I think I figured out, how the "Sell at #% profit target" exit works:
In order to realize it, you usually don't have to place a limit order with your broker. It is just on an "end of day" basis that Wealth Lab will compare if the profit target was reached during the opening hours, and if yes you have to place a "sell on open" order for the next day.
It is different when you click the "same bar" option. Then, you have to set up a limit order in your broker software which is valid for the day when the stock was purchased. (Practically you can only set up this order once the stock is purchased, cause the limit is calculated from the purchase price.) But after the first day has passed, no limit order will be involved anymore.
Am I figuring it out it correctly? Thank you for your help!
Werner
In order to realize it, you usually don't have to place a limit order with your broker. It is just on an "end of day" basis that Wealth Lab will compare if the profit target was reached during the opening hours, and if yes you have to place a "sell on open" order for the next day.
It is different when you click the "same bar" option. Then, you have to set up a limit order in your broker software which is valid for the day when the stock was purchased. (Practically you can only set up this order once the stock is purchased, cause the limit is calculated from the purchase price.) But after the first day has passed, no limit order will be involved anymore.
Am I figuring it out it correctly? Thank you for your help!
Werner
Rename
You don't have to guess because the order type will be Limit. You need to place the Limit order before the open of the next day. If you're using Same-bar and Auto-Trading, then a limit order will be placed as soon as the entry order fills.
If you want to use a Market order the next day, then that's different conditional logic associated with a Sell At Market block.
If you want to use a Market order the next day, then that's different conditional logic associated with a Sell At Market block.
OK, thank you so much for the clarification!
Werner
Werner
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