So let’s say I buy a stock for $1, if it hits 0.9, I want to automatically sell it.
How do I set this up? I thought it was a limit sell, but apparently not? I’m fairly new to this, so any help would be appreciated.
You can put in a sell stop order to create a market sell on your behalf.
You would enter 0.9 as the trigger point. When triggered it would get the best sell price at the time.
Alternatively if you can set a stop limit which triggers at your stop point and creates a limit order.
So say stop at 0.9 and a limit of 0.8
The only disadvantage is if the bid drops below 0.8 it wouldn’t fill until it came back above.
In most cases you just want the stop to get out at any price.
Remember to look at the BID and give some wiggle room for the price action or it could trigger when you don’t want out.
Alternatively set a few price alerts before so if the current bid was 1.4 set an alert at 1.2, 1.1, 1.0 etc so you can take a decision before the stop at 0.9 triggers either to get out before or cancel/amend the stop if it’s temporary dip.
1 Like