Brokers that offer double Conditional Orders?

[cudderbean]

I’m not bad at picking movers and shakers, but I’m hopeless at locking in my profits. Please help.

My ideal way of trading once I have climbed aboard a stock, or even before I buy it, is to set the parameters – Stop Loss (in case it falls away) and Take Profit (target higher sell price), almost like one’s own personalized mini Darvas box around a price. Then adjust those parameters as the trade progresses, if necessary.

I would like simultaneously to set TWO conditional orders – Stop Loss and Take Profit.
My current broker Westpac say I can, but the problem is, if one of the conditional orders is exercised they say it is up to me to cancel the other one. That is not much use to me, since I am unable to watch the market all day. I want it done automatically. A volatile movement could see my Take Profit order being taken out wholly or partly, then it falls below my Stop Loss, and I can't fill the parcel.

Do any forum members know any online brokers who can offer this.

• Set 2 conditional orders - Stop Loss and Take Profit
• The other order automatically cancelled if one order is wholly filled
• If one order only partly filled, the other order still stands, but with adjusted amount of parcel of shares in the order.
• Pay only for conditional orders that are wholly or partly exercised.
• Both of the conditional orders’ parameters adjustable at no extra charge

For me this would be the ideal way to trade.

Take emotion out of the loop by setting your Stop Loss and Take profit targets as soon as you enter a trade.

Adjust those parameters during the day if I am able to watch the market, or do it calmly and rationally using end of day data.

Does anyone know of a broker who will do this for me?

Apologies if this is a naive question. I was just amazed that Westpac could not offer me this ideal way of trading.

Thank you for your help.

 

[tech/a]

Re: I need a broker who offers double Conditional Orders

IB

Has exactly what you need--want

 

[tradingdays]

Re: I need a broker who offers double Conditional Orders

From memory I think E-trade does. Check their 'advanced' conditional orders.

 

[cudderbean]

Thank you Tech/A and Tradingdays

Etrade’s "Straddle Sell" is sort of what I’m looking for. But I don’t like it the way it’s described atm.

"Set your Profit Target as a percentage increase in share price while also setting a minimum Sell price as a Trailing Stop. They work together, so you can exploit market spikes if they occur while simultaneously protecting your bottom line profit margin. Only one of these orders will trigger."

Not sure if that fulfills my 3rd criterion
• If one order only partly filled, both orders still stand, but with adjusted amount of parcel of shares in both orders, until parcel completely sold.

Also, I don’t like their fixed “Set your Profit Target as a percentage increase in share price”. I want to manually set the Profit Target myself using a combo of extreme RSI and old resistance levels.

I am overseas for most of the year, so difficult to get accurate info sometimes.. need to improve my Skype skills.
Back in Oz in 5 weeks. Meanwhile I will email IB, Etrade, and Amscott (Perth brokers I’m considering) with my query.

Thanks again.

 

[pma99]

Try this link to the "order types" section of the IB site....

http://www.interactivebrokers.com/en/p.php?f=orderTypes