Conditional Orders

R

Richard Duncan

Can anyone please suggest an inexpensive broker that accepts conditional trade orders? For example, if initial order is filled, execute stop loss at 44.00 or sell at 48.00, whichever comes first.
I can't watch a screen all day and want to be able to set a stop if I get filled, or sell if target is reached. All too often my target gets reached (I'm at work), and price turns around and goes all the way back down - and sometimes further! Very frustrating. At the moment I'm with Scottrade - don't take complex orders.

TIA
 
Overall inexpensive brokers that will let you make such conditional orders are just2trade, IB and AmeritradeIzone etc. Just2trade calls it Logical Order. You should be able to set it up with Trade Trigger in AmeritradeIzone. In IB (and some other brokers), it is called bracket order or OCA ("one cancel another") order.
 
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