Hi everybody, i need help regarding setting stop loss and take profit in options trading. By the way, I am using interactive brokers. I still have an open trade in my 'LIVE' account but not sure how to apply it. By setting Limit and transmit at $3 means I take my profit at $3 when the market goes up. * And by setting my stop order and transmit at $1.50 means I stop loss at $1.50 right? *** That's means I have to transmit 2 orders. 1 is a limit and 1 is a stop right?
Sounds about right. Prolly wanna do a OCO (one cancels other) so you don't screw yourself. Also, IF the market goes up and IF it does not blow thru your stop.
hi bro, thanks for your input. But interactive broker doesn't seems like it got OCO ( One Cancels Other ). I am going off to Miami for a holiday so gotta figure it out before I go for my holiday. How to use OCO in interactive broker?