Can anyone tell me what I’m.doing wrong.. new to this and despite reading I’m still not getting things right.
So I wanted to set a stop limit sell.
Please see attached what did I do wrong as it didn’t work and I lost money
(A little hard to follow your screenshots - next time maybe crop out all the unnecessary parts.)
When you are long a stock, and you set a stop loss — the stop will always be a higher number than the limit.
E.g. you enter at $10 - you set your stop at $9.50 and limit to $9.45
And if you’re short — it’s the inverse: your stop will always be lower than the limit:
E.g. you shorted at $10 - stop at $11.50, limit $11.55
I haven’t used T212 for a while now - so not sure if I’m reading the screenshot correctly, but it says your stop is at $7.47, and limit at $8.55 … that should not be possible, because if you went long, your limit should be below $7.47, not above.
So not sure what T212 is doing allowing you to enter a stop order that isn’t correct - they should auto-reject it and tell you why.
When you buy a stock, place your stop where you wish, and set your limit below that stop, maybe a few cents below - the tighter, the more likely you won’t get stopped out, the looser, the more likely you will get closed out but at a worse price than you wished for.
Feel free to reply for further clarification/questions.
Thanks