Trade2win saved my A$$ets!... now I need help with buying

Humble_trader

Newbie
2 0
This site has been extremely helpful! I came here wanting badly to start trading last week. But instead of getting started trading, I spent my time reading the stickies up here... the advice on patience was not what I wanted to hear, but you convinced me to keep reading.
I was ready to put 90% of our savings on long term bets like top name stocks last Monday. And I probably would have panicked/sold at huge loss knowing my luck...THANK YOU!!!

Ok,
I have a day-trading plan. I'm ready to paper trade. I've decided to put 15% of savings into Interactive Brokers and start with small trades testing my strategy. My plan involves riding established up-trends.

First problem I've faced using the DEMO:
How do I make a BUY that triggers at a price thats higher than current price?

-If I set a limit, it triggers immediately.
-If I set a stop-limit, it also triggers immediately.

Obviously today is a bad day to bug customer support over there with fake money questions.
Thanks for your help!
 

timsk

Legendary member
7,348 2,141
. . . How do I make a BUY that triggers at a price thats higher than current price? . .
Hi Humble_trader,
Welcome to T2W - glad you're finding it useful.

In answer to your question, you want to use a 'stop buy' order to go long at a price that's higher than the current price and a 'stop sell' order to go short at a price that's lower than the current price. IB may have a slightly different name for them - but that's what they're generally known as. If you're still getting your head around order types, this FAQ might be of interest: What's the Difference Between Stop Loss and Limit Orders?
Tim.
 

Humble_trader

Newbie
2 0
Thank you! I went back and ordered Buy "stop" and it worked. It drew a nice line on the chart like it does in videos. Then I tried BUY "stop limit" again, and it worked the same! So I'm not sure what I was doing wrong before, Already made 8 pretend bucks, just trying to verify this lol!
 

malaspina

Active member
114 1
Take it slow. Patience, develop your own day trading method based on price and volume. This is the core of any trading. Also develop your risk managment system, this is a must to keep you alive day trading. I Wish you all the best.


Thank you! I went back and ordered Buy "stop" and it worked. It drew a nice line on the chart like it does in videos. Then I tried BUY "stop limit" again, and it worked the same! So I'm not sure what I was doing wrong before, Already made 8 pretend bucks, just trying to verify this lol!
 
 
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