I have a newbie question and hope someone can help me.
Suppose I have a long position in qqq and want to sell it five days later at 3:50 pm, and meanwhile I have a trailing stop order to protect the profit or limit the loss. Is OCA group order the best way to enter these two orders?
Alternatively, I can setup a stop order first, change it as time goes on, and check at 3:50 to see if the stop order has been executed or not, and if not I will sell the position at market.
I see some risks in the 2nd approach, in that I could up end up closing the position twice.
Any idea about these two approaches, or any other approach?
Thanks in advance.
Suppose I have a long position in qqq and want to sell it five days later at 3:50 pm, and meanwhile I have a trailing stop order to protect the profit or limit the loss. Is OCA group order the best way to enter these two orders?
Alternatively, I can setup a stop order first, change it as time goes on, and check at 3:50 to see if the stop order has been executed or not, and if not I will sell the position at market.
I see some risks in the 2nd approach, in that I could up end up closing the position twice.
Any idea about these two approaches, or any other approach?
Thanks in advance.