Regarding Stop Loss & Take Profit

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XM911E3

Hi everybody, i need help regarding setting stop loss and take profit in options trading. By the way, I am using interactive brokers. I still have an open trade in my 'LIVE' account but not sure how to apply it.

By setting Limit and transmit at $3 means I take my profit at $3 when the market goes up.

* And by setting my stop order and transmit at $1.50 means I stop loss at $1.50 right?

*** That's means I have to transmit 2 orders. 1 is a limit and 1 is a stop right?
 
Sounds about right.
Prolly wanna do a OCO (one cancels other) so you don't screw yourself.

Also, IF the market goes up and IF it does not blow thru your stop. :D
 
Quote from insaneinvestor:

Sounds about right.
Prolly wanna do a OCO (one cancels other) so you don't screw yourself.

Also, IF the market goes up and IF it does not blow thru your stop. :D
More...
hi bro, thanks for your input. But interactive broker doesn't seems like it got OCO ( One Cancels Other ). I am going off to Miami for a holiday so gotta figure it out before I go for my holiday. How to use OCO in interactive broker?
 
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