I’m looking for a bit of clarification regarding the trading process in my ''Invest" account; i’m looking to implement both a “stop loss” trigger and “limit” trigger to my stock selling order, but the only options are either one of the two that i’ve mentioned or “stop limit” in which the “limit” would only act as continuation to the “stop loss” order, as opposed to putting a higher “limit” order to sell my action (Sell Bracket)
Let’s say I bought 100 shares of company XYZ at 10$ a share. I think that the market price will rise to 12$, so I would like to sell ALL MY SHARES at 12$ (that’s the limit sell order).
On the other hand, I’d like to protect myself in case things don’t go as I expected (and let’s also imagine that I am not able to constantly monitor the market). I would like to sell ALL MY SHARES at 8$, in case the price fell to that level (and that would be the stop sell, or stop loss order).
How can I do this? If I place a sell order at 12$, my shares end up reserved in the order book and I am not able to set the stop loss at 8$. Is that feasable with only the “stop limit” order? or do i have to put both orders separatly? and if so, how do i proceed to do so since i’m only allowed to choose one?
Someone please clarify for me this issue as i’m currently stuck
Thank you guys a lot in advance.