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If my p/l for the day increases to $300+, can I design an order that will sell whatever shares are necessary for me to take that $300 in profits without closing the position in ThinkorSwim?
Can you help answer these questions from other members on NexusFi?
In clarification, I wanted to know how to create an order that AUTOMATICALLY sells a certain dollar amount of shares. I would like to configure an advanced order of some type so that I don't have to watch it all day. I want ThinkorSwim to automatically execute the trade for $300 if or when my p/l for the day exceeds $300. Does anyone know if there is a way to do that?
Thats kind of what an OCO order does..
but you would have to set the limit on it for it to be 300..
lets say you get into a stock at $10 (for easy math sake)
you do it with one of the bracket orders... or oco
this would then create an order that goes out with a stop and a sell limit
[i would show you an image but cant yet]
now, in Active trader you can customize the columns..
you have to add P/L Open
the down side is if you have same shares long...
but lets say your just trading... this column basically details your profit..
you can then slide the limit bar up to the point where its $300 or close given number of shares
this would then be an AON trade.... you either run to the target ($300), or get stopped out
however, i would, after submitting, resubmit while setting the trade to end before the end of day so your not stuck with the shares overnight..
Thank you, Artfldgr, that was helpful. From what I understand, if I use Active Trader, the OCO could include a stop loss order and a limit order to sell $300 in shares. Unfortunately, it doesn't appear as though I can link the order to the 'p/l day' or 'net liquidity' though in Active Trader. I guess that I would either have to base the order on percentage or price of the share.
While flexible, it does not do exactly waht you want. but now i can put up images.
you CAN make the buy/sale then use OCO, but you can also use TRG w/bracket
IF you use the latter, as indicated above, you can set the limit to what you want it to be
So if your submitting 1000 shares (in the example i am using paper trading forex so bear with me)
You can divide 300 / 1000 which would say set to .30 cents
OR
you can add P/L open to the columns, submit your order with a wide enough spred using TRG w/ bracket
then you can move the limit to the point where p/l open says its 300 like in the picture above.
while this is not directly what you want, it will get you there.
as would the oco after you buy, and either do the math or move the order using P/L open
The downside to the plan (there always is one) is that if your are long on the stock already
the P/L open column will already be populated with your profit and loss on what your already holding.
[which i will assume is one of the many reasons some keep multiple accounts so they can hold long in one and trade in the other]
Thank you, Artfldgr, for the images! I like the idea of adding the P/L open to the columns and submitting the order with a spread using the TRG w/ bracket. That would seem to make it easier and faster to edit the order every day anyway. I see now though that I may need to base the trade on net liquidity minus the original trade price. I appreciate your patience, Artfldgr. I'm still trying to learn the most effective and efficient strategy.
I am learning too... though i dont trade futures (yet).
Im a beginner who has to succeed or lose my home (no pressure!)
Also if your going to put in an order and forget it...an All or nothing. you should also tell it to sell near end of day or you will end up holding overnight and if the order is a day order, it will cancel.
From what I understand, many companies are inflating their stocks in order to take the money and run before the market crashes. I guess I'm following their lead by taking the profits when available rather than waiting to maximize the profits. It seems overly simple but I'm not sure it necessarily needs to be more complicated especially considering the current environment.
IF you look at the whole of the market, aside from the scary bears...
it has only crashed or seriously pulled back less than 7 times since the 1980s or so.. maybe less
so the idea of such a thing is like looking at the short term..
take a look at the 2008
In longer than my life, and many wars, how did it perform???
did it EVER CRASH like the people who are planning on a crash said?
even 2008 wasn't much of a crash if you extend the market record going back!!!!!!!!!!!!!!
and if you had cash, it was probably the biggest opportunity of your life!! (and mine)
there is a good reason why too..
Why doesn't the NASDAQ climb like this?
Easy, new tech replaces old tech, so it cant climb like that as it has nothing to build on
Why DOES the S&P climb like this? why so high?
Well from the 1990s onward, the S&P less and less represents USA money and more GLOBAL MONEY
more and more company assets, and diversification is global and diversified that way
and the other exchanges represent things that last, and so keep building up
Clorox bleach is not going anywhere... nor is Heinz catsup.. (owned by another company)
While the market in the US may be mature, there are still HUGE GROWTH areas waiting to participate fully
they wont do this in our lifetimes...
