Navigating online trading platforms can be intimidating for beginners, but Ally Invest offers a streamlined and user-friendly interface for managing your investments. Whether you are an experienced trader or just starting out, understanding how to buy and sell stocks and ETFs on Ally is essential for growing your investment portfolio.
In this guide, we will walk you through the process of buying and selling your first stock or ETF using your Ally Invest account. We’ll also go over a few extra features that the platform provides to help you make informed investment decisions.
How to Buy and Sell Stocks and ETFs on Your Ally Broker Account
If you’ve already set up an Ally Invest account, you’re just a few steps away from making your first trade. In this example, we’ll use the SCD ETF as our first purchase to demonstrate the steps.
Step 1: Search for the Stock or ETF
To begin, you’ll need to search for the stock or ETF you’re interested in. Here’s how:
- Log in to your Ally Invest account.
- In the search bar at the top of the dashboard, type the ticker symbol of the stock or ETF. In our example, the symbol is SCD.
- Click on the result to view more detailed information. You’ll see the full name, latest price, day’s price change, as well as the bid and ask prices.
This information helps you assess the current market situation before placing a trade.
Step 2: Set Your Buy Order
Once you’ve decided to move forward with the purchase:
- Click on the “Buy” button.
- In the quantity field, enter the number of shares you want to buy. In our case, we’re entering 1 share.
- Choose your order type. For simplicity, we’ll go with a market order, which means the stock will be bought at the best available price at the time the order is placed.
⚠️ Important note: Ally Invest does not allow you to buy fractional shares. Unlike some other trading platforms, you must have the full amount required to purchase the stock or ETF.
Once you’ve set everything, click “Preview Order”.
Step 3: Preview and Submit the Order
After clicking preview:
- You may receive a message noting that your funds have not cleared yet. This is common if you’ve recently opened your account.
- Ally Invest typically requires three business days for funds to clear, even if you’ve already transferred money in.
Once the funds are cleared, repeat the steps: enter the ticker, select “Buy”, enter quantity, choose “Market” as order type, and hit “Preview Order” again. This time, the “Place Order” button should be active.
Click “Place Order”, and your buy order will be submitted!
Step 4: Monitor Your Holdings
Once the purchase is complete, head over to the dashboard to review your portfolio.
Here, you’ll find:
- Total account value: This reflects the value of all your holdings and cash.
- Buying power: Shows how much money is available for trading.
- Holdings tab: This lists all the stocks and ETFs you currently own — in this case, the SCD ETF.
- Watchlist: You can add stocks and ETFs to your watchlist to monitor price movements. To do this, simply search for a stock (e.g., Apple), click on it, and it will be added to the list.
On the right side of the dashboard, you’ll also find:
- Stock charts: These provide a visual representation of performance over time.
- Order history: Shows details of your past trades.
- S&P 500 index updates and upcoming market events.
How to Sell Stocks and ETFs on Ally Invest
Now that you know how to buy, let’s go through the steps to sell.
- Return to the dashboard.
- Find the stock or ETF you want to sell, and locate the three dots (inside a circle) next to the ask price.
- Click on “Trade”.
A new window will appear on the right side of your screen.
- Ticker will already be filled in (e.g., SCD).
- Action will be set to “Sell”.
- Quantity should match what you want to sell — in this case, 1.
- Choose the order type again (Market, Limit, etc.). We’ll stick with Market.
Click “Preview Order”. Review the details and, if everything looks right, hit “Place Order”.
Just like that, you’ve completed a trade — you’ve learned to buy and sell stocks and ETFs on Ally.
Repeat the Process with Confidence
Now that you’ve completed a trade from start to finish, repeating the process becomes simple. Whether you’re buying or selling:
- Always double-check the ticker symbol.
- Confirm the number of shares you want to buy or sell.
- Choose the appropriate order type.
- Always preview the order before placing it.
The more you trade, the more confident you’ll become navigating the Ally Invest platform.
Tips for Success When You Buy and Sell Stocks and ETFs on Ally
Here are a few quick tips to enhance your experience when you buy and sell stocks and ETFs on Ally:
- Use the Watchlist: Keep an eye on multiple stocks or ETFs without committing money immediately.
- Study the Charts: Use technical data to make better-informed decisions.
- Understand Order Types: Market orders execute quickly, but limit orders give you control over the price.
- Avoid Trading During Volatile Hours: The first and last 30 minutes of market hours can be unpredictable.
- Stick to Your Strategy: Don’t let emotions lead your trading decisions.
By following these simple rules, you’ll be well-prepared each time you buy and sell stocks and ETFs on Ally.
Final Thoughts
Ally Invest simplifies the process of buying and selling securities without overwhelming the user. With a little practice, you can buy and sell stocks and ETFs on Ally like a pro. Whether you’re investing in a well-known company like Apple or experimenting with ETFs like SCD, the platform offers intuitive tools to support your journey.
Remember, the key steps — searching the ticker, entering order details, previewing, and placing the order — will remain consistent no matter which stock or ETF you’re trading.
So log in, explore your dashboard, and start building your portfolio today. With this guide, you’re now fully equipped to buy and sell stocks and ETFs on Ally with confidence.
