There’s a simple but great loss prevention technique that – after entering to a position – as the price of the stock raises, we make the Stop Price follow the stock’s price. For example we bought the stock at $10 but it’s already on $12 so we set the Stop Loss level to $11. The price raises to $13 so we set the Stop Loss level to $12.
Now the problem is, setting an order is very cumbersome:
- (Remove the previous Stop Order: click the Pending Orders, click to the remover (X) button.)
- Click to the Sell Button again.
- Click to the tab.
- Slide the amount slider.
- Enter price.
- Click to Review Order.
- Click to Send Order.
The solution is already there: we can place lines on the chart with two clicks. So, it’s obvious: we could place Sell Stop Orders, too, with the same method, super-fast. Also, we should be able to move the previously dropped Stop Order line but I know that we can’t modify an order, but it’s still fast enough to
- remove the previous Stop Loss level just like we remove a price alert with one click.
- then place the new Stop Loss level with 2 clicks. Okay, the possibility of modifying an order (in this case, by drag&drop) would be the best but I don’t want to ask too much. (Anyhow, on the front-end, it still could act like an order modification, even if it’s a [remove + new order] process in the back-end.)
It’s practically could be the best if the Sell Button would be draggable, so we could drop it to the chart like we drop a line object on it. Or anything else you find to be developed easier.
This could be a huge advantage mostly for day traders. Things happen fast, for us.