Not having discipline I have lost my life savings. This also partially due to my nature of job (I have to drive most of the time), I was not having enough time during working hours to monitor the stock. Now I am out of job, thinking of going into day trading. I feel the IBKR->Order Types-> Bracket order is one of the best choices when it comes to manage emotions. This order type allow me to specify buy price, sell price for lower limit and upper limit and execute as Limit order or Market order. What are the Pro's and Con's of using bracket order? Please share your thoughts I appreciate.
Seems like your saying that you have a fulltime job and you were attempting to trade while working via leaving your trade positions unattended. Thus, you need a more reliable solution and that's not trying to manage you trades via bracket orders. Your solution should be switching to a trading instrument that doesn't conflict with your work related hours. That solution will allow you to properly and responsibly monitor your trade positions especially via the fact that you were losing your life savings. There are many markets to trade and your obligation is to protect your capital and only trade with money you can AFFORD to lose. Simply, anytime someone saids they lost their life savings as in money they had put aside when they retire... That was not money they could afford to lose. I'll repeat... Switch to a different trading instrument that does not conflict with your fulltime job especially in this extreme high volatility market conditions. Therefore, you have no obligation to stay married to any particular trading instrument. Thus, a losing trader that has lost his/her life savings while trading and while not being able to monitor the trade position properly... Don't try to use bracket orders as a surrogate mother to managing a trade position. The second option (solution) is to find a different job that doesn't conflict with your trading instrument if you have already made a decision you will stay married to that trading instrument. Also, my comments above is not aimed at those that are profitable and doing what your doing. Mark