iv'e never used IB's trailing stops before so im unsure about something. lets say i place a long position with a -2.5 trail stop....if i place a limit sell at 3.25 above my entry price (target profit) and its executed will the trail stop automatically dissapear after exacution of the limit order or will it turn into a short?
You have to look into OCA (one cancels all) orders, in the Help files. The easiest way to do it is using bracket-orders; you place a buy-stop, and two sell orders, one stop below the entry and one limit above. Ursa..