As part of my stock trading strategy, I scale out a lot. For example, let’s say I am entering my order to buy 600 shares. At the same time, I would like to enter the profit target for only half of my position. Is there any way to do this currently or is this a new feature that I am requesting?
I’m pretty sure if you want to enter a target for only half the position you will need to enter a separate new STC stop/limit order.
You can do this, but not in using the all-in-one order entry. Here’s how to do it.
First, enter your entry order. For example:
Buy To Open (BTO) 600 GOOG limit 480.25
(This means buy to open a new position of Google at a price of 480.25 or better)
Do not enter any profit target or stop loss when entering the order.
Next, enter a completely separate order containing your profit target for some portion of the order. Example:
Sell To Close (STC) 300 GOOG limit 599.99
(Sell in order to close a position when price reaches 599.99 or better).
You could, of course, enter yet another profit target for another portion of the position, like this:
Sell To Close (STC) 200 GOOG limit 602.55
Note that, if your BTO entry order hasn’t yet been executed, C2 will ask you to make the two Sell To Close (STC) orders conditional upon the entry order. This tells C2 that the STC orders aren’t valid until the entry order has been filled.
Thanks Matthew and Jon.
Perfect. I got it. this is exactly what I want. All the features I need are here. I just need to find it
Basically, I had to place a check mark next to the pending order and also a check mark on the "make this order conditional" check box in the advanced area and then place the order.
Just one more question regarding this matter: You had mentioned not to enter stop orders in the original order. But I must enter stop loss price for the entire order as part of the original ticket. I did try doing this and then placed conditional profit targets. And it appears to display correctly. So is it ok to enter stop loss order on the original order ticket? I want to do this because the stop loss applies to the entire order. Only profit targets are different.
Yes, that is fine to do.