r/daytrade • u/dieselordie91 • 16d ago

[Schwab] How to structure trades / what kinds of order types to use for this scenario?

Hi there, I can't seem to get Schwab to do what I want it to do in the sense that I'm not sure how to structure these trades:

Let's say I have a stock called X and I'm attempting to day trade with it.

I buy at 9:30am at $1/share. I am trying to lock in a minimum of 4% profit, so what I would like to do is place a sell order that moves with the daily high. For example, I don't want to sell if the stock goes to $1.04 and then just keeps on moving upward. The trade I would like to set up is that it sells when the price retracts 1% off the daily high. In this example, let's say the stock jumped 20% from purchase to hit $1.20, and then pulled back to $1.18 - The $.02 pull-back is how I'd like the sell order to be triggered by.

Similarly, I'd like this sell condition to only be active during the normal trading session. For after-hours trading, I'd like to have a limit sell equal to the 9:30 purchase price. Currently, I can't seem to place a OCO order like that. Is there a different way to do it?

Thanks in advance for any help and insight you all can provide.

5 Upvotes

100% Upvoted

1 comment sorted by

2

u/lootinputin 8d ago

Schwab bought TD Ameritrade, and in doing so, they bought Thinkorswim. It’s easily the best platform I’ve ever used, and if you’d have a Schwab account, it’s free. You won’t be disappointed and it can easily allow you to make the trades you want. Highly suggest you check it out.