Short term trades & conditional orders

[RocketGirl]

OK. I'm going to be good from now on, and whenever I enter a trade, I'm going to immediately set a conditional order for a stop loss.

My method of trading tho, is to immediately set my sell price at the profit I want to make. My question is, if I set a normal Sell order and the price falls, triggering my stop loss, it won't work will it? Because it's already tied up in my current Sell order?

So is it best to place another conditional order for the profit? The only thing with that is it's more expensive. But I need to be able to walk away, I'm not in a position to sit and watch the stock that closely through the day. I don't want to prevent my stop loss from being triggered just coz I'm not watching it closely enough.

Any suggestions? What do you do?

 

[Trembling Hand]

Get a decent broker where you can place OCO order. Ridiculous that they cost more. Try IB instead of the TOY brokers.

 

[RocketGirl]

OK.. a quick google told me what an OCO is LOL. They make much more sense.

IB = Interactive Brokers? Have seen this mentioned before... had a quick look - this will take a bit of reading methinks

Thank you Guess I just need to watch more closely for now to make sure it runs smoothly with my current setup.

 

[RocketGirl]

Thought I'd just post my short term 'work around'. LOL.

I'm placing my sell order as per usual. And have set up alerts if the price drops.. with enough lee-way (sp??) to have time to change my order to be my stop-loss. Requires me to be watching a bit more closely, but it's cheaper, and won't have the conflicting orders. I've just got to be good and change that order, and not sit around hoping it'll go back up.

We have looked at IB, feels a bit too overwhelming at this stage! Not sure why, probably just comfortable with what we know at the moment.

 

[tech/a]

IB.

The best platform going since Kingscross Station.
Worth the messing around,yes it takes a bit to get up and running but when you do you can set orders that Robert Mugabbie would love to be able to dish out!

You can set any order you wish at $6 brokerage each way on orders under 10K
Cant beat that.

 

[RocketGirl]

Yeah - the brokerage is incentive enough! LOL. When I did an example calc on the brokerage I had to double check I had the right amount of 0's in it LOL coz it was just way too cheap! With the size trades we're doing, we'd be nowhere near the brokerage we're paying currently.

We will keep looking at it.. it just seemed a bit complicated, and we couldn't immediately see how it worked with the ASX.