High and low stop?

GatorNic

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Hey, I am new to the forums. Been trading successfully and unsuccessfully for a couple years now. As everyone, trying to expand my trading knowledge. Hopefully you can help!

My question is regarding setting a stop loss and a limit order at the same time. Is it possible? Maybe that's not the best way to phrase it. What I am looking to do it is this... Say I have 150 shares of XXX at $30. I want to set a stop loss at $28, but I also want to set a limit/stop at say $33 to take profit. Basically so I could be happy with those exits and not have to watch it. So far with a couple different trading platforms, it will give warnings that there are two orders of the same size at the same time, so it will consider the second order a sell short position. Is this right? Am I going about this the wrong way?

Thanks!
 
Some brokers support this order type but other do not. It's often called a "Bracket Order" or "One Cancels Another" (OCA) order or "One Cancels The Other" (OCO) order.
 
Yeah seems they don't have that type of order. Guess I am stuck with just one stop order. I suppose for now I'll just have to keep an eye on it. Thanks for the info.
 
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