Looking for help on entries and exits

I'm very new to this game and trying to figure out a scenario. I want to buy at a certain price, sell if that price moves up to a target price and also sell if it lowers to a target price.

So if a stock is 19.70 I want to buy at 20, sell at 20.55 and also sell if it should drop to 19.65

I have accounts with tradeking and optionsexpress and do not see any way of placing this type of order. Someone told me I would have to wait for the order to trigger the buy then go back and place my stops.

I wanted to place my orders before i leave for work and not have to be in front of a computer all day. Is there 3rd party software that does this type of thing? is this standard on other brokers?

Any help is greatly appreciated. :cheesy:

Your broker should accept a range of orders. The basic orders are:

Stop Order
A Stop Order is an instruction to buy or sell a market at a price which is worse than that prevailing at the time of placing the Order. If it is placed at the time of opening the position, or is added to an Open Position, it is called a Stop Loss. It can also be used to open a position if you think a market could move even higher once it moves above a particular higher level, or even lower if it moves lower than a particular level.

Limit Order
A Limit Order is an instruction to buy or sell a market when it reaches a price that is better than the prevailing at the time of the placing the Order. It can be used to take a profit on an Open Position when a market reaches a certain level. It can also be used to open a position if you anticipate a market price reversing.

You should also be able to link contingent (if done) orders (stop-loss and limit) to your opening order.

This is pretty standard stuff.

good trading

jon

Do you mean you want to place the entry and exit orders all at the same time?

You can do that on IB using bracketed orders. You enter the entry, the target and the stop loss all in one. The target and stop loss are held by the system and put into action if the entry is executed.

Might not be available on other platforms.

thanks for the info, I found that optionsexpress does have this, its called "one triggers 2" in the advanced order box.

I was using their virtual trader and for some reason it is not listed there.

maybe you can use this stop loss level indicator to find the best stop loss level