Life's unpredictable, isn't it? One minute you're confident in your investment strategy, the next, market conditions shift, or perhaps you simply rethink your approach. That's where knowing how to cancel a limit order on E*TRADE becomes an indispensable skill. It's a quick, simple process that can save you from unwanted trades or help you adjust your strategy on the fly.
Ready to take control of your ETRADE orders? Let's dive in!*
Understanding Limit Orders and Why You Might Cancel Them
Before we jump into the "how-to," let's quickly recap what a limit order is. A limit order allows you to buy or sell a security at a specific price or better.
For a buy limit order, you set the maximum price you're willing to pay. The order will only execute if the stock's price falls to that limit or lower.
For a sell limit order, you set the minimum price you're willing to accept. The order will only execute if the stock's price rises to that limit or higher.
So, why would you cancel one?
Market Volatility: Suddenly, the market takes an unexpected turn, and your desired price is no longer realistic or favorable.
Change in Strategy: You've done more research or had a change of heart about a particular stock.
Better Opportunity: Another investment opportunity has emerged, and you want to free up capital or reallocate funds.
Typo or Error: Hey, it happens! A quick finger slip can lead to an incorrect price or quantity.
Order Expiration: If your limit order was "Good for Day" and didn't execute, it will expire at the end of the trading day. However, if it was a "Good-Til-Canceled" (GTC) order, it will remain open until you manually cancel it or it fills.
Now, let's get to the practical steps!
Step-by-Step Guide: Canceling a Limit Order on E*TRADE
Whether you're using the E*TRADE website or their mobile app, the process is straightforward. Remember, you can only cancel a limit order if it is in "Pending" or "Partially Filled" status. Once an order is fully executed, it cannot be canceled.
Step 1: Access Your Orders (Engage with your portfolio!)
The very first thing you need to do is log in to your E*TRADE account. Take a moment to breathe and focus. You're about to gain control over your open orders.
On the E*TRADE Website:
After logging in, look for the "Portfolio" tab or section. It's usually prominently displayed in the navigation bar.
Within the Portfolio section, you'll find a sub-menu or link for "Orders." Click on it. This will take you to a page listing all your open, pending, partially filled, and executed orders.
On the E*TRADE Mobile App:
Open the E*TRADE mobile app on your smartphone or tablet.
Once logged in, tap on the "Portfolio" icon, typically located at the bottom of the screen.
Within the Portfolio screen, you'll likely see a section or tab labeled "Orders" or "Open Orders." Tap on it.
Step 2: Locate the Order You Wish to Cancel
Now that you're in the "Orders" section, you'll see a list of your current and past orders.
Look for the specific limit order you intend to cancel. It's usually under a section like "Open" or "Pending Orders."
Pay close attention to the details: the stock symbol, the type of order (Buy Limit or Sell Limit), the quantity, and the limit price. Ensure you're selecting the correct one!
Step 3: Initiate the Cancellation
Once you've identified the correct order, the next step is to tell E*TRADE you want to cancel it.
On the E*TRADE Website:
Click directly on the order you want to cancel from the list. This will often expand its details or highlight it.
You should see a clear button or link, typically labeled "Cancel Order." Click this button.
On the E*TRADE Mobile App:
Tap on the specific order you wish to cancel from the list.
A detail screen for that order will appear. Look for a button or option that says "Cancel Order" and tap it.
Step 4: Confirm Your Cancellation
This is a crucial step! E*TRADE will almost always ask you to confirm your decision to cancel. This is a safety measure to prevent accidental cancellations.
A confirmation pop-up or screen will appear, asking if you are sure you want to cancel the order.
Carefully review the details presented one last time.
If you are certain, click or tap on the "Confirm Cancel" or similar button.
Step 5: Verify the Cancellation Status
After confirming, E*TRADE will process your request. The cancellation is usually immediate, but it's always good practice to verify.
Return to your "Orders" section.
