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How do I buy shares above current price and sell above


jrmatinee

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I'm very new so forgive me if this has already been answered but I haven't been able to find it.

I'm trying to setup a buy order for shares if they reach a certain price.  Then I want to add 2 sell prices, one as a stop loss and the other at a peak.

For example, share $AAA is currently trading at $100.  I want to buy at $110, I want a stop loss at $90 and I want to sell at a high of $125.  I know how to set a stop loss of $90 after I already own the shares, but that's it, other than setting an alert and doing it manually.  Can anyone help me?

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On 05/10/2020 at 08:43, jrmatinee said:

I'm very new so forgive me if this has already been answered but I haven't been able to find it.

I'm trying to setup a buy order for shares if they reach a certain price.  Then I want to add 2 sell prices, one as a stop loss and the other at a peak.

For example, share $AAA is currently trading at $100.  I want to buy at $110, I want a stop loss at $90 and I want to sell at a high of $125.  I know how to set a stop loss of $90 after I already own the shares, but that's it, other than setting an alert and doing it manually.  Can anyone help me?

Hey @jrmatinee

If this is on a share dealing account you can open shares at a different price however if you want to buy at a higher price (worse than the current market value) that would be stop order type to open. If you set it to a limit order it would buy at the market price. Just note, with the stop order it gives us instructions to buy at $110 or higher. 

Once you have the position open, you can set a limit order higher than the market price and it will only sell your shares at that price or higher. If you set a stop order below the market price (at $90) if the market falls to that price it will sell at $90 or less (the next available price). 

You can't set both a limit and stop order to close on the same shares. What some people do it set a stop order (as the stop) then set a price alert at their desired take profit price. 

All the best. 

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