Is there such a thing as an order that executes a trailing stop as soon as a certain limit price is hit? For example: Say you have a position that you want to close out if a certain price is hit. Once that price is hit a trailing stop is executed just incase the price continues in a favorable direction. If not, no big deal but this type of order is potentially more lucrative than closing your trades out with limit orders.
Good question. I've got a few too I would like. I don't know why these brokers don't get off their asses and start coming up with this shit.
It is possible to do this and also smart, but the easiest way is to issue a very tight trail which should be possible with any software program. This gives the trade room to run for you but not against you.