SFMc01
358 posts
msg #52241
- Ignore SFMc01 |
6/15/2007 10:28:31 AM
I deal with Ameritrade, Scottrade and BrokersXpress. None can do the following on their order entry screen:
#1. I want to enter an order to buy a stock at the market and to sell it at $1.00 over the actual purchase price?
#2. Can I enter an order to buy a stock at the market and to sell it at 1% over the actual purchase price?
I want to do the above, along with a trailing stop loss, and then, leave for the day.
Any suggestions would be appreciated.
Thanks
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nikoschopen
2,824 posts
msg #52243
- Ignore nikoschopen |
6/15/2007 11:00:12 AM
Did you even know that Ameritrade offers "Trade Triggers" or the "Strategy Desk" that allows you to do all that and more?
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JohnyYuma
60 posts
msg #52244
- Ignore JohnyYuma |
6/15/2007 11:34:12 AM
Try 'Bracket Orders' with Interactive Brokers
Thanks
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petrolpeter
439 posts
msg #52249
- Ignore petrolpeter |
6/15/2007 12:09:25 PM
I think it's 'conditional' in MB-Trading.
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SFMc01
358 posts
msg #52254
- Ignore SFMc01 |
6/15/2007 4:07:16 PM
Thanks for your suggestion nikoschopen. Based on your suggestion I contacted Ameritrade again and they indicated that they could not do either of my trades because they would need to know the execution price of my original "buy at market open order," which I would not know until it executed.
Is this type of trade not done by others?
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nikoschopen
2,824 posts
msg #52256
- Ignore nikoschopen |
6/15/2007 5:44:20 PM
So if I understand you correctly, you're really talking about an overnight order that you'll place before the market opens as opposed to a day order that will be placed after the trading kicks in. Even though I advise against this type of spurious, if not undisciplined, trading, your safest bet is probably with the IB's "bracket order" (although I'm not so sure now that it applies to "market" order) as discussed by JohnyYuma above. However, IB also offers conditional order that you can tinker with. Here's the link to the different order types they offer.
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hdemena
8 posts
msg #52264
- Ignore hdemena |
6/16/2007 3:17:47 PM
Not sure if you are trying to implement the 1DayHold strategy where they give the stock to buy at the market ahead of the trading day and then sell usually at 1 pt higher, but www.ThinkorSwim.com seems to trade that strategy for no additional charge. They might also allow that type of trade since they have rather complex trading rules available.
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bbrodka
14 posts
msg #52373
- Ignore bbrodka |
6/21/2007 4:04:33 AM
Have you thought about automating your trades?
Cool Trade is perfect for executing your trades based on the rules you set, it is one of the easier automated trading programs to learn, and quite affordable
I love it so much I have 4 copies running everyday on 4 different broker accounts :)
It finds opportunities and exits when appropriate based on my rules way faster then I could manually scan the charts
Give it try
http://www.cool-trade.com
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lockwhiz
206 posts
msg #52381
- Ignore lockwhiz |
6/21/2007 11:24:59 AM
TRADESTATION .... with a little programming (EASY LANGUAGE) you can have it do your buying and selling. Once the equity is owned, you can have it go to an automated trailing stop and stop loss at the same time ... very convenient. One thing it can't do ... decide how you will spend your profits.
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SFMc01
358 posts
msg #52387
- Ignore SFMc01 |
6/21/2007 1:56:22 PM
Thank you, bbrodka. I have never heard of them. Frankly, their website does not give much details.
Is it possible that you could send me an email to "SFMC01@aol.com"so I could learn more. I'd call, or give you my number, if you gave me your phone # in an email.
Steve
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