I was wondering if anyone knows an online trading brokerage account or trading platform that allows to execute Basket Trading with Advanced Order types. I like a swing strategy to buy/short sell a number of stocks (5-10 different company stocks) and sell/buy back them all within short duration when whole portfolio has gained certain profits. However, I have a day job and cannot monitor my portfolio frequently during market times. My current online trader account can allow to set limit orders on individual stocks but NOT for "Basket" of stocks as whole (meaning I cannot set limit order to whole portfolio account value and tell it to sell all when portfolio reaches certain amount). It is very hard to keep monitoring individual stocks within 5-10 different stock portfolio (with day job) and I would love to switch to a trading platform that can allow me to set "Advanced/Limit Order" to "sell all" when whole portfolio reaches certain amount. Can anybody let me know any trading platform that can do this? Thanks.
Never used it. But it is the most detailed I have seen yet. Btw, If you go limit order on each stock, you probably won't get all your orders filled. So there will be a lot of cleanup the next day. Moo and moc is the common practice, I think.
Fidelity offers this, but only with market orders. Haven't used it. https://scs.fidelity.com/webxpress/help/topics/learn_basket_trading.shtml You could also use Motif investing which would let you buy and sell a basket of up to 30 stocks for just $10 each way (better than Fidelity where you pay commissions on a per stock basis), and they'll handle fractional shares in case you want more precision in your weights. Also just market orders. https://www.motifinvesting.com/e? I don't think either of these supports a "profit taker limit order" on the basket at large however, which seems to be what you want.
Thank you xandman & MoreLeverage for your suggestions. Yes - Fiedelity & IB does offer Basket Trading but with "Market Orders" only - not "Limit Orders" on whole basket (which is better than my current brokerage which do not offer basket trading period.) I still cannot find a brokerage that offers Basket Trading with Limit Order feature. Seems like I'm one of the very few who wants this.
If market orders are good enough, maybe you can write a script that pulls your basket prices periodically from a public source or a broker and emails you when the overall profit target is hit. Then you can go place your sell order.
I think the reason why you can't find what you're looking for is because your request doesn't make much sense. You are wanting to be able to trade a basket of stocks but yet treat each stock individually with specific limit order execution prices. There's no need to even have a basket trading feature if you want each stock executed at precise prices. Because that's not basket trading. That's just trading.
There is a brokerage firm that offers what you are looking for and much more, "Folio Investing." I had been a client of theire's, a retail customer, for a couple of years and was just getting into the hang of all of the fantastic investing and trading tools they had when they were acquired by Goldman Sachs who terminated 70,000 retail accounts, deciding to open it to advisors only or whatever, but not retail. Ever since that time I've been looking for a replacement that offers at least some of the features which included what you are describing but so much more. If you want to know more let me know and I will go into detail on some aspects because I thought so highly of their platform and there's absolutely nothing that can hold a candle to it. I realize that this is a reply to a post by you 7 years old! But maybe someone out there knows of the Folio Investing features and could suggest another brokerage firm that is similar.........I would be surprised if there were. Hope springs eternal. Joe Mersnik
There are many good reasons to do so. I am keenly interested in finding a replacement for Folio Investing that offered that feature, sometimes referred to as basket trading, it that capability was just the tip of the iceberg of many other great features offered to the investor. Folio Investing no longer offers retail accounts since acquired by Goldman Sachs.