Abstract:
The invention relates to an improved means for interactive computerized communications having a facilitated capability for order entry and order execution, and providing an enhanced range of trading forms and methods to clients of brokerage firms dealing in financial securities. In particular, the invention relates to a type of interactive computerized system and software program that implements an improved mode of online communication between brokerage firms dealing in financial securities and their retail investors, to result in a more efficient and flexible range in the type of allowable trades, and that provides thereby innovative and strategic advantages to individual investors of brokerage firms, for actively managing financial securities held in trading accounts.

Description:
CROSS-REFERENCE TO RELATED APPLICATIONS 
       [0001]    This application claims the benefit of U.S. patent application Ser. No. 11/241,556 filed Sep. 30, 2005, which claims the benefit of U.S. Provisional Patent Application No. 60/614,625 filed Sep. 30, 2004. 
     
    
     FIELD OF THE INVENTION 
       [0002]    The present invention is related to the field of prioritized management of financial instruments, and more specifically to an improved mode of online communication relating to automatic trade orders for financial instruments through an online trading account with a financial institution. 
       BACKGROUND 
       [0003]    The advent of an interactive, computerized means of communication accessible to the public via the Internet has made possible a wide variety of innovative business models and practices. In recent years, entire new sectors of the domestic and international economies have appeared, involving new modes of market commerce, in particular. As a result, many entrepreneurs have begun to envision a “virtual” marketplace, having capability for conducting a vast spectrum of ordinary business transactions with greatly improved efficiency and flexibility. 
         [0004]    Securities web sites are popular internet services that allow users to manage investment information. Financial institutions, including brokerages, which make up and/or provide access to various financial instruments, have implemented on-line services that allow investors to engage in trading over data communication networks, including the Internet. For purposes of this invention, financial instrument are securities, stocks, bonds, currencies, options, futures, commodity and derivatives thereof. As used herein, the terms trade and/or trading generally refers to transactions such as buying and/or selling. Any investor having access to the Internet may more directly engaged in trading activity without being forced to speak to a broker to enter their orders in the marketplace for execution. 
         [0005]    In addition to the many advantages that may be realized in standard accounting procedures, brokerage firms dealing in financial securities have sought to expand their capabilities for improved interactive computerized communication with their individual retail account investors. Previously, prior to the appearance of the internet, trading orders from such retail investor clients could be communicated only in person or via telephone, whether using voice or fax transmission. Processing such trade orders typically would require a certain amount of lag time before execution, minimally from perhaps a few minutes to as much as several hours or more. More recently, with online communication capabilities becoming widely available, there has now opened a possibility for individual investors of financial brokerage firms to have such orders entered and executed more rapidly, often requiring less than one minute of lag time between the investor entering the order and having receipt of an online trade confirmation in reply, communicated electronically within a very few moments. 
         [0006]    In addition, and in further contradistinction to the fairly limited range of standard and traditional types of trading modalities that were previously available to their retail clients, brokerage firms have begun to devise expanded modes of interactive communication where such orders can be made more flexible, so as to provide a greater range of possible trading formulations, allowing individuals managing a trading accounts with their brokerage to define more innovative types of trading orders, such as to include certain conditional or contingent prerequisites that may be advantageous, in a manner that has not been technically feasible. 
         [0007]    As an example, retail brokerage firms have traditionally allowed individual investors to specify certain trading orders with buy or sell limits, prescribing that a trade not be executed unless a certain price level for the transaction might become available in the market exchange within a certain limited time frame, usually designated as within one trading day. In a similar manner, such investor trading orders might ordinarily be further conditioned as buy stop, or sell stop orders. Stop orders enable the selection of a price at which an order is activated. For example, a sell stop order entered with an activation price of 40 means an order to sell at market will be activated when the stock trades at 40 or lower. When the order hits the marketplace, it is filled at the best available price. Whereas a buy limit order requires that a purchase not be affected above a certain price, a buy stop order requires buying only at a maximal price level. In the case of sell orders, whereas a sell limit order requires that a sale of financial instrument not be effected below a certain price, a sell stop order requires that the sell order be entered only after accession of a certain price. Limit orders specify the price at which the stop order is activated, and a limit price once the order is activated. Like a stop order, a stop limit order is triggered by a move up or down to a particular price level. Once that level is reached, the order becomes a limit order, which must be executed at a specific price. In contrast, a regular stop order will be executed at the market price rather than at a specified price. 
