Oh ok, I haven't traded commodities with Zerodha, so I didn't know. Right.
Well, I trade early-morning momentum, so I am looking to cram in numerous pending orders in different stocks right from the start of the session, & BO helps somewhat in saving me a little bit of time given that I don't have to worry about putting in SL & TP as separate orders, especially given that many stocks can be pretty volatile in the morning; not to mention, if one is putting in SL & TP as separate orders then there's a chance that one might forget to cancel one of them once the other is hit, & that's where BO's help with auto-cancellation feature, which can come in handy if you're having to keep an eye on many symbols simultaneously when trading smaller timeframes. And, while I'm trading only small orders for now, it's because I'm testing a new strategy, & if the results continue to be positive, I intend to double the quantities every week until 5m charts can absorb them without giving me significant slippage.
I have traded with "set & forget" approach in the past but then, if the trade doesn't play itself out during the day then one always has to worry about overnight gaps in stocks, which can throw off one's R:R calculations, so I felt that maybe that method wasn't right for my psychology, & that's why, I switched to moving my SL's (& occasionally TP, if there's enough momentum) & sticking to intraday trading only (at least for now). I guess you don't usually have to worry about your trades not hitting either your SL or TP during the trading-session since the commodities markets trade for almost twice the amount of time as stock markets, which can be useful when trading commodities. If you don't mind me asking this, what timeframes are you trading on commodities, & do you do intraday only?
Well, I trade early-morning momentum, so I am looking to cram in numerous pending orders in different stocks right from the start of the session, & BO helps somewhat in saving me a little bit of time given that I don't have to worry about putting in SL & TP as separate orders, especially given that many stocks can be pretty volatile in the morning; not to mention, if one is putting in SL & TP as separate orders then there's a chance that one might forget to cancel one of them once the other is hit, & that's where BO's help with auto-cancellation feature, which can come in handy if you're having to keep an eye on many symbols simultaneously when trading smaller timeframes. And, while I'm trading only small orders for now, it's because I'm testing a new strategy, & if the results continue to be positive, I intend to double the quantities every week until 5m charts can absorb them without giving me significant slippage.
I have traded with "set & forget" approach in the past but then, if the trade doesn't play itself out during the day then one always has to worry about overnight gaps in stocks, which can throw off one's R:R calculations, so I felt that maybe that method wasn't right for my psychology, & that's why, I switched to moving my SL's (& occasionally TP, if there's enough momentum) & sticking to intraday trading only (at least for now). I guess you don't usually have to worry about your trades not hitting either your SL or TP during the trading-session since the commodities markets trade for almost twice the amount of time as stock markets, which can be useful when trading commodities. If you don't mind me asking this, what timeframes are you trading on commodities, & do you do intraday only?
