How To Cancel A Limit Order On Merrill Edge

People are currently reading this guide.

So, you've placed a limit order on Merrill Edge, maybe for that promising stock or ETF, and now you've had a change of heart, or market conditions have shifted. Don't worry, it happens! The good news is that canceling a limit order on Merrill Edge is a straightforward process, whether you're using their website or the mobile app.

Let's walk through it step-by-step so you can manage your trades with confidence.

Understanding Limit Orders and When You Can Cancel Them

Before we dive into the "how-to," it's important to understand what a limit order is and when it can be canceled.

A limit order is an instruction 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. For a sell limit order, you set the minimum price you're willing to accept. Unlike a market order, which executes immediately at the best available price, a limit order will only execute if the market reaches your specified price or better.

Crucially, you can only cancel a limit order if it is in a Pending or Partially Filled status. Once an order is fully executed, it cannot be canceled. If it's partially filled, you can cancel the remaining unexecuted portion.

Step 1: Accessing Your Merrill Edge Account

Ready to take control of your open orders? The very first step is to log in to your Merrill Edge account. This is your gateway to managing your investments.

Sub-heading: Online via the Website

Open your web browser: Launch your preferred browser (Chrome, Firefox, Safari, Edge, etc.).
Navigate to the Merrill Edge website: Type www.merrilledge.com into your address bar and press Enter.
Log In: On the Merrill Edge homepage, locate the "Log In" button, usually found in the top right corner. Click it.
Enter your credentials: You will be prompted to enter your User ID and Password. Ensure you are on a secure connection (look for "https://" in the URL and a padlock icon). After entering your details, click "Sign In."

Sub-heading: Via the Mobile App

Open the Merrill Edge App: Locate the Merrill Edge app icon on your smartphone or tablet and tap to open it.
Log In: You'll typically be asked to enter your User ID and Password, or use biometric authentication (fingerprint, Face ID) if you have it enabled.

Step 2: Locating Your Open Orders

Once you're logged in, the next crucial step is to find the specific limit order you wish to cancel. Merrill Edge makes this quite intuitive.

Sub-heading: On the Website

Navigate to "Portfolio": After logging in, look for a menu item labeled "Portfolio" or similar. Click on it.
Select "Orders": Within the "Portfolio" section, you'll typically find a sub-menu or tab labeled "Orders" or "Pending Orders." Click this to view all your active and pending trades.
You'll see a list of all your open orders, including the limit order you're looking to cancel. Pay attention to the status column; it should say "Pending" or "Partially Filled."

Sub-heading: On the Mobile App

Tap "Portfolio": On the mobile app's main navigation, usually at the bottom or top, tap on "Portfolio."
Tap "Orders": Within your "Portfolio" view, you'll find a section or tab for "Orders." Tap on it.
Filter by "Open" (if necessary): Some apps might show all orders by default, while others might have a filter for "Open" or "Pending" orders. Ensure you're viewing the open orders.
Scroll through the list to identify the specific limit order you want to cancel.

Step 3: Initiating the Cancellation

Now that you've found the order, the actual cancellation process is just a few clicks or taps away.

Sub-heading: On the Website

Click on the Order: In your "Orders" list, click on the specific limit order you intend to cancel. This will usually expand the order details or take you to a dedicated order detail page.
Find the "Cancel Order" Button: On the order detail page, or sometimes directly next to the order in the list, you will see a button clearly labeled "Cancel Order." Click this button.
Confirm the Cancellation: A confirmation pop-up or screen will appear, asking if you are sure you want to cancel the order. Carefully review the details to ensure it's the correct order. Click "OK" or "Confirm" to proceed with the cancellation.
Merrill Edge will then process your cancellation request. You should see a confirmation message indicating that your order has been canceled.

