Hi traders! I'm new to stock-trading. Just started a couple of weeks ago and I have a question regarding the feature "Stop Limit". I'm talking about the sell's side. I've heard a lot of people talking about putting a 10% stop loss order. For example, I'm buying Stock ABC and its price is $10. To prevent further loss, I want to make sure my stock sells at $9 (the 10% rule). How do I incorporate that in any of the order types available on Scottrade? I know the "Stop" order will sell my stock at market price but I don't want that, I want it to be exactly what my stop loss order is. Of course, the remaining feature is "Stop Limit". When I click on that, it tells me to put numbers on Limit Price and Stop Price. What exactly do those mean? Thanks!
Scottrade Stop Loss - help please?
A sell limit in a long trade placed below your entry will not work for your needs.
Either use a stop or stop limit
Stop will get you out at market, which is best used in a losing trade IMO.
I rarely see slippage with liquid instruments.
If you are in a winner and want to guarantee profits at a certain price, then use a stop limit.