The Fire and Forget Strategy has been panning out better than i expect.
I entered 4 positions using this strategy as i was busy travelling this month.
Capitaland hit my target of >320 on 19 Sep 2013 which was automatically taken out by my earlier orders.
Court Asia hit my target of 80c yesterday and the trade was executed.
In case you are wondering what a OCO means. It means Order Cancel Order. Just to give you a simple illustration, i keyed in 3 different orders at the same time prior to a trade. The logic goes like that, if my trade in CapRChina is done at 1.355, i will enter 2 simultaneous sell orders (A) to take profit at 1.50 or to cut my loss at 1.30.
The screen shot below shows that trade.
In the event that either one order is fulfilled, the other will be cancelled automatically as they are tagged together. However, I can change my prices post that trade if i want to. For example, i can change my stop loss price of CapRChina from the initial 1.30 to a "stop profit" price of 1.36 now that the share price has moved up to 1.42. My target price remained at 1.50 but i may change it if i don't like what i am seeing in the coming days.
In an ideal world, i should be reviewing my trades every night to change and adjust my plan accordingly without the market trading noise. I have to admit that such trading strategy is good in the sense that it took out the emotions in my trade as i don't have to watch the market during trade hours but to look at it objectively only after trading hours.
Happy trading. STI is looking toppish to me and may need to consolidate a while in the near term. Actually i spotted the bottom of STI in late Aug prior to my trip and sometimes, inaction is really expensive but hopefully, the fire and forget strategy can reduce that opportunity costs. ^_^