ZT:学习帖:使用Trailing stop order (谈股论金) 1037次阅读
观看【雅歌】的博客https://www.cnbc.com/advertorial/2017/08/29/mastering-the-order-types-trailing-stop-orders.html
By Schwab Trading Services Team
Using a trailing stop order is one way for a trader to gain better control of their order. Understanding what order types are, why and when traders use them, and what factors impact their execution can help you match an order type to your specific trade objectives.
Trailing stop order
A trailing stop order is a conditional order that uses a trailing amount, rather than a specifically stated stop price, to determine when to submit a market order. The trailing amount, designated in either points or percentages, then follows (or "trails") a stock's price as it moves up (for sell orders) or down (for buy orders).
Once you submit a trailing stop order, it remains in force until it's triggered by a specific change in the inside bid price (for sell orders) or the inside ask price (for buy orders). Once it's triggered, it becomes a market order that's submitted for immediate execution.
Once the market order is submitted, it generally will result in an execution, but there's no guarantee that you'll get any specific execution price or price range. The resulting execution price may be above, at, or below the trailing stop's trigger price itself.
Using a percentage as a trailing amount
When you're using a percentage for the trailing amount, remember that the actual point spread between the current price and trigger price will vary as the trigger price is recalculated.
For sell orders that use a percentage as the trailing amount, the point distance between the security's price and the trigger price will widen as prices move higher.
For buy orders that use a percentage as the trailing amount, the point distance between the security's price and trigger price will narrow as prices move lower, since the percentage will be based upon a new, lower price.
When to use trailing stop orders
Trailing stop orders will only trigger during the standard market session, 9:30 a.m. to 4 p.m. ET. They won't trigger or be routed for execution during the extended-hours sessions, such as the pre-market or after-hours sessions, or when the stock is not trading (e.g., during stock halts or on weekends or market holidays).
You can decide how long your trailing stop will be effective—for the current market session only or for future market sessions as well. Trailing stop orders that have been designated as day orders will expire at the end of the current market session if they haven't been triggered. But good-til-canceled (GTC)trailing stop orders will carry over to future standard sessions if they haven't been triggered. At Schwab, GTC orders remain in force for up to 60 calendar days or until canceled, whichever comes first.
Why traders use trailing stop orders
Trailing stops can provide efficient ways to manage risk. Traders most often use them as part of an exit strategy.
Trailing stop sell – For trailing stop sell orders, as the inside bid increases to reach new highs, the trigger price is recalculated based on the new high bid.
The initial "high" is the inside bid when the trailing stop is first activated, so a "new" high would be the highest price the stock achieves above that initial value. If the price moves above the initial bid, the trigger price is reset to the new high minus the trailing amount.
If the price stays the same, or falls from the initial bid or highest subsequent high, the trailing stop maintains its current trigger price. If the declining bid price reaches, or crosses down through, the trigger price, the trailing stop triggers a market order to sell.
Trailing stop order risks
Since trailing stop orders will submit a market order when triggered, generally guaranteeing execution—but guaranteed execution comes with some tradeoffs. Understanding the many factors that affect how a trailing stop order is executed can help you determine which risks you face.
Stock Splits – The triggering of a trailing stop order relies on market data form third parties. Your order may be set off prematurely as a result of a stock split, symbol change, price adjustment, and/or incorrect value or an away-from-the-market value sent from one of the third parties.
Gaps – Trailing stops are vulnerable to pricing gaps, which can sometimes occur between trading sessions or during pauses in trading, such as trading halts. The execution price can be higher or lower than the trailing stop's trailing amount or trigger price; the trailing amount or trigger price only indicate at what price you want the market order to be submitted.
Market closure – Trailing stops can only trigger during the regular market session. If the market is closed for any reason, trailing stops won't execute until the market reopens.
Fast markets – How fast prices move can also affect the execution price. When the market fluctuates, particularly during periods of high trading volume, the price at which your order executes may not be the same as the price you saw at the time the order was routed for execution.
Liquidity – You could receive different prices for parts of your order, especially for orders that involve large numbers of shares.
No market for the security – If there's no "market" for the stock (meaning that there's no bid or no ask available) or if the stock itself is not open for trading, the market order triggered by your trailing stop can't execute.
What's next?
While standard stop orders can either limit losses or preserve profits, trailing stop orders offer you the opportunity to do both with a single setup. Familiarize yourself with the risks, and explore how trailing stop orders can help support your exit strategy.
This page was paid for by SCHWAB. The editorial staff of CNBC had no role in the creation of this page.
