I want to buy a stock / currency at INR 10.
The current market price (CMP) is INR 20.
I want to place an Order if the CMP falls to INR 10. I want to add a Stop Loss of INR 2 (So sell the stock if it falls further after buying it at INR 10). I want to set a target price of INR 15.
I cannot seem to do the above for CNC / NRML orders - I get this message “trigger price can’t be lesser than price”
I think i can do it for MIS orders in BO with target price and stop loss but trailing stop loss is compulsory to use which is not ideal. For CO orders I can do it as well. For both it is possible to execute the orders at Market or Limit. Is that correct.
The reason I am trying to do the above scenario is I work and want to sometimes BUY to hold overnight or longer and I am not in front of the computer or for the time I trade real time the volatility is too high to manually BUY / SELL orders where CMP may have dropped an additional 20% within 5 mins.
Can someone help me understand the best way to use trailing stop loss on a BUY where stop loss is INR 2 and since I must be a whole number which is minimum of INR 1. By putting these the trailing stop loss causes more harm as it stops me out on many trades.
Is there a better way of doing any of the above? In case any of my assumptions are wrong please help me understand the same. Thank you!