Help me on trading this.
Let’s say I want to trade SBI. Now it’s trading at 185. I want to enter it on 190. So I keep a SLM order with trigger 190. Once sbi starts trading at 190 the order gets executed and I’m in the position.
Now I want to exit the position if it reaches 195 or 185. Which ever reaches first. GTT can be placed only on CNC orders I guess. Please help me guys. Thanks.
If you are long you can put Limit Sell order at 195 and SL-L or SL-M Sell order at 185, if you are short put SL-L or SL-M Buy order at 195 and Limit Buy order at 185.
When either of this order is triggered you will have to manually cancel the pending order.
Will that require excess margin? For placing 2 short orders on a long position?
Additional margin isn’t required as long as you don’t exit main position, when you exit main position these orders will block additional margin.
Also, if either of the two orders (195 or 185) is hit you will have to cancel pending order manually.