Urgent! How to set up trailing stop order in IB?

Discussion in 'Retail Brokers' started by mizhael, Feb 5, 2009.

  1. Folks,

    Just want to make sure:

    If the current price is $1.4, and I am long on it. And it looks it's going up. And I want to sell at the highest point after $1.5.

    Let's say it it goes to $1.5, $1.55, $1.6, I don't sell it, until it goes to $1.90. And then it peaks, turns back and retreats to $1.85.

    I want to sell at that very point $1.85, although my original target is only $1.50. I want it trails upward and have a moving target.

    How to set that up in IB?

    Being a first timer, I just got confused and missed such an opportunity.

    What if I want to it to have some buffer/tolerance, and when it peaks at $1.90 and retreats down to $1.85, I don't sell it, and believes that it will go up again to hit $2.00 and then comes back on $1.95 and I want to sell at that very point, $1.95.

    How do manage such orders in IB?

    And are there references or books talking about such exiting strategies? As a newbie I easily got too excited and hit the wrong button! :=)
  2. open up an order ticket, action sell, order type trail, enter amount or % you want to trail. send it.
  3. Viper101


    ditto to that. just remember to give yourself room depending on the range of the candles. varies per chart
  4. What do you mean by "candles"?

    Any detailed examples?

    Thanks a lot!