Monday, April 27, 2009

04/27 - Take Profit Order

Today I learned an extra lesson: set up the "take profit" contingent orders on every trade as part of the OCO order to make adjustments. This will automatically take the risk off the table and lock-in profits when the market provides them.

I had this in place for the EWZ double-diagonal and RUT condor, it worked perfectly. Not quite working on the MNX condor, the order is there but there are no takers.. I forgot to place the order for OIH. Well, I was on vacation in a resort in Brazil.. I consider a success just the fact I was tracking the end-of-day market and with contingent orders in place..

One way or another, good to document it here on my blog.

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