Any Broker Offering Trading Using Multiple Choice Orders
Dear Friends,
If I buy a stock say Canara Bank @260 (assume CMP) my broker icicidirect allows to either sell it at Stop Loss price and avoid losses or place limit order and book profits or watch the stock manually and as per CMP place a market order.
Now my query is does any broker offer the following conditions to be placed in the first order itself:
Buy Order:
But at Market Price or Limit Price (Specify Limit Price) Eg: Market Price (260)
Sell Order:
For Stop Loss: (Less than CMP / Limit) = Rs.255/- For Eg
For Profit Booking: (more than CMP/ Limit) = Rs.267/- For eg.
So once if am able to enter the following conditions while placing buy order mostly with intention of intraday I need not look at the charts constantly and monitor the trade. Does any broker offer such facility wherein we can specify both stop loss price and profit booking price for both sell & buy orders.
Also if any broker is here then I would like to suggest them a facility of Automated Trading using steps / condition rules equivalent to human monitoring:
Consider the same example as above wherein canara bank is trading at 260 CMP and we wish to book profits at 267, now during the time of the day up / down swings will be there which may or may not hit our desired price but come close to our desired price and we may lose an opportunity of earning profits.
Hence for partial profit booking a step condition can be given like we can split the up from 260 to 267 as we wish by giving conditions (in chronological Order of chart swings) as:
1. To Book partial profit at 263 (qty to be specified if initial order is in lots eg 3 lots) = 1 lot @ 263
2. To Book Full Profit if the stock falls to 262 (after reaching 263) = 2 Lot @ 262
3. To Book Partial Profit if Stock rises to 264 = 1 Lot @ 264
4. To Book Full Profit if Stock falls to 263 = 1 Lot @ 263
5. To Book Full Profit if Stock rises to 267 = 1 Lot @ 267
Now the theory is all the above points are to be executed in chronological order of intraday chart:
First is after placing order either point 1 will happen or point 2 will happen, If point 2 happens full order is closed and trade ends. If point 3 happens partial profit booked and further system waits for either point 4 or 5 if point 4 strikes trade gets closed at 263 and if point 5 occurs trade gets closed at 267. Like this if we are able to put up multiple conditions then our trading will become much easier.
If any broker is here they can suggest after all its just a matter of coding the system and sending orders to exchange with conditions……
Dear Friends,
If I buy a stock say Canara Bank @260 (assume CMP) my broker icicidirect allows to either sell it at Stop Loss price and avoid losses or place limit order and book profits or watch the stock manually and as per CMP place a market order.
Now my query is does any broker offer the following conditions to be placed in the first order itself:
Buy Order:
But at Market Price or Limit Price (Specify Limit Price) Eg: Market Price (260)
Sell Order:
For Stop Loss: (Less than CMP / Limit) = Rs.255/- For Eg
For Profit Booking: (more than CMP/ Limit) = Rs.267/- For eg.
So once if am able to enter the following conditions while placing buy order mostly with intention of intraday I need not look at the charts constantly and monitor the trade. Does any broker offer such facility wherein we can specify both stop loss price and profit booking price for both sell & buy orders.
Also if any broker is here then I would like to suggest them a facility of Automated Trading using steps / condition rules equivalent to human monitoring:
Consider the same example as above wherein canara bank is trading at 260 CMP and we wish to book profits at 267, now during the time of the day up / down swings will be there which may or may not hit our desired price but come close to our desired price and we may lose an opportunity of earning profits.
Hence for partial profit booking a step condition can be given like we can split the up from 260 to 267 as we wish by giving conditions (in chronological Order of chart swings) as:
1. To Book partial profit at 263 (qty to be specified if initial order is in lots eg 3 lots) = 1 lot @ 263
2. To Book Full Profit if the stock falls to 262 (after reaching 263) = 2 Lot @ 262
3. To Book Partial Profit if Stock rises to 264 = 1 Lot @ 264
4. To Book Full Profit if Stock falls to 263 = 1 Lot @ 263
5. To Book Full Profit if Stock rises to 267 = 1 Lot @ 267
Now the theory is all the above points are to be executed in chronological order of intraday chart:
First is after placing order either point 1 will happen or point 2 will happen, If point 2 happens full order is closed and trade ends. If point 3 happens partial profit booked and further system waits for either point 4 or 5 if point 4 strikes trade gets closed at 263 and if point 5 occurs trade gets closed at 267. Like this if we are able to put up multiple conditions then our trading will become much easier.
If any broker is here they can suggest after all its just a matter of coding the system and sending orders to exchange with conditions……
