Hello, this is my first post here so much appreciated for any feedback in advance.
So I am working a majority of the time when the market starts and is running, but have a question for if I wanted to set up orders to automatically execute at a price. I'll start with one question so the next makes a bit more sense I hope.
Let's say I want to execute stock XYZ at a limit buy price of $8.06, but also want to attach a stop loss order to it that only goes into affect when the buy order has been executed. I use eTrade and it looks like they have it set up where you have to actually choose the option "Sell to Short" if you want to short a stock, so I am assuming that if the market went south and I had not yet purchased the stock because the buy price was never reached, and had a stop loss set up at $7.60 it wouldn't actually execute a sell short position when it hit that price nullifying the need to have to attach a one-cancels-other (OCO) to it, am I correct there? If so, is it possible to setup the limit buy price and the stop price for the order to execute before the market opens up so they automatically occur without the need for me to be around to do anything beyond the initial setup of it?
Secondly, if the above is possible, at that point I could setup multiple buy orders with a one-cancels-all (OCA) and if one of them is executed it would automatically cancel the other orders and stops attached to those orders.
Hope this all made sense, and thank you in advance for any help.
So I am working a majority of the time when the market starts and is running, but have a question for if I wanted to set up orders to automatically execute at a price. I'll start with one question so the next makes a bit more sense I hope.
Let's say I want to execute stock XYZ at a limit buy price of $8.06, but also want to attach a stop loss order to it that only goes into affect when the buy order has been executed. I use eTrade and it looks like they have it set up where you have to actually choose the option "Sell to Short" if you want to short a stock, so I am assuming that if the market went south and I had not yet purchased the stock because the buy price was never reached, and had a stop loss set up at $7.60 it wouldn't actually execute a sell short position when it hit that price nullifying the need to have to attach a one-cancels-other (OCO) to it, am I correct there? If so, is it possible to setup the limit buy price and the stop price for the order to execute before the market opens up so they automatically occur without the need for me to be around to do anything beyond the initial setup of it?
Secondly, if the above is possible, at that point I could setup multiple buy orders with a one-cancels-all (OCA) and if one of them is executed it would automatically cancel the other orders and stops attached to those orders.
Hope this all made sense, and thank you in advance for any help.