OK. I'm going to be good from now on, and whenever I enter a trade, I'm going to immediately set a conditional order for a stop loss.
My method of trading tho, is to immediately set my sell price at the profit I want to make. My question is, if I set a normal Sell order and the price falls, triggering my stop loss, it won't work will it? Because it's already tied up in my current Sell order?
So is it best to place another conditional order for the profit? The only thing with that is it's more expensive. But I need to be able to walk away, I'm not in a position to sit and watch the stock that closely through the day. I don't want to prevent my stop loss from being triggered just coz I'm not watching it closely enough.
Any suggestions? What do you do?