Once a Limit CO order is placed - will take the eg of buy - a limit buy order is executed when price satisfies and a pending SL order is also placed.
Now I place a Limit RGLR order for target and once that gets executed and I have booked profit I no longer need the SL order.
Now the problem is how to cancel the SL order - we have only Modify/Exit wherein both options are not applicable.
If I long press the order in mobile Kite a cancel option comes up but when selected actually places a sell order on the CMP - Lost money bcos of this.
Let me know what needs to be done to cancel this SL order safely? (all this issues is due to non availability of BO order - wherein target order would have automatically cancelled the SL order and vice versa)
In CO both your Buy position and SL order are tagged together, you can’t specifically cancel the SL order, you can only Exit and that will close your whole trade (will square-off your Buy position as well).
You can close the whole CO trade if your target is reached and you no longer need SL order.
You are placing Limit regular order for Target, when triggered this won’t square-off your Buy CO order but will create fresh short position, while your CO order will stay as is.
How to exit the order at a chosen price - meaning how to exit at Limit price instead of market price for traget - From what you are saying I believe we can exit only at market price. Is the understanding correct?
Then what is the use of this type of order if we cannot exit at limit price.
And what is the way out to have both target & SL orders - do we manually place 2 limit orders one each SL and target after the first order gets executed - to mimic BO orders - until we do all these we will end up in losses.
I think the fact that CO orders do not allow any Limit orders for Stops is for the purposes of risk management at Zerodha. The order category does/did allow greater leverage. If your Limit SL order doesn’t get filled & the stock falls through the floor…
For targets, you could indeed use a fresh Limit order for selling. Once that is filled, & a short position is created, you have a hedge. Then, close all the orders.
A lot of work! Hope BO comes back soon, though now I can’t remember if that had Limit orders as a target or not.
I clearly understand your point on CO order on the SL leg not supporting Limit to save us from disasters
But when the CMP has sufficiently moved away from the SL and it is a conscious decision by the trader to exit - then the SW should support this or at least allow cancellation - if the scrip’s target order has been executed by an
other limit order (as I have explained above)
I have done this same thing but then when the CMP of the scrip is moving in the profit direction - and if a Limit order is used to book the profit - and due to this target order getting filled another order in either short/long position is created - though the initial hedge SL is already present - before we exit the complete CO some of the profit earned in the target order is definitely eroded - unless you are very lucky wherein there is short movement in the desired opposite direction for this short duration until you exit.
Now I am really concerned with algos controlling everything & new margin rules - and the 1:2/3 ratio profit also cannot be accurately booked with such short comings in SW - really then there no place here for retail traders
Hope Zerodha is listening (although they have their own problems wrt new rules)