Doing something wrong with stops?

[azuyuyete]

Hi, fairly new to active trading. I am having an issue with settings stops correctly.

I want to set a stop for both my target and stop loss. So say I have 150 shares of XXX at $30. I want to set a stop loss at $28, but I also want to set a limit/stop at say $33 to take profit. Basically so I can be happy with those exits points and not have to watch it. So far with a couple different trading platforms trying to do something like that has given me warnings. The warnings are that there are two orders of the same size at the same time, so it will consider the second order a sell short position. Is this right? Am I going about this the wrong way?

[Barbaradak]

The order will go through if you by pass the warnings, but what happens if you reach the target and sells the stock? Will the other one trigger and do a short of the stock?

Thank for any help

[Barreraoi]

What you need is what's called a bracket order or a OCO (one cancels other) order. This means, as the name implies, that once one of your sell orders executes, the other one is cancelled. Not all brokers offer bracket or OCO orders so you'll need to check with yours. From what you've said, it sounds like you were simply placing 2 different sell orders, which is not what you want because after the first order executes, the order that's left will be an order to sell SHORT (as the warning informed you).

[baxzepod71]

Yeah unfortunately they don't have those order options. Have to just stick with one stop and keep an eye on it. Thanks for the input.

[bbhuijhq82]

interesting. anyone know what broker offers this feature?