Narrator: On Schwab Mobile, you can help manage the risk of a trade by placing a trailing stop order.
Screen Transitions to Mobile phone open to Schwab Mobile App home Screen
Narrator: A trailing stop order is a conditional order that uses a trailing amount, rather than a specific price like a standard stop order, to determine when to submit a market order. You can set the trailing amount in either points or percentages and the order then follows, or trails, a stock's price as it moves up. When it drops back within the set trailing amount, the trigger will fire and send a market order.
Screen Definition of trailing stop appears on screen
Narrator: To place a trailing stop order, tap on Trade in the app menu.
The Trade icon is tapped and the Trade Page opens up.
Narrator: To begin, enter the security symbol in the search field
Amazon stock is searched and select action I tapped then Sell is selected.
Narrator: Set the desired quantity of shares you would like to sell for this trailing stop order. Then set the order type to Trailing Stop.
Quantity is tapped and Amount of 1 is Entered, Order type is tapped and Trailing Stop Order is selected from the drop down.
Narrator: Select whether you want to use points or percentages, then enter the trailing amount.
Percentage is selected then the Amount of 10 is entered
Narrator: Select your timing, Day only, or Good till Canceled.
Day only and Good Till Canceled is highlighted.
Narrator: Remember, like normal Stop orders, Trailing Stops become market orders when triggered, generally making sure the order is filled, but there's no guarantee of any specific price or price range. The resulting trade price may be above, at, or below the trailing stop's trigger price itself.
Definition Panel appears on Right side
Narrator: You can now tap review order
Review order is selected
Narrator: it's important to review all order details to make sure they are correct on the review order screen as this is the last opportunity to go back and make corrections prior to placing the order.
Additionally, make sure to read and understand all previously mentioned disclaimers before placing the order If all the details look correct, Tap "place order" to place your trailing stop order.
scrolls down the review order page then taps Place Order
Narrator: Upon submission, the trailing stop order remains active for the specific duration until it's triggered.
the order confirmation screen opens up.
Video outro plays.
Learn how to place a trailing stop order using the All-In-One Trade Ticket.