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I am totally new to investing not always have time to monitor the current bond price. I would like to know if it is possible when selling a bond or stock to set a price range, for e.g. To sell if either the instrument value reaches a high of 1.08 or a stop order if it reaches 1.05.

Is this something which one can do when trading?

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This is called a Contingent Order and is set up so if one order is filled (in this case) the other order is cancelled. It's a common desire that one would wish to have a stop-loss in place but also a targeted sell price for their in-the-money sell point.

Your broker will tell you all you need to know about how to enter this, if you explain you'd like to place a contingent order. (As Victor noted below, your specific order would be a "One Cancels Other" or "OCO")

Great first question, welcome to Money,SE.

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    +1, yes and most brokers would call this type of contingent order a "One Cancels Other" or "OCO" contingent order. – Victor Nov 5 '13 at 19:32
  • Many thanks all of you! :) I'll check with my broker about this. – markcassar Nov 6 '13 at 10:57

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