Stop Limit? Please Help with Terms

[volleypc]

If a stock is currently selling at say $30. And I want to purchase x amount of shares if the price reaches $28 what kind of order do I put in? I put a stop of 28 with a limit of 28.5 but cancelled it because I wasn't sure that was right. I thought it was a stop limit but I think that is not correct because it says stop limits are usually above the market price. I am using tradeking if that makes a difference. Thanks for your help.

 

[jpcavin]

If a stock is currently selling at say $30. And I want to purchase x amount of shares if the price reaches $28 what kind of order do I put in? I put a stop of 28 with a limit of 28.5 but cancelled it because I wasn't sure that was right. I thought it was a stop limit but I think that is not correct because it says stop limits are usually above the market price. I am using tradeking if that makes a difference. Thanks for your help.

http://www.investopedia.com/terms/s/stop-limitorder.asp

 

[Birchtree]

If you want to buy a stock at $28 - place the order with the term stop. Reconize that the stop will not hit until the price goes below $28 to $27-7/8. Place the order as good till cancel. I played that game for years when I was buying odd lots - now I just use market orders.