Quote from bungrider:
Kinda...it would be more like Buy when Offer <= price, and sell when bid >= price. Bloomberg machines have this capability. I do believe they call it discretionary, but I (obviously) don't have one, so who knows...?
Say XYZ is trading at 20.50x20.55.
I want to buy it around 20, because I think there is support at 20. However, everyone else is probably thinking the same thing I am, so if any offers come down to less than 20.05, I am going to be racing everyone else to get those shares offered at that price.
So let's say XYZ comes down there, and there is an offer of 20.04. I can try to take that offer, but again - everyone else is thinking the same thing, so I only have a few seconds to lift that offer, and usually someone beats me to it.
What I would rather have in that situation is a preset discretionary order that will automatically take any offers under 20.05, so when that 20.04 offer comes down, my buy order will go live and send a buy limit at 20.04 to the TWS.
Now what I could do instead is put in a bid for 20.04 ahead of time, but frankly, I am tired of pikers seeing my bid and stepping in front of me at 20.041 on ISLD, etc. Why the f^ck should I spend my time thinking about where support should be so some yutz can step in front of me and get the shares that I want at the price that I've set???
Basically, I want to be able to have a limit order that only gets activated when a certain price is reached - kinda like a STOP LOSS order, only the exact opposite - a STOP ENTER order.
Lemme know if I'm not communcating this clearly.
Thx!
-b
It's only $99. Let's call it STOP GAIN (STG) order, if you don't mind