Question: Stop loss and Take profit with ThinkorSwim

Discussion in 'Learn how to trade or invest by asking questions' started by fritzlandry, Sep 11, 2015.

  1. fritzlandry

    fritzlandry New Member

    Please I need help.

    I m struggling to find how to place a stop loss and a take profit order on TOS. Do anyone know where i can find a clear and simple tutorial ?
  2. Acstudio

    Acstudio Well-Known Member won penny contest 44x won weekly contest 40x won weekly contest 41x simulator winner 20x

    What you are wanting to do is create a bracket order called "OCO" or one cancels other. Meaning once one order is triggered it will cancel the other order. There are tons of tutorials on you tube and on the "support/chat" button on top right of your platform under the tab "seminars".

    Here one way to do it (there are multiple)
    Right click on the position you want to make an order for and select "create closing order".
    This will pull up a buy or sell order for that position. From here you can make all the changes you need.
    On the bottom left of this box you will see a "advanced order:single" with a little yellow triangle in it. Left click on the triangle and that will drop down selections.
    Change "single" to "oco"
    Now you can either hit the "pin" at the top right so that it keeps your order up front or if you look above you should see the position under the "position" triangle. Either way now you need to right click the position again and select "create closing order" again. This should now show 2 orders. Make one of them the stop/limit order at your loss and the other a limit order for profit. You can can change TIF to GTC so you don't have to reset it every day...unless you want it to cancel overnight.


    It should end up looking like this. So what should happen is that USO will stay offered at 16.00 for profit...if it fills it should cancel the other order. Also I have set it so that if the ASK price gets to 13.10 then it will trigger a limit order to sell all the way down to 13.00 and cancel the other order. I did the stop/loss this way because you don't want a moment if thin liquidity to trigger the order and have either a market order that gets filled at 12.00 on a bid/ask temporary gap....... or if the trigger and limit are the same then the price may gap down past your limit and you never get filled as the price continues against you.

    This will not protect you on overnight moves down....or huge gap downs....nothing will. Which is why I have never actually used a stop order. So I would test this in the paper trade or "look back" feature and make sure you set it up right and it works the way you want it to.

    There is also a way to set these up in the "active trader" page and even create templates that automatically set up OCO's and bracket orders as soon as your order is filled. But that's another story for another time.

    I made the post assuming you were trying to set up both at the same time....if you just need one or the other then that's much easier...if you can figure out the OCO then just doing one of those will be easy.

    Hope that helps.
  3. fritzlandry

    fritzlandry New Member

    that help a lot, thank you very much

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