Hi guys, I’ve read a similar question here but the answers are not 100% clear.
Let’s just say there’s a stock that’s currently at $100.
I would like to buy it if it reaches $90, but let’s say I’m going to a jungle for 2 days with no internet and I want to set up the purchase before I go.
So I would like to:
Purchase the stock if it reaches $90
However, if the stock instantly plummets when I purchase it, I would like to sell at $80.
Otherwise keep the stock
How can this be automated?
I’m looking at the Stop Limit interface (screenshot below)
Where do I put my $90 price?
And where do I put my $80 stop loss?
The first section is asking for a price above (why above?) the current price of $100. This will convert the order to a limit order. What exactly is this?
The second part asks about how much I would like to pay per share. I’m guessing this is where my $90 goes?
Where do I put the stop loss of $80?
And what is the point of setting a price above the current price like it’s asking me to?
I hope I’ve explained my problem clearly enough. I’d just like to automate everything in my bullet points.
I’ve also had a look at the stop section (screenshot again below) to try and understand it a bit more: “Set the price above the current price that converts your order to a market order” So the share is $100, I can only use this feature if I want to automatically purchase the share above $100? I don’t even know why somebody would use this feature! But I’m new to this, maybe some people like to buy high sell low, who knows
Thanks in advance