As we discussed in the last post, we’ve now got a stop order placed that protects us to the downside. Now, some brokers allow an OCO order—One Cancels Other—but some don’t. If your broker does have these, then you can place your Target sell order at the same time that you placed your Sell Stop order.
If you don’t have an OCO, then you’ll need to keep an eye on the markets a little bit. As the stock approaches our target you will need to go in and cancel your Sell Stop order and replace it with a Sell order. In this case our alert said: Target @ $27.90 so we just place our order as Sell to Close (you have an open position in BAC so now you are closing it).
In the video we’ll show you both how to move your stop price to a higher stop level as well as how to cancel the stop and replace it with you target sell order.
That’s it. That is all there is to following the Trade Alerts and making your trades.