What is Stop Loss and how do I set it up?

Updated 4 months ago

Stop Loss is a limit order that you can place if you want your previously open position to close automatically when a specified price is reached with a loss. Stop Loss is used to minimize losses and protect your Balance from extreme movements.

If your position is BUY, then you must set your Stop Loss at a lower bid price than the current bid price. If your position is Sell, then you must set your Stop Loss at a higher ask price than the current ask price.

You can set Stop Loss within the order window before opening a position or you can modify an existing position by right clicking on an order and selecting Modify or Delete.

Please note that there is a minimum point distance when you set a Stop Loss. Please see our Limit & Stop levels under the 'Trading' menu tab, or under the Market Watch window - Specification.

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