Hello, this is my first post here so much appreciated for any feedback in advance. So I am working a majority of the time when the market starts and is running, but have a question for if I wanted to set up orders to automatically execute at a price. I'll start with one question so the next makes a bit more sense I hope. Let's say I want to execute stock XYZ at a limit buy price of $8.06, but also want to attach a stop loss order to it that only goes into affect when the buy order has been executed. I use eTrade and it looks like they have it set up where you have to actually choose the option "Sell to Short" if you want to short a stock, so I am assuming that if the market went south and I had not yet purchased the stock because the buy price was never reached, and had a stop loss set up at $7.60 it wouldn't actually execute a sell short position when it hit that price nullifying the need to have to attach a one-cancels-other (OCO) to it, am I correct there? If so, is it possible to setup the limit buy price and the stop price for the order to execute before the market opens up so they automatically occur without the need for me to be around to do anything beyond the initial setup of it? Secondly, if the above is possible, at that point I could setup multiple buy orders with a one-cancels-all (OCA) and if one of them is executed it would automatically cancel the other orders and stops attached to those orders. Hope this all made sense, and thank you in advance for any help.
Bugsy: For the first part of your question: Is the following what you want? For 2nd question: "Secondly, if the above is possible, at that point I could setup multiple buy orders with a one-cancels-all (OCA) and if one of them is executed it would automatically cancel the other orders and stops attached to those orders." <-- Not if I understand you correctly. You can place multiple orders in a OCA, which implies if one occurs then the remaining will be canceled. You can't create a OCA and "One-Triggers --???" with the same trade however. (Ie... "stops attached to those orders" implies it is NOT a OCA order!) Hopefully this helps. Above is pasted from my ETRADE account. However, I only trade in my TOS account, so others may have more info than I for ETRADE.
Thank you for attaching the image so I have a visual. Yes on the second question that's what I was looking to do so I could have better odds of entering into a position vs hoping that one position hits an entry price. Much appreciated for the feedback thank you.