Iím not bad at picking movers and shakers, but Iím hopeless at locking in my profits. Please help.
My ideal way of trading once I have climbed aboard a stock, or even before I buy it, is to set the parameters Ė Stop Loss (in case it falls away) and Take Profit (target higher sell price), almost like oneís own personalized mini Darvas box around a price. Then adjust those parameters as the trade progresses, if necessary.
I would like simultaneously to set TWO conditional orders Ė Stop Loss and Take Profit.
My current broker Westpac say I can, but the problem is, if one of the conditional orders is exercised they say it is up to me to cancel the other one. That is not much use to me, since I am unable to watch the market all day. I want it done automatically. A volatile movement could see my Take Profit order being taken out wholly or partly, then it falls below my Stop Loss, and I can't fill the parcel.
Do any forum members know any online brokers who can offer this.
ē Set 2 conditional orders - Stop Loss and Take Profit
ē The other order automatically cancelled if one order is wholly filled
ē If one order only partly filled, the other order still stands, but with adjusted amount of parcel of shares in the order.
ē Pay only for conditional orders that are wholly or partly exercised.
ē Both of the conditional ordersí parameters adjustable at no extra charge
For me this would be the ideal way to trade.
Take emotion out of the loop by setting your Stop Loss and Take profit targets as soon as you enter a trade.
Adjust those parameters during the day if I am able to watch the market, or do it calmly and rationally using end of day data.
Does anyone know of a broker who will do this for me?
Apologies if this is a naive question. I was just amazed that Westpac could not offer me this ideal way of trading.
Thank you for your help.