         [0008]    Most brokerage firms would also allow investor orders to request orders where the two conditional contingencies, the limit criterion and the stop-price criterion, are combined. An individual investor might thereby instruct the brokerage firm to either buy or sell at a specified price or better after the market price has advanced or declined beyond a given stop price. 
         [0009]    Brokerage firms establishing an interactive or online computerized trading capability as part of their financial services offered to the public might additionally allow their retail investors to specify another type of conditional trading order, involving the designation of a buy or sell stop price level that can be made variable, in accordance with the fluctuations of the market. Such initially non-activated or conditional orders, usually designated as “trailing stop” orders, are defined as buy or sell orders imposing two additional contingencies, involving the market price at the time when the order was entered, and a specified trailing range, or price differential between the current market price and the trigger or activation price. Market price fluctuation beyond such range then causes such orders to become immediately activated, as market orders to buy or sell. 
         [0010]    For practical reasons, and because individual traders would usually request a trailing stop order only as part of a protective or defensive strategy, such trailing stops typically would not be combined with any additional criteria involving buy or sell stops, but rather become designated as orders to be executed at the current market price, whenever the trading market price goes beyond, either above or below, the price differential specified by the range of the trailing stop. Thus, the trigger or activation price level for a trailing sell stop can move higher as the market price increases, but it cannot be moved lower from the point of the highest ongoing market price less the trailing differential. Similarly, a designated trigger price for a trailing buy stop can only move lower as the market price decreases, but cannot be adjusted to move any higher than the ongoing current market price minus plus the trailing differential. 
         [0011]    As a matter of standardizing procedures, a brokerage firm may oftentimes impose additional restrictions whereby such contingent orders might be held static so as not to become activated for execution at the current market price for some briefly limited period of time subsequent to activation of the trigger point, perhaps a period of one minute or less. Another restriction imposed by brokerage firms might require that such contingent orders only be specified or entered by investors at certain pre-determined incremental price levels, defined usually either in points, or dollar amounts, or fractions thereof, or as a price range limited within an incremental or fractional percentage of the current market price, for any given traded issue or security. 
         [0012]    As the extended capabilities of online communication becomes more commonly available, there is an expanded possibility for devising more elaborated trading strategies, whereby an increased potential for innovative forms of interactive trading may be realized. 
         [0013]    Therefore a need exists for more elaborate trading strategies providing the investor with more options for managing their financial instruments. The present invention satisfies the demand through a more efficient and expansive method and system for trade order entry and execution. The ability to place trades timely, accurately and reliably is important to maximizing the profit potential of any securities of investment services. 
       SUMMARY 
       [0014]    The invention relates to an improved means for interactive computerized communications having a facilitated capability for order entry and order execution, and providing an enhanced range of trading forms and methods to clients of brokerage firms dealing in financial securities. In particular, the invention relates to a type of interactive computerized system and software program that implements an improved mode of online communication between brokerage firms dealing in financial securities and their retail investors, to result in a more efficient and flexible range in the type of allowable trades, and that provides thereby innovative and strategic advantages to individual investors of brokerage firms, for actively managing financial securities held in trading accounts. 
         [0015]    It is an object of the present invention to facilitate the transactional capabilities of such interactive trading services, by providing retail brokerage investors with an increased range and variety of selectable trading strategies. Innovative types of investor trading orders, selectable by individual clients of the brokerage firm, are incorporated in an online, interactive computerized software program adapted to facilitate such trading communications between brokerage firms dealing in the trade of financial issues and instruments and their individual client investors. 
         [0016]    It is another object of the present invention to provide an interactive, computerized online trading platform whereby clients may choose among a range of trading options, to include orders for trading financial instruments where such orders may be made contingent on conditional criteria that individual investors may choose to specify at the same time as entering their initial request for trade. 
         [0017]    Yet another object of the invention is to allow for actions to be based on when set conditions are met and/or alternative actions if the condition is not met. 
         [0018]    Yet another object of the invention is to reduce the time in takes in changing activation prices on stop orders. Trailing stop orders automatically make adjustments in activation prices without the inconvenience of continuously canceling the old order and entering replacement orders to keep pace with the market. Trailing stops make order entry quick and simple. 
