I went through the history here on stop/limits etc. But still confused. If I bought a stock at $30 I wanted it to go up the 3% I'm trying for. It goes up to $34.50, I only need $33.90 to make the(3%) but I can't sit and watch it all day. What I would like to do is put a stop/loss order for the $33.90 but let it run up higher if it is going to. Then move the order up accordingly. Does this make sense the way I explained it and is it possible to do? I talked with a tech at Ameritrade and he was trying to explain that what I wanted was a stop limit order which had two prices a limit price and a strike price. I am not the most intelligent person and I couldn't follow the explanation on the phone. Any one think they can explain it really slow in print?
Posted by jgrecoconstr on :
OK think I got it straightened out if I understand correctly. On Ameritrade they have Trading Triggers. Once the stock gets above my target price I set a trigger (trailing stop dollar) whatever I want above my target price. If say the target was 3 bucks and the stock at the moment is up to 3.05 I set my trailing order at 10 cents, 20, 40 ,50 whatever but I will use 10 in this example. Now if the stock goes to 3.15 my sell order will activate 3.05. If the stock goes up to 3.95 my trailing stop will move to 3.85. If it drops back to 3.85 it will automatically sell. Does this sound correct to anyone?
Posted by T e x on :
don't know the system, but, yeah, what you're wanting is a trailing stop order...
Posted by jgrecoconstr on :
Thanks Tex, hopefully this week I can see if it works.
Posted by Machiavelli on :
basically the stop order goes up as your stock goes up but if the stock goes down the stop order stays put unless it's hit then it becomes a Market Order...
Posted by T e x on :
quote:Originally posted by Machiavelli: basically the stop order goes up as your stock goes up but if the stock goes down the stop order stays put unless it's hit then it becomes a Market Order...
really?
that sux...right?
well, could be good with exchange stocks
as you know, no such device on pennies. Boy, I wish there were.
Posted by Machiavelli on :
Yah, tell me about it Tex.... Choicetrade used to have them till they caught on to it that it was a glitch in their system... Now if and when i play a penny stock i use stop/limits on it...
Posted by Ace of Spades on :
quote:Originally posted by Machiavelli: Yah, tell me about it Tex.... Choicetrade used to have them till they caught on to it that it was a glitch in their system... Now if and when i play a penny stock i use stop/limits on it...
I couldn't even tell you the last time I played a P.O.S.
![[Big Grin]](biggrin.gif)