Page 284 - THE MARKET WHISPERER

28 0 PART 9 - The Trading Platform
Entering the Trailing Stop Order

This is a relatively simple process and very much like entering a regular
stop, except that in window [1] you need to choose “trailing” through
one of two ways: either as $ or as %. I have chosen $ in the image above.
Now enter the range. In this case I chose $0.30 [2]. Authorize the order
by clicking OK, then check to make sure the order is listed in the trade
manager under the Orders tab. That’s it.

Complex Orders

Not all trading platforms are able to execute complex orders, but the
COLMEX Expert system can. These orders are structured from several
different steps that, when activated, cancel other steps. For example, Stop
Limit +TTO does the following: (1) buys the stock at a specific price (stop
price), but not for more than a defined price (limit), and then (2) if the
stock was bought, activates a profit or loss order. Then, (3) if the price
goes up to profit target, sells and (4) if the price drops to the stop loss,
sells. When either the stop loss or profit target is reached, it cancels out
the other.

The significance of this complex order is clear: it makes defining
all parameters of the trade possible by defining both the trigger price,
controlling the maximum execution price (the limit), and then the target
or loss prices. These orders can be entered before trading hours, and then
you can go on vacation. Amazing!