         [0019]    Another object of the invention is to place two orders contingent upon each other. The second order is automatically entered upon the execution of a first order. In the alternative, the second order is automatically cancelled upon the execution of a first order. 
         [0020]    Yet another object of the invention is to place two or more secondary orders contingent upon a primary order. The secondary orders are automatically entered upon the execution of a primary order. The secondary orders may be contingent upon one another—a first secondary order may be executed or cancelled upon the execution or cancellation of a second secondary order. 
         [0021]    The present invention will be further appreciated, and its attributes and advantages further understood, with reference to the detailed description below of some presently contemplated embodiments, taken in conjunction with the accompanying drawings, in which: 
     
    
     
       DRAWINGS 
         [0022]      FIG. 1  is the main screen of an interactive computerized online trading platform according to the present invention; 
           [0023]      FIG. 2  is a trailing stop order screen according to the present invention; 
           [0024]      FIG. 3  is a flow chart of a trailing stop order according to the present invention; 
           [0025]      FIG. 4  is a contingent-on-stock order screen according to the present invention; 
           [0026]      FIG. 5  is a flow chart of a contingent-on-stock order according to the present invention; 
           [0027]      FIG. 6  is a one-triggers-other first order screen according to the present invention; 
           [0028]      FIG. 7  is a one-triggers-other second order screen according to the present invention; 
           [0029]      FIG. 8  is a flowchart of a one-triggers-other order according to the present invention; 
           [0030]      FIG. 9  is a one-cancels-other first order screen according to the present invention; 
           [0031]      FIG. 10  is a one-cancels-other second order screen according to the present invention; 
           [0032]      FIG. 11  is a one-cancels-other flowchart according to the present invention; 
           [0033]      FIG. 12  is a one-triggers-two first order screen according to the present invention. 
           [0034]      FIG. 13  is a one-triggers-two second order screen according to the present invention. 
           [0035]      FIG. 14  is a one-triggers-two third order screen according to the present invention; and 
           [0036]      FIG. 15  is one-triggers-two flowchart according to the present invention. 
       
    
    
     DETAILED DESCRIPTION 
       [0037]    The present invention pertains to order entry and execution of securities. Securities are shares of stock, bonds, options, or any kind of financial asset that can be traded. Orders typically define the security symbol, action, quantity, price and duration. The security symbol is the ticker symbol used to designate the security in the market. Markets include the New York Stock Exchange (NYSE), American Stock Exchange (AMEX), Pacific Exchange (PCX) and National Association of Securities Dealers Automated Quotations (Nasdaq). A market order is an investor order that is to be executed as quickly as possible at the prevailing market price. 
         [0038]    Actions are the events that occur to the defined security and are selected by the investor. Actions include: buy, sell, buy to open, buy to close, sell to open, and sell to close. Actions are generally used in futures/options investing to distinguish between establishing versus closing a position. Buy is to exchange, trade or purchase for money or its equivalent. Sell is to exchange or deliver for money or its equivalent. “Buy to close” is an order entered to close a short position. Consequently, a “sell to open” order is always used to open a short position. A “sell to open” order is entered to establish a new short position. Consequently, a “buy to close” order is always used to close a short position. “Buy to open” is an order entered to establish a new long position. Consequently, a “sell to close” order is always used to close a long position. “Sell to close” is an order entered to close a long position. Consequently, a “buy to open” order is always used to open a long position. 
         [0039]    Quantity is the amount of a security to be traded, for example shares. An “all or none” (AON) feature associated with quantity allows a trader to buy or sell a specified number of contracts at a single price. The number of contracts must meet or exceed a predetermined threshold level, and these orders must be executed during pit trading sessions. All or none orders are routed to the primary exchange where they are manually held and executed when eligible. Furthermore, these orders are not reflected in the bid/ask quotes. Generally, AON is not recommended on orders of less than 20 contracts since order execution may be affected. 
