Hi,
I read the faq on your website but I still have questions.
Here an example of my trading system order:
I have to enter a purchase order on Sunday or before the opening of markets on APPL at $ 400 limit.
The purchase order must remain valid throughout the week, until next Friday (02/09/2014 )
Instead, the target, if the order is accepted, it must remain active forever.
How should I place the order on the platform of your site?
I did a test using Mirrortrading stock.
Here are my trial order that you can see on my Trade entry.
1-I have select BUY TO OPEN.
2-I have select Good Til Cancel
3-I have insert quantity (1) and the ticker (AAPL)
4-I have select STOCK
5-I have LIMIT select and insert the buy limit price to ($ 400)
6-I have insert the PT (Profit Target) at $ 600
7- I do not insert the SL (StopLoss) becouse my trading system don’t use price stop, but time weekly stoploss.
8- I have insert PARK ORDER Untile 02/14/2014 @ 18:00 eastern US
Now I do not understand what it is and how to use PARK ORDER.
A- Can you explain me Park Order?
B- Can you control please if my example order is correct?
Regards.
“Park Until” specifies the time at which your order is released into the system (that is, at what time / date it becomes effective).
Imagine it’s Monday morning, but you want to specify that you are going to buy AAPL at Wednesday at 10:15 AM New York time. That is what “Park-Until” is for.
Now, if it is simply the case that it is Sunday night, and the markets are closed, and you want to enter a limit order to buy AAPL at 400, as soon as the markets re-open, then there is no need to use park-until.
Simply enter:
BUY TO OPEN AAPL limit 400
The order will be effective as soon as the markets re-open.
If you specify a DAY order, the limit order will be canceled at the end of the trading day if not filled. Good-Til-Cancel (GTC) orders will continue in force until canceled.
Finally, regarding profit targets (PT) and stop losses (SL):
Yes, you can enter the PT or SL at the same time you type in the entry order:
BUY TO OPEN APPL LIMIT 400, PT=500, SL=200
All PT or SL orders are good-til-cancel.
Of course, you don’t have to enter PT and SL orders at the same time as your entry order. You can enter them later, individually. Like this:
SELL TO CLOSE AAPL Limit 500 (Good til cancel)
or
SELL TO CLOSE AAPL Stop 200 (Good til cancel)
There is no way to tell C2 that a stop-loss or Profit-target order should be good until a specific date/time, such as next Tuesday at 13:00 ET. You can either make PT/SL orders DAY orders (they cancel at the upcoming end of the trading day), or you can make them good til cancel (GTC)
If you wanted your PT or SL orders to cancel at some specific time in the future, you would need to make them good til cancel, and then log in to C2 and cancel them at that time.
Thank you very much for your reply.
I will reset the orders every weekend, so I’m 100% compatible with C2.
