requested on these forms. Your broker will use the information to understand your financial needs and to meet certain regulatory obligations.

In addition, you are certifying that the information you've provided is accurate when you sign the new account application. The new account form will also ask you to make some important decisions about your account, including how you will pay for your transactions, how any uninvested cash will be managed and who will have control over and access to your account.

While margin loan agreements are typically used to allow investors to buy securities on margin, some firms allow their customers to take out loans for other purposes. In connection with these loans, a firm might ask the customer to sign a margin agreement.

Before you borrow money from your brokerage firm-for any reason-be sure you fully understand the terms, costs and consequences. The new account application may come with other documents-such as a "Customer Agreement," "Terms and Conditions" or the like. Make sure to ask for copies if you do not receive them and download or print out copies of these for your records if you conduct business with your brokerage firm online.

Be sure to take time to review carefully all the information in these documents, whether you are opening your account in person at your broker's office or filling out your forms at home or online. And do not sign them unless you thoroughly understand and agree with the terms and conditions they impose on you. If you haven't already done so, make sure you check out the background of your broker and brokerage firm before you open an account with them.

Although a history free from registration or licensing problems, disciplinary actions or bankruptcies is no guarantee of the same in the future, checking out your broker and firm in advance can help you avoid problems.

Also make sure that the phone numbers and addresses that your broker and brokerage firm give you as their contact information are consistent with those listed in Brokercheck. Fraudulent entities and individuals have been known to steal the identities of legitimate brokers and brokerage firms so that they can get at your personal information!

Asking questions will help you to invest wisely and avoid problems. No matter what your level of investing experience, don't be shy or intimidated—it's your money. Here's a list to get you started. The brokerage firm that you open an account with may not be the one that sends your account statements. You may open an account with an introducing firm , which makes recommendations, takes and executes your orders and has an arrangement with a clearing and carrying firm , which is the one to finalize "settle" or "clear" your trades and hold your funds or securities.

There are also firms that take and execute orders and settle trades. If you work with an introducing firm, you may receive statements from the clearing firm. Find out what type of firm you open an account with and who will send you the account statements. You will receive an account statement at least once every calendar quarter. Whether the securities are registered in your name or in the name of the brokerage firm can affect how soon you receive your dividends and interest, the ease with which you can sell your securities and the types of communications you receive directly from the issuer of the securities, among other things.

After you open your account, you should monitor its activity regularly. Make sure that you review all of your account statements and trade confirmations for any errors or any transactions that you did not authorize. If you see any evidence of unauthorized trading or errors, notify your broker, broker's supervisor or brokerage firm's compliance department immediately to further protect your rights. Make sure to take notes of any conversations you have with your firm concerning such disputes, to send in your complaints in writing as well and to keep copies of these notes and all communications related to such disputes for your records.

Ask yourself whether your investments are meeting your expectations and goals and whether your goals have changed. Do your investments still appear to be right for you, and what criteria will you use to decide when to sell? Information You'll Be Asked to Provide When you decide to open an account, there will be paperwork to complete.

In a new account application, along with other information, you'll likely be asked to provide your: Social Security or other tax identification number: Like banks, credit unions and other financial institutions, brokerage firms must report to the Internal Revenue Service the income you earn on your investments.

Driver's license or passport information, or information from other government-issued identification: Employment status, financial information—such as your annual income and net worth—and investment objectives: Collecting this information helps your broker to fulfill regulatory obligations.

In addition, the information can help your broker determine suitable investment recommendations for you. Note that the terms used to describe investment objectives often vary across brokerage firms and new account applications. You might hear terms such as "income," "growth," "conservative," "moderate," "aggressive" and "speculative. Make sure that you describe your financial goals, how much risk you are willing to take with your investments and when you expect to need access to the funds in your account as comprehensively as possible.

Effective February 5, , new account forms may include a section asking you to provide information for a trusted contact person. Your broker might ask for this information in a conversation or via email as well. You should expect to be asked to provide the name, address and telephone number s for a trusted contact person that your brokerage firm may contact about your account.

While you are not required to provide this information to open an account, it may be a good idea to do so. By choosing to provide this information, you are authorizing the firm to contact such person and disclose information about your account in certain circumstances, including to address possible financial exploitation, and to confirm the specifics of your current contact information, health status, or the identity of any legal guardian, executor, trustee or holder of a power of attorney.

You also will receive a written disclosure from the firm that lays out these details. Decisions You'll Be Asked to Make The new account form will also ask you to make some important decisions about your account, including how you will pay for your transactions, how any uninvested cash will be managed and who will have control over and access to your account.

Do you want a cash account or margin loan account? Most brokerage firms offer at least two types of accounts—a cash account and a margin loan account customarily known as a "margin account". In a cash account, you must pay for your securities in full at the time of purchase.

In a margin loan account, although you must eventually pay for your securities in full, your broker can lend you funds at the time of purchase, with the securities in your portfolio serving as collateral for the loan.

This is called buying securities "on margin. There are risks that arise from purchasing securities on margin that do not come with most other types of loans. For example if the value of your securities declines significantly, you may be subject to a "margin call. The brokerage firm decides which of your securities to sell. Even if the firm gives you notice that you have a certain number of days to cover the shortfall, the firm still may sell your securities before that timeframe expires.

Also, the firm may change, at any time, the threshold at which customers can be subject to a margin call. Be sure to read carefully your new account application and any other documents that your broker gives you about margin loan accounts.

Be sure that you understand how these accounts work before you sign up for one. With some firms, you sign up for a margin loan account by default unless you indicate otherwise on the application. If you have opened a margin account, but you pay for your securities in full at the time of purchase, you incur no more risks than you would in a cash account. No "Margin" for Error. How do you want to manage your uninvested cash? Sometimes there is cash in your account that hasn't been invested.

For example, you may have just deposited money into your account without giving instructions on how to invest it, or you may have received cash dividends or interest. Your brokerage firm typically will automatically place—or "sweep"—that cash into a cash management program customarily known as a "cash sweep" program. On your new account application, your brokerage firm may ask you to select a cash management program.

Cash management programs offer different benefits and risks, including different interest rates and insurance coverage. Be sure you understand the different features of the cash management programs that your firm offers so that you can make an informed decision if you are asked to choose one.

Who will make the final decisions for your account? You will have final say on investment decisions in your account unless you give "discretionary authority" in writing to another person, such as your financial professional.

With discretionary authority, this person may invest your money without consulting you about the price, amount or type of security or the timing of the trades that are placed for your account. Some firms allow you to indicate who has discretionary authority over the account directly on the new account application, while others require separate documentation. There may be other types of authority that you may provide over your account, including a power of attorney and authorized trading privileges.

Make sure you think through the risks involved in allowing someone else to make decisions about your money. Other Account Opening Documents The new account application may come with other documents-such as a "Customer Agreement," "Terms and Conditions" or the like.

Check Out Your Broker If you haven't already done so, make sure you check out the background of your broker and brokerage firm before you open an account with them. Questions to Ask Asking questions will help you to invest wisely and avoid problems. Is this a margin account or a cash account?

Can you explain the differences between the two? What choices do I have regarding cash sweep programs? What are the different features, including interest rates and federal insurance coverage? If the firm offers both bank deposits and money market funds, what are the advantages and disadvantages of selecting one over the other? Who will control decision-making in my account? How often will I get account statements?

Who will provide the statements and will they be online or in paper? Will my securities be registered in my name, or in the name of the firm?