         [0040]    Price includes the type of order. A market order is executed as quickly as possible at the prevailing market price. A limit order allows an investor to buy or sell a predetermined number of shares at a specified price (or better than specified price, if available). Limit orders guarantee a price (or better price than specified), but do not guarantee an execution. A stop order is a contingency order to buy or sell a stock when the market reaches a particular level. When the price reaches that level specified in the stop order, the stop order becomes a market order and is executed at the best possible price. A stop-limit order is like a stop order. This order will be triggered by a move up or down to a particular price level. Once that level is reached, the order becomes a limit order, which must be executed at a specific price. In contrast, a regular stop order will be executed at the market price rather than at a specified price. A “market-not-held-order” is an order issued by an investor allowing the floor broker to use his or her best judgment regarding the price and timing of the trade. A “market on close” is an order executed or triggered just prior to the close of the market. Finally, a “buffered limit” is the desired limit price that will be applied as an offset to the triggered quote, at the time the order is sent to the exchange. 
         [0041]    Duration is the length of time the order remains open for fulfillment. A day order is an order to execute a trade that will automatically be cancelled at the end of the trading day if it has not been filled. A “good-until-cancelled” (GTC) is an order to execute a trade that remains open until the trade is completed or the investor cancels the order. Unlike a day order, which expires at the end of a trading day, a GTC order will remain in effect until it is filled or cancelled. 
         [0042]      FIG. 1  is the main screen of an interactive computerized online trading platform according to the present invention. The main order screen  101  initiates the order of either an option or stock. The main order screen  101  includes criteria of: symbol  103 , action  105 , quantity  107 , price  109 , duration  111 , advanced orders  113  and routing  115 . The main order screen  101  also includes an account summary  117  and a summary of activity  119  of pending options or stocks particular to the investor. 
         [0043]    Symbol  103  is either the option or stock to be traded. Actions  105  include “buy”, “sell”, “sell short”, “buy to cover” for stocks and “buy to open”, “buy to close”, “sell to open” and “sell to close” for options. Quantity  107  is the amount of shares to be traded. Price  109  includes the type of order (Le., market, limit, stop, sop limit, market on close) and, if the type of order selected requires, the amount in points (i.e., dollars). The duration  111  can be a day order or good until cancelled by the investor. Advanced orders  113  offer the investor various trading strategies. Advanced orders  113  include: “contingent order”, “one triggers other” (OTO), one cancels other” (OCO) and “one triggers two” (OT2). Routing  115  is the execution venue in which the order is placed, i.e., the New York Stock Exchange (NYSE), Chicago Board Options Exchange (CBOE), Archapeligo (ARCA). 
         [0044]    The present invention includes custom advance order screens for online order execution systems including trading and securities management. From this main order screen  101  shown in  FIG. 1 , the investor can select an advanced order  113 . One such advanced order  113  is “trailing stop”.  FIG. 2  is a trailing stop order screen  201 . The trailing stop feature tracks the market as it rises and keeps the percentage loss constant. In other words, a trailing stop order is a stop order that moves along with a favorable movement in a security. Trailing sell stop orders will move upward a defined distance as long as the security moves upward. Trailing buy stop orders will move downward a defined distance as long as the security moves downward. Just like stop orders, trailing stops can be entered as a sell to protect the downside on a long position, or as a buy to protect a short position against a loss on the upside. Trailing stops allow an investor to take advantage of a move without having to re-enter stop limit orders. 
         [0045]    When entering a trailing stop the investor chooses a defined point (i.e. dollar) or percentage distance away from the most favorable quote. The most favorable quote may be the last trade, the bid price or the ask price depending on market conditions when the order is being entered. Trailing stop orders differ from ordinary stop orders in that, as the market price changes, the trailing stop order is automatically adjusted. 
         [0046]    An investor defines an order  203  with trailing stop criteria  205 . The order  203  includes the stock symbol  207  along with the action  209 , for example buy or sell. The order  203  further includes the quantity  211 , price  213  and duration  215 . Price for trailing stops includes market orders and limit orders. The investor selects the duration  215  of the order  203 , for example, day order or good until cancelled by the investor. The order will only be placed if the trailing stop criteria  205  is met. Trailing stop criteria  205  includes: symbol  217 , direction  219 , amount  221 , type  223 , duration  225 , interval of time  227  and trigger option  229 . The symbol  217  of the interested stock or option is entered. The investor selects the direction  219 , either up or down, and the amount  221  by type  223 , either by points or percentage, by which the stock can fluctuate. If an investor bought an option or stock, and wants protection from a decline in the value of the position, the investor would select the down direction. If an investor wants to protect the position against an increase in value, the up direction is selected. Further, the investor selects the duration  225  the trailing stop criteria is exercisable, either for the day or good until canceled. The investor can enter an interval of time  227  in which the trigger criteria  205  is monitored (poll) during the interval of time  227  specified. If the investor selects a trigger option  229 , which include last, bid and ask, the trigger criteria  205  is monitored (poll) using the trigger option  229  that the investor selects. Thus, the trigger criteria  205  is monitored using the last trade, bid or ask. 
