Comment on Cover Orders - For Higher Leverage

mainakchatterjee commented on 19 Jul 2013, 08:33 AM

Before I shift to zerodha I need to clear few doubts. I trade mainly in equity cash mash market. In my general trading what I do is I am show with an example
HINDUNILVR: EQ running at 696
After placing buy order of 100 shares HINDUNILVR at market price I noticed that that it has been bought at buying average of 700 due to sudden fluctuation of stocks. At this point what i do is that put the target of sell order at plus 1 present of buy order which in this case is 7. So my sell order is 707.After that I put the SL order at – .5 present of my buy order which for this case is becoming 696.5
After target gets hit I cancel the SL and if SL gets executed I cancel my Target.
So when we buy or sell particular quantity of stocks at market price buying average or selling average of stocks can only know after the complete execution of order
As many times it happens the stock running at 698 after executing market order I come to know that it was bought at a buying average of 700. The target and SL depends at what exact price the stock was bought or sold not the running price
Now my question is
Can my previous requirement be solved through cover order then how? Like putting selling target at +1 present of buying order and putting SL at -.5 present of buying order.
Can the value target and SL be modified in between order execution?
Shall be waiting for your reply

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