Damir's Trading Journal

Quote from OnTheEdge:

Yes, very nice and very important. Thank you again, FT!

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No problem.

And yes, you can set up the order so it takes you out on a profit target or a stop-loss. Here's how (assuming you have an acct with IB and use TWS):

Click on Bid and prepare order to Sell YM @ 9655
Right-click on the order, click Attach Auto Stop and enter Buy @ 9675
Right-click on the original Sell order again and click Attach Auto Stop and enter Buy price as your target, e.g. 9645

Now, if your Sell order at 9655 gets hit, both of your stops will become active. One of them will get hit, and when that happens the other stop order will be cancelled.

Hope this helps.

-FastTrader
 
This is very cool! I don't do right-clicks, but I see the option in the menu for the Auto Stop. I did not know you can use that for profit position as well as loss! Thank you SO much. That way one can set up the profit target with the original entry.

There are a number of features in TWS that are very sophisticated that I have not seen in other brokers. Their customer service is the worst, but this makes up for it. Thanks to you!

One thing I have to be careful about is clicking on TWS. It's easy to accidentally transmit orders there!

Quote from Fast_Trader:


No problem.

And yes, you can set up the order so it takes you out on a profit target or a stop-loss. Here's how (assuming you have an acct with IB and use TWS):

Click on Bid and prepare order to Sell YM @ 9655
Right-click on the order, click Attach Auto Stop and enter Buy @ 9675
Right-click on the original Sell order again and click Attach Auto Stop and enter Buy price as your target, e.g. 9645

Now, if your Sell order at 9655 gets hit, both of your stops will become active. One of them will get hit, and when that happens the other stop order will be cancelled.

Hope this helps.

-FastTrader
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