         [0047]    For example, as shown in  FIG. 2 , an investor selects SPYNK option and wants to sell 10 options contracts at market price if and only if the price drops down 2 points (i.e., dollars) from the current market price. As a result of selecting a “trailing stop” advanced order, if the price of the option contract increases, the trailing stop criteria  205  adjusts to account for the new increased price point. Thus, if the option contract drops 2 points from the new price point, the 10 options contracts will be sold. 
         [0048]    A trailing (stop) trigger uses the bid/ask on entry of the order. On the movement of the trigger, the bid/ask is used—the bid is used on a sell order (of a long position), while the ask is used on buy order (for short positions). On the triggering of the order, either the investor&#39;s choice of the bid, ask, last, or the default is used. For the default, the ask or last is used on sell orders, while the bid or last is used on buy orders—in both buys and sells, the last is only used on triggering if it is in between the bid/ask quotes. Like stop orders, trailing stops can be entered as a sell to protect the downside on a long position, or as a buy to protect a short position against a loss on the upside. 
         [0049]    Bid is the price point where a buyer is willing to purchase a given stock or option contract. This is the price individual investors typically receive when they sell stock or options at the market. For example, if the bid-ask spread for an option is 4¾-5, a investor looking to sell at-the-market will receive the current bid of 4¾. Ask or ask price is the price point where a seller would be willing to sell a given stock or option contract. Also known as the offer, this is the price individual investors pay when they place a market order. For example, if the bid-ask spread for an option is 3-3¼, the individual investor can expect to pay the ask price of 3¼ to buy the contract. Conversely, the same person looking to sell the contract will get the bid price of $3. The ¼ point spread is earned by the market maker. Last is merely the last bid or ask that was previously entered. 
         [0050]      FIG. 3  is a flow chart  301  illustrating the trailing stop order. The trailing stop trade order input is received  303  and stored into memory  305 . The market is evaluated  307 . If there is an increase or decrease, the trailing stop trade order is adjusted  311  accordingly. If there is no increase or decrease  307 , and the trailing stop input  301  is met, the order is executed  313 . 
         [0051]    As an example, consider a trailing sell stop placed on an option that is currently trading at 5 points. A trailing stop order placed to sell the option at the market if the price declines 1 point provides downside protection at the current moment and for the current price. Suppose, however, that the option rises quickly to 10 points. With the option trading at 10, a different exit point may be desired. The trailing stop order automatically sets the trigger price to 10 points minus 1 point, or 9 points. New trigger points are updated without any input by the investor. 
         [0052]      FIG. 4  is a contingent-on-stock order screen  401  according to the present invention. Contingent-on-stock or stop-on-stock is a capability to open or close an option position when a stock or index reaches a desired price level based on the stock or index&#39;s last trade price. This gives the investor the ability to place option trades contingent upon an equity stock&#39;s price. Contingent-on-stock option orders, stop-on-stock option orders and trailing stop orders described above, are defined as an order placed only if/when the market price for the security (stock or option) specified meets the specified criteria (greater than or less than a price entered). This means that an investor can open or close an option position when a stock, index or option reaches a desired price level based on the security&#39;s last trade price. 
         [0053]    An investor defines an order  403  and contingent criteria  417 . The order  403  includes the option or stock symbol  405  along with the action  407 , for example buy to open, buy to close, sell to open, or sell to close. The order  403  further includes the quantity  409 , price  411  and duration  413 . Price includes market orders, limit orders, stop orders, stop limit orders, market on close and buffered limit. The investor selects the duration  413  of the order  403 , for example, day order or good until cancelled by the investor. In addition, the investor also has the option to select an advanced order  415 . 
