I am presently doing the intraday trading of stock futures using Cover Orders. One issue I am facing is during the Cover Order exit, I always have to square off at market price which is giving me considerable losses over a period of time.
I want to know if I can overcome this issue using Bracket Orders. i.e instead of squaring off at market price, I want to square off at LTP using limit price.
For Ex: I have taken a BO, stock "xyz" futures 1 lot BUY @100 with a target of "2" and stop loss of "2". Assume neither the Target nor Stop Loss were hit. Based on the LTP my trade may fall in the following two cases.
1. Case1: LTP is @ 101. I want to exit the trade at this point of time. I can simply modify the target attribute to "1" so that I can exit the Trade at Limit price (not at Market price)
2. Case2: LTP is @99. I can not modify Target Attribute to a negative number. If I modify the stop loss to "1", Trade will be executed at Market price.
What are my options in Case2, if I want to exit the Trade with Limit Price.