I went long with 1000 share (using cover order) how can sell half of my position (500 share) and let other half in trade ?
Simple sell 1000 shares and buy 500 shares or vice versa
Its the cover order mechanism. we also cannot set our cover price, we can cover it only with exit option which we end up with less profit or sometimes loss on less liquid stock even if we cover at profit price. The reason why i stopped using cover order, i once covered bajaj auto at +.3% profit but my order ended up -.2% average.
So what order do you use now for intraday ?
Bracket order or MIS stop loss order.
in bracket order we get like 20x leverage but we have to set our square off price and stoploss price while opening a position and we cannot change our square off price once the trade executed, but we can exit the position at anytime we want for whatever market price is at.
in Mis stoploss order we get only like 14x leverage but we can square off manually at any price we want.