Indonesia, my wifes country is growing at a solid rate as it eases more and more into the world markets
China of course is our big focus. but will the communist country stay that way? or is this just a plan before war?
[given the history of such states across the past 100 years, no one knows truthfully]
and when the globe is full up (way past our deaths)
what will expanding into space? as new wealth comes from mining resources...
and now slowly, those old horrible dumping grounds are turning out to be places where raw materials are concentrated like veins in mines... but will space resources lower enough over going deeper?
peak oil was such a joke... why? well, the DEEPEST wells go 7 miles down.. you think dinosaurs are that deep?
the worlds deepest well is Z-44 Chayvo, and it goes over 40,000 ft (12 km) into the ground
and dinosaurs?
The somewhat rough uncovering of Norway's first dinosaur happened in the North Sea, at an entire 2256 metres below the seabed. It had been there for nearly 200 million years, ever since the time the North Sea wasn't a sea at all, but an enormous alluvial plane.
so much for oil from animals only...
and what about the feared global warming? CO2 is a LAGGING indicator.. meaning, its released when things get warmer, and its locked up when they get colder... but so far, we aint warming and ZERO of the models have been right so far.. not one... (and did you ever notice that the real pushers of it are authoritarians? who want to save us by doing what to us? they just need our permission?)
if one opens ones eyes, there are all kinds of better interpretation for things than the press gives
much better...
why doesn't the US have tons of nuclear plants? after all, we are one of the places blessed with huge amounts of such as a resource? politics... global warming? politics.. peak oil? politics...
how deep is the deepest mine?
AngloGold Ashanti's Mponeng gold mine, located south-west of Johannesburg in South Africa, is currently the deepest mine in the world. The operating depth at Mponeng mine ranged from between 3.16km to 3.84km below the surface by the end of 2018
The Earth's crust ranges from 5–70 kilometres (3.1–43.5 mi) in depth and is the outermost layer.
we dont even come near the limit of the crust and its resources...
matter cant be made or unmade, it can only be moved around...
so the estimates of losing out on materials really are only about the first few kilometers, not more.
how much more is ready?
it all has to do with energy and efficiency, of which the stuff they are pushing now, is super fragile
meaning once converted, we are dead ducks in a war... but the authoritarians win on that, dont they?
but with the ability to drill MILES down... we have literally endless energy in planetary heat...
so as that improves, then what will happen? what about GE micro nuclear generators? or westinghouse?
<b>for every mile you dig beneath the Earth's surface, the temperature rises 15º F and the pressure increases simultaneously at a rate of about 7,300 pounds per square inch. Violations of the 15-degrees-per-mile rule are unknown and constitute the notorious forbidden zone. </b>
and
The TauTona Mine in South Africa is currently the world's deepest mine, with a depth of ~ 4 km. At that depth, it reaches 60 degrees centigrade without air conditioning, which is fatal to humans. As for machines, the deepest hole ever dug is the Kola Superdeep Borehole, reaching over 12 km beneath the surface. Drilling of the hole had to stop due to temperatures reaching 180 degrees centigrade. So perhaps that gives some idea of the limit for machines.
PLENTY of energy for wherever you want to be...
its just the people are not aware, and they are quite easily screwed with POLITICALLY...
[i was a physics major at bronx science, and later became a programmer when schools did not accept me due to the shift from males to females... but i continued to study and learn and read and know the way things work, regardless of what self interested people say... ]
what kind of crash do you see? 50% loss? 10% loss? 50% is a crash.. 25% is a correction..
I'm not experienced enough to determine what kind of crash we'll see, Artfldgr. I'm not sure anyone is. A crash would certainly advance global governance though. That may be why the global government via the fed is devaluing the dollar by pumping money into the market which causes inflation. At some point, people just don't have the money to pay for things which causes companies to go out of business which causes people to lose jobs. I think I understand what you are saying about commodities which is why I believe that, if or when the market crashes, gold and silver will be good stocks to be holding.
