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The Hague, The Netherlands
Experience: Beginner
Platform: IB TWS (and NinjaTrader)
Trading: Stocks/Indices
Posts: 24 since Jun 2015
Thanks Given: 86
Thanks Received: 5
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Hi guys, first post here.
I'm playing around with an IB demo account and trying to figure out how to enter a trailing stop order that is only triggered once a certain price has been hit. The purpose is to lock in profits, but only to actually sell when price has dropped too much.
Let's say I buy a stock at $20.00 and I want to put in a trailing stop as soon as the stock price has gone up to at least $20.50. I then want the trailing stop order to fire and start trailing the price while it is moving up. E.g. I want it to trail with $0.10, so if it rises to $20.80 and then back to $20.70 the stock should be sold.
I can't figure this out with the order types I'm seeing, at first I thought a trailing stop would do the trick, but it's set at the 'wrong side' because the price hasn't hit the stop level yet if you know what I mean. (normally you'd set a trailing stop at a price BELOW the current price).
It also won't let me do conditional orders with trailing stops. (just normal stops)
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