$SPY, $STUDY Todays trade, SPY150821C205, BTO #19 @ 9:56 AM
@$5.39, STC #19 @ 10:54 AM @$6.00.
I am never too old or too experienced to learn a new
trick. Up until last week I have worked
exclusively with alert and manual order entry.
As you may have noted in my June 27th blog post I took a loss
on the 26th as the result of being unable to quickly execute at my
limit price due to volume volatility fueled by the rebalancing of the Russell
index. It was not a horrific loss but as one who does not like to lose it hurt
my pride more than my wallet.
Last week saw me working with the Active Trader utility and
learning to navigate within the order entry utility with tool ‘trigger with
brackets’.
This tool establishes both a Limit and a Stop order using a
margin which I control over the executed price.
In my case today I started with .25 Up and .10 Down. After entering today as the market continued
to rise I moved the Limit order up and slide the stop order accordingly, thus
permitting the trade to capture a larger share of the days rise without the
need to reenter trades.
It took a little faith on my part having had some bad
experience two years ago as I tried to master the OCO technique, which was in
fact a second step to the order entry, worked well with existing positions but
not quickly enough for my day trading activities. The Trigger with Brackets fits my style a
little better and personally I feel more in control of the process. Good luck and good trading.
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