Hi,
I am new to trading and was following morning news on CNBC. There they tell which stock to focus today. I don’t blindly follow anything but just to get my hands dirty I thought to follow them for one stock. They share info something like this -
BUY - ShareName
CMP - XXX
SL - XXX - YY
TARGET - ZZZ
Now this make sense. But, when I searched what type of order is best for this strategy where you have a SL option to cover loss as well as TARGET option to book profit, I got to know about Bracket Orders(BO). But, this seems to be nonfunctional now. My question is, what are alternatives of this?
One way I can think of is, place a Cover order(CO), which shall cover your risk by placing a SL, and then a limit order for target. But this way, lets say if my Stop loss hits, wont my limit target sell order still be active?
What is the best way to achieve what I want with least monitoring? I cannot track market much due to stressful regular job.