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A step-by-step guide describes how to buy a stock using the Stop Order order type.
STOP ORDER DEFINITION & RECOMMENDED CALCULATION
By using the Stop Order order type, traders can buy a stock when the price of that stock rises. This gives traders the opportunity to protect themselves from purchasing stocks that suddenly enter a downturn. The recommended calculation for this is Current Stock Price * 1.01 Stop Order Price.
BUY A STOCK ON ROBINHOOD WITH STOP BUY
1) Log in to Robinhood account.
2) Tap the “Search” icon in the navigation bar at the bottom of the page, right in the middle.
3) Enter the stock symbol or company name for the stock you want to buy in the search field at the top of the page.
4) Tap the 'Trade' button at the bottom right of the page.
5) Tap the “Buy” button.
6) Tap the “Dollar” menu item at the top right of the page.
7) Select “Cancel order”.
8) Enter the stop price in the input field using the following recommended calculation: Current Stock Price * 1.01 Stop Order Price.
9) Tap the “Continue” button.
10) Select the option “Good until canceled (up to 90 days)”
11) Enter the number of shares you want to purchase in the 'Number of shares' field.
12) Check the purchase order and make sure it is correct.
13) Swipe up from the bottom of the page to place your order.
14) Your order will be placed and the shares will be purchased when the entered stop buy price is reached.
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