Conditional Trade Orders
Are you sure you want to deal with the emotions associated with the risk of losing your money? Do you have the right mindset to make sure trading is enjoyable? A great tool to help manage emotions is the use of "conditional orders". A conditional order is an order that uses predetermined criteria to trigger an action. Here's an example of a "conditional order" that executed today: If the bid of $STLD is greater or equal to $30.49, sell $STLD at limit $30.50. This "conditional order" was created on Monday, September 14 and it triggered on Tuesday, September 15. There are a couple of things I like about this strategy: You don't have to openly "advertise" your plans to the public. You may already be wondering why not just place a sell order for $STLD at limit of $30.50? I prefer not to "show my hand" until I am ready to play my hand and I also like the power of putting some thought into the if/then conditions. Conditional