May 11, 2020

Other Contingency Orders On ThinkOrSwim

One of the things you will hear me harp over and over again is to mitigate and manage risk. What if you are trading in the room but have to run off to a meeting? I cannot promise that this is fail-proof, but there is a solution. You can place a limit entry order and if you get filled on your entry, you can have ThinkOrSwim immediately place a stop or a trailing stop for you. You can even have your exit limit order entered as well.

I am still a big advocate of not leaving risk unattended, but life goes on and this can help.

Please click the video below as I explain.

Don’t forget to follow me on Twitter @MikeShorrCBOT

 

about the author:

Mike Shorr

Since 1994, Michael has been an on-the-floor market maker, Vice-President of Interest Rate Derivatives for Knight Financial Products and Director of Education and Options Instructor at Trading Advantage. He makes the oftentimes complex world of options and trading accessible to the novice and advanced trader alike. Michael has a Bachelor of Science degree in Statistics and Finance from the University of Illinois Champaign-Urbana. He presently is Director, Trader Education at ProsperTradingAcademy.

Read Similar Articles

May 1, 2026

Buying Puts vs Selling Calls: What’s The Difference?

When traders expect a stock to drop, options give them more than one way to potentially profit from that move. Two of the most common bearish options strategies traders use in these situations are buying puts and selling calls. When presented with both options, some traders might ask: “If they’re both bearish options trades, aren’t […]

Read Article
February 15, 2026

Why Option Premiums Rise Before Binary Events

Ever wonder why option premiums rise before binary events in the stock market? It’s not uncommon for option prices to spike ahead of major announcements like: For context, I like to describe option premium as the difference between the contract’s price and intrinsic value. It’s essentially what buyers pay for the “hope” that an option […]

Read Article
February 6, 2026

The Delta Greek: How To Measure Option Premium

When the markets move, the Delta Greek can be one of the most valuable metrics to options traders. There’s a particular correlation between the Delta Greek and options premium that can help traders find out how much the price of an option is expected to change. From my personal experience, I believe this pattern can […]

Read Article

Read Similar Articles

https://www.prospertrading.com/google-or-nvidia-which-would-you-choose/Google or Nvidia: Which Would You Choose?
May 8, 2026

Google or Nvidia: Which Would You Choose?

Most (if not all) traders are very familiar with Alphabet (GOOGL) and Nvidia (NVDA). Both tech names are mega-cap titans that made significant gains since April. Now, here’s the million-dollar question… If you had to own GOOGL or NVDA for the next five years, which one would you choose? Scott Bauer’s son, Jake asked him […]

Read Article
https://www.prospertrading.com/scotts-nailing-his-uber-trade-heres-what-hes-targeting-next/Scott’s Nailing His UBER Trade: Here’s What He’s Targeting Next
May 6, 2026

Scott’s Nailing His UBER Trade: Here’s What He’s Targeting Next

Earlier this week, Scott Bauer outlined an example trade for Spotify (SPOT) on the Schwab Network’s Big 3. If you caught the full segment, you probably saw him cover another trade idea for Uber (UBER) — and if you took it, you’d potentially be in a good spot right now. Scott said he would sell […]

Read Article
https://www.prospertrading.com/spotify-selloff-is-the-11-drop-an-opportunity-in-disguise/Spotify Selloff: Is The 11% Drop An Opportunity In Disguise?
May 4, 2026

Spotify Selloff: Is The 11% Drop An Opportunity In Disguise?

Despite posting decent earnings numbers, Spotify (SPOT) dropped 11% after reporting earnings on April 28.  Now the stock appears to be showing signs of stabilization — which caught Scott Bauer’s eye. In an appearance on the Schwab Network, Scott featured Spotify in their Big 3 segment.  He discussed how Spotify has moved post-earnings, and how […]

Read Article