the best way for entering a trailing stop order and a time order in IB?

Discussion in 'Automated Trading' started by pepper_john, Apr 15, 2013.

  1. I have a newbie question and hope someone can help me.

    Suppose I have a long position in qqq and want to sell it five days later at 3:50 pm, and meanwhile I have a trailing stop order to protect the profit or limit the loss. Is OCA group order the best way to enter these two orders?

    Alternatively, I can setup a stop order first, change it as time goes on, and check at 3:50 to see if the stop order has been executed or not, and if not I will sell the position at market.

    I see some risks in the 2nd approach, in that I could up end up closing the position twice.

    Any idea about these two approaches, or any other approach?

    Thanks in advance.