Hi all, When you have a live open position that has gone in your favour so you want to protect some of those paper profits can/how do you add a stop loss to this open position. Or can you only do this before you place the trade? I’m on the ISA desktop platform.
Yes you can do it afterwards. You set up a stop sell order for the price at which you would like to trigger a sell market order. You can add a limit to this to protect against selling at a price you would consider too low.
Ahh thank you Richard.W on my desktop this is called a !stop limit" order where I see I can set a stop loss and take profit limit order. Is this the order type you are referring to?
Yes, that is correct. Use the order type at the far right and follow the instructions about placing a stop price and a limit price.
Thank you this help its appreciated