>If you put in a "buy stop" (trigger) for say
>$40, and the stock is trading $42, then the
>trigger will go off immediately unless you
>make the limit stop read "or lower" ...
Not at IB.
Let's say I'm short ABI from just under $33 (I am). Just after entry, I can (and did) place two buy stop orders, identical except in trigger price (IB calls this the "stop election price"). One with a trigger of 34.03 protects my bank roll in case things go bad. One with at trigger of 31.05 takes my profits should it reach that point.
These order work like a charm on a daily basis. I understand in a non-electronic world the need for the MIT, but in the DAT world, my limited experience has yet to see the need for the distinction.
JB
>$40, and the stock is trading $42, then the
>trigger will go off immediately unless you
>make the limit stop read "or lower" ...
Not at IB.
Let's say I'm short ABI from just under $33 (I am). Just after entry, I can (and did) place two buy stop orders, identical except in trigger price (IB calls this the "stop election price"). One with a trigger of 34.03 protects my bank roll in case things go bad. One with at trigger of 31.05 takes my profits should it reach that point.
These order work like a charm on a daily basis. I understand in a non-electronic world the need for the MIT, but in the DAT world, my limited experience has yet to see the need for the distinction.
JB