Hi, I asked this question a few weeks back - I need to submit a conditional order when my trades reach their stop, but I don’t seem to be able to do this. Could you tell me if it would be possible to enhance the trading portal so that I could enter such an order. At the moment it is quite a limitation. Thank you.
I think there is a way to do this, sort of.
We allow you to enter “conditional orders” – that is, orders that are submitted at the moment a first order is executed. But right now, you are only allowed to submit one conditional. In other words, you can’t (currently) have a conditional upon another conditional.
You message says: “I need to submit a conditional order when my trades reach their stop.” The only way to really do this is to make sure the Stop order you are talking about is not in itself a conditional order. To accomplish this, you need to submit your stop orders after the position which you are applying the stop to is open. Then, you can attach a conditional order to that stop.
Example:
Let’s say you have a long position in IBM, and you want to attach a stop loss to it so that the position closes at stop price 123.45, and then – the moment that stop is executed – you want to open a long AAPL position.
1) Wait for long IBM position to open.
2) Enter Sell To Close (STC) IBM at stop 123.45.
3) Enter new order, making it conditional upon order #2 above: Buy To Open (BTO) AAPL at market.
The hassle here is that you need to wait for the IBM position to open before applying your stop in step #2. While I can envision adding this feature to C2 directly, it seems that it might be a good feature for a software developer to fold into his C2 order entry software. (Any ISV out there interested?)
Matthew, that’s great, thank you.