         [0054]    The order  403  will only be placed if the contingent criteria  417  is met. Contingent criteria  417  includes: symbol  419 , price  421 , duration  423 , time  425  and trigger  427 . If the investor selects a trigger option  427 , which include last, bid and ask, the trigger criteria  417  is monitored (poll) using the trigger option  427  that the investor selects. Thus, the trigger criteria  417  is monitored using the last trade, bid or ask. If last is chosen, it will only be used if it is in between the bid and ask. Further, the investor selects the duration  423  the contingent criteria  417  is exercisable, either for the day or good until canceled. The investor can enter an interval of time  425  in which the trigger criteria  417  is monitored (poll) during the interval of time  425  specified. 
         [0055]      FIG. 5  is a flow chart of a contingent-on-stock order according to the present invention. The contingent trade order input is received  501  and stored into memory  503 . The trade order is activated  505 . If the contingencies associated with the trade order are not met  507 , the market is constantly polled  509 . If the contingencies associated with the trade order are met  507 , the trade order is executed  511 . 
         [0056]      FIG. 6  is a one-triggers-other (OTO) first order screen  601  according to the present invention. One-triggers-other (OTO) allows the investor to enter an initial order and place a second order contingent upon the fill of the first order. This type of order entry can be utilized when trading stocks or options. A common use of the OTO is to place a limit order to buy an option contract at a specific price and then place a sell stop order that activates upon the execution of the initial buy order. For example, an investor places a limit order to buy a stock at a specific price and upon the execution of the initial buy order, a sell stop order is automatically sent to the exchange. 
         [0057]    The first order screen  601  initiates the order of either an option or stock. An investor defines an order  601  that includes the stock or option symbol  603  along with the action  605 . The order  601  further includes the quantity  607 , price  609  and duration  611 . Price includes market orders, limit orders, stop orders, stop limit orders and market on close orders. The investor further selects OTO for the advanced order  613 . With an OTO trigger, a qualifier is used when multiple stock or option orders are entered and the execution of one order submits a second or alternate order. 
         [0058]      FIG. 7  is a one-triggers-other second order screen according to the present invention. A second order screen  701  is displayed when the one-triggers-other is activated. The second order screen  701  initiates the order of either an option or stock upon execution of the first order  601 . An investor defines a second order  701  that includes the stock or option symbol  703  along with the action  705 . The order  701  further includes the quantity  707 , price  709  and duration  711 . The second order screen  701  displays the first or primary order and its status  715 . 
         [0059]      FIG. 8  is a flowchart of a one-triggers-other order according to the present invention. The contingent trade order in put is received  801  and stored into memory  803 . The first trade order is activated  805 . If contingencies associated with the first trade order are not met  807 , the market is monitored  809 . If contingencies associated with the first trade order are met  807 , the first order is executed  811  and the second trade order is activated  813 . If contingencies associated with the second trade order are not met  815 , the market is monitored  817 . If contingencies associated with the first trade order are met  815 , the second order is executed  819  and the second trade order is activated  813 . 
         [0060]    One-cancels-other (OCO) is available online for active money management and reduction in human errors. The OCO feature is automated and integrated with the order screens.  FIG. 9  is a one-cancels-other (OCO) order screen  901  according to the present invention. If both orders are linked with OCO, when one order is filled, a cancel order is triggered on the other. With OCO orders, a qualifier is used when multiple orders are entered and the execution of one order cancels a second or alternate order. For example, with OCO an investor can place two orders linked to each other, allowing an investor to place a stop loss order on the same option. Thus, when one order is filled the other order is simultaneously cancelled. One-cancels-other is used primarily as an exit strategy to assist in either capturing gains or avoiding losses. For example, if the position price decreases, a stop loss order cuts the loss, and the limit order is cancelled. As another example, if the position price increases, a limit order attempts to capture the gain, and the stop loss order is cancelled. 
         [0061]    An investor defines two orders  901  and  1001 . The first order  901  includes the stock or option symbol  903  along with the action  905 . The order  901  further includes the quantity  907 , price  909  and duration  911 . The investor further selects OCO for the advanced order  913  and the routing  915 . With an OCO trigger, a qualifier is used when multiple stock or option orders are entered and the execution of one order cancels a second or alternate order. 
