Conditional Orders what am I doing wrong

[zemuss]

I am trying to open an order and a SL of -.50 .. I am receiving this issue if the order type is Stop Market or Stop Limit. 

What am I doing wrong?

[Jerry Medved]

that should be OTA not OCA

[zemuss]

thanks.. i will check it out next trade.

 

[zemuss]

Would this StopLimit be right if I wanted to set a stop loss and a Take Profit?

This is just and example. 

[Jerry Medved]

no, that sets a stop limit with a stop below current price and a LIMIT above. Basically, that won't execute.

What you would want is an OCA order with a LIMIT on one side and either a STOP MARKET or STOP LIMIT on the other.

[zemuss]

Augh i just want a simple Stop Loss.. lol

I normally open a trade then set my SL.. I tried opening a Stop Limit after the order executed but it immediately closed the open trade. Im trying to figure out how to use this software better.

[Jerry Medved]

ok, if you want a simple stoploss, that would be a STOP MARTKET order. In your example above, with the current price at 0.77:

if you set a SELL STOP MARKET with a stop price of 0.54, then if the price drops to 0.54, the order becomes a SELL MARKET order

if you set a SELL STOP LIMIT with a stop price of 0.54 and a LIMIT Price of 0.50, then if the price drops to 0.54, the order becomes a SELL LIMIT order with a limit price of 0.50

Neither situation would cause the order to execute immediately.  Only way it would trigger or execute immediately would be if you set the stop price at or above the current price.

 

[zemuss]

Thank you for your support.

[zemuss]

I think i understand better.. If I wanted a Take Profit and Stop Loss that would be a OTOCA correct?

 

[Jerry Medved]

correct