I am new to trading and is going to use the ODIN Diet trading software for the first time. It is given by my broker.
According to the RM of this broker house, I personally felt that ODIN is the most non-user friendly software ever used!
He explained to me that for stop loss and to take profit from my each trade, I need to open or create 2 more trades (Buy/Sell)!! I will explain it in more detail with examples below.
Scenario 1 (Long)
If I am planning to buy 1 unit of NIFTY from futures and suppose I am buying it at 5500 and I want to place a stop loss at 5450 and take my profit if it reaches 5600. Now, according to my RM, what I had to do is to take my first trader by buying Nifty 1 lot at 5500 by placing a regular buy order. Now as soon as I have brought it now to place a stop loss, I had to place another fresh sell order of 5450! And in order to place a take profit order, I need place another new order and this time a buy order at 5600!
Suppose if I am stop loss hit and that 2nd sell order will be executed and the third (take profit) order will still be live and if again NIFTY bounces back to 5600 it will be executed as a new and fresh order! I am totally bamboozled with this option! So what I have to avoid is to cancel this order each time the stop loss is hit and vice versa.
Scenario 2 (Short)
It is the same query but in the reverse order
I am buying Nifty at 5500
Take Profit: 5000
Stop Loss: 5550
Take Profit/Stop loss hit
I had to manually cancel my 3rd order (the stop loss/take profit) order!
Is this is how it really works when it comes to stop loss and take profit in ODIN? Or my RM has explained it to me wrongly?
Seniors please explain.
According to the RM of this broker house, I personally felt that ODIN is the most non-user friendly software ever used!
He explained to me that for stop loss and to take profit from my each trade, I need to open or create 2 more trades (Buy/Sell)!! I will explain it in more detail with examples below.
Scenario 1 (Long)
If I am planning to buy 1 unit of NIFTY from futures and suppose I am buying it at 5500 and I want to place a stop loss at 5450 and take my profit if it reaches 5600. Now, according to my RM, what I had to do is to take my first trader by buying Nifty 1 lot at 5500 by placing a regular buy order. Now as soon as I have brought it now to place a stop loss, I had to place another fresh sell order of 5450! And in order to place a take profit order, I need place another new order and this time a buy order at 5600!
Suppose if I am stop loss hit and that 2nd sell order will be executed and the third (take profit) order will still be live and if again NIFTY bounces back to 5600 it will be executed as a new and fresh order! I am totally bamboozled with this option! So what I have to avoid is to cancel this order each time the stop loss is hit and vice versa.
Scenario 2 (Short)
It is the same query but in the reverse order
I am buying Nifty at 5500
Take Profit: 5000
Stop Loss: 5550
Take Profit/Stop loss hit
I had to manually cancel my 3rd order (the stop loss/take profit) order!
Is this is how it really works when it comes to stop loss and take profit in ODIN? Or my RM has explained it to me wrongly?
Seniors please explain.