Day Trading Sell or Buy To Limit Loss, Book Profit
If I buy a stock at Rs. 100 and want to exit at Rs.110 (10% profit) or at Rs. 95 (5% loss), is there an automatic way in which I can place one order instead of 2 sell orders. In case of 2 sell orders I have to cancel the other once one order is executed. Can the other sell be automatically cancelled?
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I am not sure you have an automatic option to cancel one order when the other gets executed. The only scenario I can think of is: Place 2 orders, 1 with a stop loss of Rs. 95 (so your stock will get sold once the scrip price drops to Rs. 95) and the second order for a sell for Rs. 110.
When the scrip goes up to Rs. 110, your order will be executed and you will exit with a profit of Rs. 10 or 10%. But you have to manually cancel the other (stop loss) sell order, else if the scrip goes down to that level, you will be short of that scrip.
Similarly, if the stock price goes down to Rs. 95, your stop loss will be triggered and you will limit your loss to 5%. Then you must manually cancel the other sell order of Rs. 100.
I hope this answers your question.