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I have a position in stock options in my account at Schwab and I want to submit a GTC order to sell half the position when it reaches my price objective (or better). It seems that I can submit either a GTC limit order or GTC stop-limit order and it will essentially accomplish the same thing. Am I wrong?

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Not exactly the same:

  • a limit order executes in the first trade at or above your limit;
  • a stop limit order executes in the first trade after the first trade at or above your limit. This trade could be higher or lower than your limit, and it could be higher or lower than the first trade.

For liquid securities with typically incremental movements in the price, there will be little difference, but it could mean a lot of difference if the security is illiquid or the price jumps around a lot.

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I would consider the possibility of using a trailing stop order. It would protect gains and allow the trade to remain open, enabling additional profit if the security continues to move in your favor.

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