How would I put the following trade on IB? I want to buy say, a NASDAQ future and at the beginning of the day decide if I want to long or short it. If it it's long and the market fluctuates +1% during the day, I make 100% of my money. If it goes down 1% I'm automatically sold out and lose all the money I put in. The reverse would also be true.. if I want decide to short and the market fluctuates 1% down I make 100%, if it fluctuates 1% up, I lose 100% automatically. How could such a trade be placed on IB? Any help would be welcome. Thanks
cvds's answer is right but might be a bit short for you. I believe you can do it with IB's TWS Booktrader but you can certainly do it automatically with bracket trader, zeroline trader, ninja trader and other IB front ends. You place your order with a bracket exit associated with it. The bracket is a pair of exit orders that cancel each other out if one is filled. For a long=buy order the bracket after you are filled would be would be Sell 1 at X+1% (u fill in the numbers) limit and Sell 1 at X-1% stop, One Cancels Other. If you get filled then the two exit orders are placed in the market (or off market but thats another story) and you just wait, sitting on your hands, to see what happens. If the limit is hit, you profit and the stop is automatically cancelled. If the stop is hit you take a loss and the limit order is automatically cancelled.
So I don't need to play with levarage? Buying a normal Nasdaq future would work for what I want? Thanks a lot for great help kiwi trader