The order you just canceled should now have a status of "Canceled." It will no longer appear under "Open" or "Pending" orders. If it was partially filled, the remaining unfilled portion will be canceled, and the status will reflect that.
You may also receive a confirmation message or email from E*TRADE regarding the cancellation.
Important Note: While cancellations are typically instant, there's always a very slight chance that your order could be executed just as you attempt to cancel it, especially in fast-moving markets. This is rare with limit orders compared to market orders, but it's a possibility to be aware of. If this happens, the order will show as "Executed" and cannot be reversed.
What if You Want to Change Your Order Instead?
Sometimes, you don't want to cancel entirely, but rather adjust the price or quantity of your limit order. E*TRADE also provides an easy way to modify existing open orders.
On the E*TRADE Website:
Navigate to "Portfolio" > "Orders."
Click on the order you wish to modify.
Instead of "Cancel Order," look for a button or link labeled "Modify Order."
You'll be taken to an order entry screen where you can adjust the price, quantity, or other parameters.
Review your changes and then click "Modify Order" to submit.
On the E*TRADE Mobile App:
Tap "Portfolio" > "Orders."
Tap on the order you want to modify.
Tap the "Modify" or "Modify Order" option.
Make your desired changes on the order screen.
Tap "Modify Order" to confirm.
Remember: When you modify an order, it's essentially canceling the original order and placing a new one with a new order number.
Frequently Asked Questions (FAQs)
How to check the status of my E*TRADE order?
You can check the status of any order by logging into your E*TRADE account and navigating to the "Portfolio" section, then selecting "Orders." This area will show whether your order is Open, Pending, Partially Filled, Executed, or Canceled.
How to cancel a partially filled limit order on E*TRADE?
You can cancel a partially filled limit order in the same way you cancel any other open order. Go to "Portfolio" > "Orders," select the partially filled order, and click "Cancel Order." Only the remaining, unfilled portion of the order will be canceled. The already executed portion cannot be reversed.
How to cancel an E*TRADE order if the market is closed?
You can typically cancel an open limit order on E*TRADE even if the market is closed. However, the cancellation won't be processed by the exchange until the market reopens. It will be marked as "Pending Cancellation" until then.
How to tell if my limit order on E*TRADE has been executed?
Your order status will change from "Open" or "Pending" to "Executed" once it has been filled. You will also see the transaction reflected in your account activity and portfolio holdings. E*TRADE usually sends email notifications for executed orders.
How to find my E*TRADE order history?
Your order history, including executed and canceled orders, can typically be found in the "Orders" section of your E*TRADE account, often under a tab like "History" or "All Orders."
How to contact E*TRADE customer support for order cancellation?
If you encounter any issues or prefer to have a representative assist you, you can contact E*TRADE customer service. Their phone number is generally available on their website under "Contact Us" or "Support." For general inquiries, the number is 1-800-387-2331.
How to avoid placing incorrect orders on E*TRADE?
Always double-check all the details of your order (buy/sell, quantity, price, order type, duration) before clicking "Place Order" or "Confirm." Utilize the preview screen to ensure accuracy.
How to know if my limit order will expire?
When placing a limit order on E*TRADE, you typically choose a duration: "Good for Day" (GFD) or "Good-Til-Canceled" (GTC). GFD orders expire at the end of the trading day if not filled, while GTC orders remain active for an extended period (usually up to 60 days) unless filled or canceled by you.
How to modify a limit order on E*TRADE instead of canceling?
As detailed above, you can modify a limit order by going to "Portfolio" > "Orders," selecting the order, and choosing the "Modify Order" option. This allows you to adjust parameters like price or quantity.
How to handle a limit order that was accidentally executed before I could cancel it?
Once a limit order is fully executed, it cannot be canceled or reversed. If you no longer wish to hold the security, you would need to place a new trade to sell it (if it was a buy order) or buy it back (if it was a sell order), which would be a separate transaction. Be mindful of potential tax implications like wash sales if buying back a security quickly after selling it at a loss.
