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How to limit your risk with market orders


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How to limit your risk with market orders

  #1 (permalink)
idude
Leiria, Portugal
 
Posts: 23 since Jun 2013
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Hello traders,

I've trying to figure out how to limit my risk and and how to set my target after I enter a market order without any attached orders. Everytime I have a lone maket order and I try to enter an OCO to limit my risk and set my target I get an error. Is it possible to enter these after you have a lone market order like in Ninjatrader?

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  #2 (permalink)
 Sawtooth 
Prescott AZ USA
 
Experience: Advanced
Platform: SierraChart
Broker: Stage5, FCM:Dorman, Data:Denali, Routing:Teton
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Yes, it is possible.
Attached Orders Feature - Sierra Chart

Then click on the link for specific instructions.
Order Types - Sierra Chart

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  #3 (permalink)
idude
Leiria, Portugal
 
Posts: 23 since Jun 2013
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tomgilb View Post
Yes, it is possible.
Attached Orders Feature - Sierra Chart

Then click on the link for specific instructions.
Order Types - Sierra Chart

That is not my question, I'am aware that you can with attached orders.

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  #4 (permalink)
 Sawtooth 
Prescott AZ USA
 
Experience: Advanced
Platform: SierraChart
Broker: Stage5, FCM:Dorman, Data:Denali, Routing:Teton
Trading: YM ES NQ
Posts: 474 since Nov 2009
Thanks Given: 216
Thanks Received: 603

Sierra Chart will do what you want. The second link I posted explains how to add an OCO order to a lone existing pending order or a lone open position.

Here are the basic steps:
1) preset one or both target and/or stop offset on the Targets tab.
2) uncheck Use Attached Orders
3) enter your lone market order
4) On the Main tab, from the unlabeled dropdown menu, select Attached Orders-Position
5) press the Buy button if short, or the Sell button if long.
6) manually adjust the target/stop to your requirements.

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  #5 (permalink)
 
LukeGeniol's Avatar
 LukeGeniol 
Italy (IT) Italy
 
Experience: Advanced
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tomgilb View Post
Sierra Chart will do what you want. The second link I posted explains how to add an OCO order to a lone existing pending order or a lone open position.

Here are the basic steps:
1) preset one or both target and/or stop offset on the Targets tab.
.................

You can set the target and the stop also after you made the market order.....

Take your Pips, go out and Live.
Luke.
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