完整帖子:
- 9/6/2017 聊天室。可以任意发表评论,建议和聊天。也可以在这里提出关于股票的问题,为了方便大家容易集焦在当天股市的交易,其中重要的股票操作建议,会由伍班长转到上面置顶区里。 - 新东, 2017-09-05
- 雅歌老师今天没有进栈? - Boars, 2017-09-06
- 老虎还有打盹的时候呢,老师偶尔休息一下挺好的 - stone, 2017-09-06
- 是的,是的。请老虎继续打盹。 - Boars, 2017-09-06
- 笔误,是老师。 - Boars, 2017-09-06
- 你的回复真逗! - 自然风光, 2017-09-06
- 是的,是的。请老虎继续打盹。 - Boars, 2017-09-06
- 老虎还有打盹的时候呢,老师偶尔休息一下挺好的 - stone, 2017-09-06
- 大家早,野猪一早就开老师玩笑^^ 现在Irma飓风来袭,原油我不知道,是不是汽油又要涨啊?我们一周已经涨了$.75了,如果还涨就趁现在加满它(这点出息。。。) - evangemi, 2017-09-06
- 亿万同学,炒股很累人的,老师要打盹,同学们也要调剂一下。 - Boars, 2017-09-06
- 嗯,是的呢二师兄。。。最近市场飘忽,连调剂都没动力了。。。 - evangemi, 2017-09-06
- 我现在是采用的尽量留足现金,看到机会抡起钉耙猛杷一下就跑。不敢恋战。 - Boars, 2017-09-06
- 嗯,是的呢二师兄。。。最近市场飘忽,连调剂都没动力了。。。 - evangemi, 2017-09-06
- 亿万同学,炒股很累人的,老师要打盹,同学们也要调剂一下。 - Boars, 2017-09-06
- 老师, 今天航空公司又都跌了,可以再补点还是等等再补?谢谢! - Rio2016, 2017-09-06
- 航空股是不是跟飓风来袭有关哪?毕竟肯定好多地方会受影响。。 - evangemi, 2017-09-06
- 我也这么想。但不敢确定。 - Rio2016, 2017-09-06
- 航空公司受到汽油上涨和停班的双重影响,Q3的盈利会大减。俺认为炼油厂的恢复会拖延和缓慢,虽然新闻报导有些炼油厂已经开始启动。应该只是恢复上班,还没真正炼油。 - 雅歌, 2017-09-06
- 这么说还有得跌。谢谢老师! - Rio2016, 2017-09-06
- 可以买进捞底!现在DAL已从下跌变成上涨了! - 雅歌, 2017-09-06
- 谢谢老师!准备行动。:) - Rio2016, 2017-09-06
- 可以买进捞底!现在DAL已从下跌变成上涨了! - 雅歌, 2017-09-06
- 这么说还有得跌。谢谢老师! - Rio2016, 2017-09-06
- 航空股是不是跟飓风来袭有关哪?毕竟肯定好多地方会受影响。。 - evangemi, 2017-09-06
- 中国对加密数位货币采取全面封杀,不准发行ICO(Initial Coin Offering)圈钱。约5年前,中国禁止任何商店接受虚拟货币付账,换取实物。导致Bitcoin从当时最高1000美元,跌回250美元。然而,Bitcoin等,最适合贪官洗钱出国。单单中国的禁止,不会断绝这种加密数位货币。 只是目前中国的举动,可以让国内许多散户避免亏损。估计国内已经有60几个虚拟货币和ICO,涉及的金额已超过10亿美元。中国政府的ICO禁令来得太晚!这会影响到NVDA,AMD等标榜挖矿能力强的高价影像卡(大约1000美元的价位)。只要中国人不参与,多少会遏制这些加密数位货币的发展和规模。欧美最后也会跟进,围堵这加密数位货币。因为:
1. 这发行加密数位货币和圈钱动作,多少会影响到主权国发行货币的权利。会影响到美元和欧元成为国际货币的地位。
2. 美国无法防范这些加密数位货币的交易和流向。这会形成犯罪集团的最爱货币,适合洗钱,勒索,和恐怖组织的资金来源。当然也可以当成逃税的货币。俺认为最后会被各国围剿,使得这些货币的流通变得很小。若这些加密数位货币最后无法换成实物,价值就会归零! - 雅歌, 2017-09-06
- 俺认为Bitcoin有很大的部分是中国人炒起来的。中国是有专门的公司在经营挖矿,四处招收散户加入。只要买一部约1500美元的计算机放在那里,一个月可以回收300美元。另外,从2014年的下半年-2016年底,中国的外汇减少大约1.5兆美元。中国企业在国外的投资,政府有记录的不到0.5兆美元。另外的一兆美元何处去?有少部分是散户拿到国外投资,购买商品。但贪官透过各种方式洗钱出境的比例很高。除了勾结红顶商人洗钱,借拍卖字画,假古董等洗钱,俺认为透过Bitcoin出境的也非常多! - 雅歌, 2017-09-06
- NVDA可以继续做空,在165.8元以上做空!未来这种高价位挖矿的影像卡会失去销路。而且旧卡充斥市场!NVDA大概会有不少的库存滞销! - 雅歌, 2017-09-06
- 谢谢老师。心里有底气了。 - 顺其自然, 2017-09-06
- 大家好。 - 伍点墨, 2017-09-06
- 有BA的同学还拿着吗?我还有200股,不敢再出了,跌下20MA,去50MA (226)也是有可能的。 - 伍点墨, 2017-09-06
- 报告班长,我还150股,不在出了,等待它跌下去。 - 顺其自然, 2017-09-06
- 班长,顺顺。我也有150股。 - 海上花, 2017-09-06
- 班长,这个BA就在20MA上下,怎么看?还是坚持下去继续等明天吗? - 海上花, 2017-09-06
- 自然,你怎么看? - 海上花, 2017-09-06
- 我用老师教的方法设置Trailing Stop order,1%.避免亏损。 - 顺其自然, 2017-09-06
- 自然,你怎么看? - 海上花, 2017-09-06
- 报告班长,我还150股,不在出了,等待它跌下去。 - 顺其自然, 2017-09-06
- 这几天,什么都不动了,耐心等待SVXY 跌回70+/- - 伍点墨, 2017-09-06
- ZT:学习帖:使用Trailing stop order - 雅歌, 2017-09-06
- 非常感谢老师,真是及时雨。 - 顺其自然, 2017-09-06
- 今天大盘上涨主要原因是众议院已经通过Harvey救灾首笔款项80亿美元了。而据说参议院,民主党同意在这救灾款项上附加提高为短期3个月的债务上限。若是参议院真的通过,这消除了部分的恐慌! - 雅歌, 2017-09-06
- 雅歌老师今天没有进栈? - Boars, 2017-09-06