[eater]

Hello forum members,
I am a first time investor of stocks. I have most of my money in an index fund, but am now looking to make some riskier investments in the stock market. I opened an account with Scottrade and want to purchase stocks of an online ad company (mchx) at a specific price or lower ($10.60). I believe this is called a limit order. At the same time, I would like to have insurance that this stock will automatically be sold if it goes below a certain price ($9.80). Is this called a stop order? I have attached an image of the trade ticket. Is it filled out correctly so that it will purchase at or below $10.60 and sell if the stock falls below $9.80?


Quick unrelated question: I have not added any funds to my Scottrade account yet, but they require a $500 minimum balance. Does this mean $500 must be invested or just in the available funds? Will they charge me for not having $500 in there?

Thank you and I look forward to becoming a part of this great community.