         [0062]      FIG. 10  is a one-cancels-other second order screen  1001  according to the present invention. A second order screen  1001  is displayed when the one-triggers-other is activated. An investor defines a second order  1001  that includes the stock or option symbol  1003  along with the action  1005 . The order  1001  further includes the quantity  1007 , price  1009  and duration  1011 . The second order screen  1001  displays the first or primary order and its status  1013 . Either the first order  901  is simultaneously canceled upon execution of the second order  1001 , or the second order  1001  is simultaneously cancelled upon the execution of the first order  901 . 
         [0063]      FIG. 11  is a one-cancels-other flowchart according to the present invention. The contingent trade order input is received  1101  and stored in memory  1103 . Both the first trade order and second trade order are activated  1105 . The contingencies associated with each trade order  1107 ,  1109  are monitored to determine if they are met. If the contingencies associated with the first trade order are met  1107 , the first trade order is executed  1111  and the second trade order is cancelled  1113 . If the contingencies associated with the second trade order are met  1109 , the second trade order is executed  1115  and the first trade order is cancelled  1117 . 
         [0064]      FIG. 12  is a one-triggers-two (OT2) order screen  1201  according to the present invention. The One Triggers Two (OT2) order-entry system allows an investor to enter a primary order and place two secondary orders that activate upon the complete fill of the primary order. Of these three orders, two execute. When one of the secondary orders is filled, a cancel order is triggered on the other. This new order-entry system is a combination of two advanced order features: One Triggers Other (OTO) and One Cancels Other (OCO) described above. OT2 can be utilized in various combinations when trading. OT2 order-entry systems are commonly used to limit losses or take gains on recently filled trades: enter an opening primary limit order to buy and two closing secondary orders to sell—one stop below and one limit above the current market prices. 
         [0065]    An investor defines an order  1201 . The order  1201  includes the stock or option symbol  1203  along with the action  1205 . The order  1201  further includes the quantity  1207 , price  1209  and duration  1211 . The investor further selects the OCO for the advanced order  1213 . With an OT2 trigger, a qualifier is used when multiple stock or option orders are entered and the execution of the first two orders cancels a third or alternate order. 
         [0066]      FIG. 13  is a one-triggers-two second order screen according to the present invention. A second order screen  1301  is displayed when the one-triggers-other is activated. An investor defines a second order  1301  that includes the stock or option symbol  1303  along with the action  1305 . The order  1301  further includes the quantity  1307 , price  1309  and duration  1311 . The second order screen  1301  displays the first or primary order and its status, along with the second order and its status  1313 . 
         [0067]      FIG. 14  is a one-triggers-two third order screen according to the present invention. A third order screen  1401  is displayed when the one-triggers-other is activated  1201  and subsequent to the second order screen  1301  being populated. An investor defines a third order  1401  that includes the stock or option symbol  1403  along with the action  1405 . The order  1401  further includes the quantity  1407 , price  1409  and duration  1411 . The second order screen  1401  displays the first or primary order and its status  1313 . The third order screen  1401  displays the first order and its status, with the second order and its status, along with the third order and it status  1413 . 
         [0068]    After the first order  1201  is executed, the second order  1301  and third order  1401  are activated. Either the second order  1301  is simultaneously canceled upon execution of the third order  1401 , or the third order  1401  is simultaneously cancelled upon the execution of the second order  1301 . 
         [0069]      FIG. 15  is one-triggers-two flowchart according to the present invention. The contingent trade order input is received  1501  and stored into memory  1503 . The first trade order is then activated  1505 . The contingencies with the first trade order  1507  are polled  1509  until the contingencies are met. Once the contingencies are met  1507 , the first trade order is executed  1511 . Upon execution of the first trade order  1511 , the second and third trade orders are simultaneously activated  1513 . Both the second trade order and third trade order are polled  1515 ,  1517  to determine if contingencies associated with either order are met. If the contingencies associated with the second trade order are met  1515 , the second trade order is executed  1519  and the third trade order is simultaneously cancelled  1521 . If the contingencies associated with the third trade order are met  1517 , the third trade order is executed  1523  and the second trade order is simultaneously cancelled  1525 . 
         [0070]    Thus, while the invention has been disclosed and described with respect to certain embodiments, those of skill in the art will recognize modifications, changes, other applications and the like which will nonetheless fall within the spirit and ambit of the invention, and the following claims are intended to capture such variations.