Order Execution for Scalping

[spellman21]

I want to thank everyone for their help in my previous post, however i am seeking some additional advice.

I have opened my account with IB and have been happy, but i need advice on my trading set up.

I have been using bracket orders where i set a stop automatically at a preset 0.10 below my ask when i purchase the security.

I was considering adding another bracket for a sell limit order however i really do not want to do this because it will transmit with the parent order.

My question is:

What is the easiest way to exit a position when i would like to take my profits.

1. Add a limit order to my bracket and then change it to market so i can transmit at market when i want?

2. Set up a hotkey to close position? (how are yours configured?

3. transmit the parent order, then the stop when transmit with it. change the stop to a market order and then transmit when i am ready?

Thanks a lot for any help, i just want to set up a simple system that does not leave room for error.

 

[wjk]

Quote from spellman21:

I want to thank everyone for their help in my previous post, however i am seeking some additional advice.

I have opened my account with IB and have been happy, but i need advice on my trading set up.

I have been using bracket orders where i set a stop automatically at a preset 0.10 below my ask when i purchase the security.

I was considering adding another bracket for a sell limit order however i really do not want to do this because it will transmit with the parent order.

My question is:

What is the easiest way to exit a position when i would like to take my profits.

1. Add a limit order to my bracket and then change it to market so i can transmit at market when i want?

2. Set up a hotkey to close position? (how are yours configured?

3. transmit the parent order, then the stop when transmit with it. change the stop to a market order and then transmit when i am ready?

Thanks a lot for any help, i just want to set up a simple system that does not leave room for error.

Here's how I use my brackets with IB. My bracket contains buy limit, sell stop, and sell limit (for longs). The bracket order is displayed by selecting the row and using the assigned hotkeys for buy or sell. Size, price, transmit, and cancel are also set up for hot keys. These can be adjusted before the order is transmitted (stop and limit after filled) by selecting the appropriate row with the arrow keys or mouse. I don't believe various sizes can be achieved before transmitting, but after your order is filled the stop and limit can be adjusted to different sizes (if you scale).

Should I decide to get out of my play before stop or target is hit I move the limit order to the current bid or ask using the hot key for price. I will also adjust size if scaling. I no longer use the bracketed orders when entering plays since I don't trade time frames that require that kind of speed. After I enter my play, I will place a stop and limit and give them the same OCA number in the OCA group column of the TWS. Same difference in the end. I like to have them in place for protection against power outages or other unforeseen events (especially the stop, which is not used as a trail). When I'm ready to exit, I adjust the limit to the ask and transmit the new order. The fill cancels the stop.

Good luck with your trading.