The “If-DONE” order is the simplest of the “conditional” orders. “Conditional” means that IF the first order is entered (i.e. your Entry order) DONE then activate the following secondary order. The most common application is IF your Entry order is triggered (say the market reaches the peak of a Surfable wave) THEN place a second order to act as a Stop for loss (incase the market reverses back down to the bottom of your wave and keeps going in a losing direction). Alternatively, the second conditional order could be made to act as a Limit for profit, but as I’ve adamantly told you in my previous eBooks that you should always have a Stop set for loss, so you would typically use an “IF-DONE” only for that purpose. The “IF” part is your Entry order, so you would use the rules described in the above section on how to place your entry order. The “DONE” part is where you set your Stop or Limit order (for a Stop-Loss or Limit-Profit) as described in an earlier section. Here is what an order box looks like for this type of order:
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