Sub-heading: On the Mobile App

Tap on the Order: In the "Orders" section of the app, tap on the specific limit order you wish to cancel. This will open the order details screen.
Tap "Cancel Order": On the order details screen, look for a prominent button that says "Cancel Order." Tap it.
Confirm the Cancellation: A pop-up will appear, asking for confirmation. Double-check that you're canceling the correct order. Tap "Confirm" or "Yes" to finalize the cancellation.
The app will process your request, and you'll receive an on-screen confirmation that the order has been canceled.

Step 4: Verifying the Cancellation

It's always a good practice to verify that your order has indeed been canceled. This helps prevent accidental executions or issues.

Sub-heading: Checking Order Status

Refresh Your Orders View: Whether on the website or the app, refresh the "Orders" section.
Look for "Canceled" Status: The order you just canceled should now appear with a status of "Canceled" or no longer be present in your "Open Orders" list. If it was partially filled, the remaining unexecuted portion will show as canceled.
If the order still appears as "Pending" or "Partially Filled" after a minute or two, try refreshing again. If it persists, you may need to contact Merrill Edge support.

Important Considerations and Tips

Market Volatility: During periods of high market volatility, orders may execute very quickly. It's possible that your limit order could be filled before your cancellation request is processed.
Time of Day: Orders placed after market hours or on weekends will typically remain in a "Queued" or "Pending" status until the next trading day. You can cancel these during off-hours.
Broker-Assisted Trades: If you placed the limit order with the help of a Merrill Edge representative over the phone, you might need to call them back to cancel it.
Confirmation: Always wait for the confirmation that your order has been successfully canceled. Do not assume it's canceled just because you clicked the button.
Review Your Holdings: After canceling an order, it's a good habit to review your portfolio holdings to ensure everything looks as expected.

Frequently Asked Questions (FAQs)

How to know if my limit order has been executed on Merrill Edge?

You can check the "Activity" or "Order History" section within your Merrill Edge portfolio. Executed orders will typically show a "Filled" or "Executed" status, and you will receive a trade confirmation.

How to modify a limit order on Merrill Edge instead of canceling it?

Merrill Edge generally does not allow direct modification of limit orders. You would typically need to cancel the existing order first and then place a new limit order with your desired changes.

How to contact Merrill Edge customer support for order issues?

You can contact Merrill Edge customer service by phone at 888.637.3343. Their contact information is usually available on their website under "Help & Support" or "Contact Us."

How to avoid placing an unintended order on Merrill Edge?

Always double-check all the details of your order (buy/sell, quantity, price, order type, account) before clicking "Place Order" or "Confirm." Utilize the review screen that Merrill Edge provides.

How to understand the different order statuses on Merrill Edge?

Common order statuses include:

Pending/Open: The order has been submitted but not yet executed.
Partially Filled: A portion of the order has been executed, but some remains.
Filled/Executed: The entire order has been completed.
Canceled: The order was successfully canceled before execution.
Rejected: The order could not be processed for various reasons (e.g., insufficient funds, invalid symbol).

How to find my trading history on Merrill Edge?

Your trading history is typically found under the "Activity," "Statements," or "Confirmations" section within your Merrill Edge account online or in the mobile app.

How to set up alerts for my limit orders on Merrill Edge?

Merrill Edge often allows you to set up email or mobile alerts for order executions or changes in stock prices. Look for "Alerts" or "Notifications" settings within your account.

How to differentiate between a limit order and a market order on Merrill Edge?

A limit order allows you to specify the maximum buy price or minimum sell price. A market order instructs the broker to buy or sell immediately at the best available market price, without price control.

How to check if the market is open before placing or canceling an order?

You can check the current market status directly on the Merrill Edge platform, or by looking up general market hours (e.g., NYSE and Nasdaq are typically open from 9:30 AM to 4:00 PM ET on weekdays, excluding holidays).

How to understand if a canceled order has any fees associated with it?

Canceling an unexecuted limit order on Merrill Edge typically does not incur any fees. Fees are generally associated with executed trades (commissions, if applicable) or specific account activities.

2037250703100919970