Smarter Cut Loss
Dear Moo Moo,
I need a smarter cut-loss mechanism. Currently, the cut-loss will fail if a part of the position is sold. This doesn't allow flexibility to:
- sell part of the position to make a small gain
- sell part of the position to make a small gain
- reset the cut-loss for the remaining of the position to break-een
- allowing the rest of the position for potential higher gain
I hope you can consider the above suggestion and allow the cut-loss mechanism to simply sell the remaining of the position, instead of failing when the stock is less than the original quamtum q; in short, please allow cut loss when n (current remaining shares) < q
Thank you for your consideration.
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FollowTradePlan : Set market lo instead of limit
102649069OP : I think I have found a work-around for a long position by using the Lmt-if-Touched or Mkt-if-Touched type order to replace the cut-loss. By placing separate sale orders, one for cut-loss and another (or even more) for profit taking, it may be possible to even automate this process. It is essential for all these to disallow shorts. That's why it only works for a long position. Will need to try this out.
102649069OP : Disappointed to have to post here that the work-around that I thought I had found would not work. The trigger price cannot be lower than current, and this effectively therefore means that the mkt-if-touched or lmt-if-touched cannot be used as a cut-loss mechanism. It can only be used as a profit-taking mechanism. But what's the point of setting one but not the other, right? If you have to watch out for the stock crashing to execute a cut-loss when necessary, then you might as well enjoy the monitoring for a profit-taking!
I Am 102927471 102649069OP: How about Trailing Stop/Trailing Stop Limit?