I tried using conditional order - OCO (One Cancels Others) - for stocks on E-trade but it didn't allow me to enter.
What is the best way to enter into a buy order along with a simultaneous conditional sell order in a single transaction such that the sell order allows for taking profit if the stock reaches certain level but at the same time also forces an exit if the stock price dips below certain level to minimize loss?
you can only have one sell order unless you divide your shares up. you can do conditional one triggers all orders and set the sell part as either a trailing stop $ and set your stop price say .06 . This will trigger a market sell if the stocks drops 6 cents at any given time. OR you could set a sell> stop limit on quote. This will enable you to select the exact price of your choosing to trigger a sell. So say you brought the stock at 1.65 and its up to 1.99 you can set a stop limit on quote sell
for say 1.94. if it drops below 1.94 it will trigger a sell order.
Hmm...what I was trying to accomplish is to combine buy and sell into a single order/transaction such that buy triggers when certain condition (limit/stop limit) is met and once buy is executed, sell conditions take over for both stop loss as well as profit above certain price - for sell order, once one condition is triggered, the other should get cancelled automatically. This is what OCO accomplishes and looks like Bracket order works in the same way.
Thanks for your response digitialbrass, much appreciated
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