A Stop Loss Order can be a great help in keeping your open positions in check.
Its basic function is to ensure that your trades don't drop below a certain pre-defined limit. This way, you don't have to constantly monitor your open positions.
You can set the limit for your position when you open a position right away or also later on in your Portfolio (%).
Just click on "Auto-Close", choose a value and your position will be automatically closed at the chosen limit.
If you don't want your position to be closed, you can also just set an "Alert". In this case, we will send you a push-message informing you that your position has reached the pre-defined limit.
Tip: You can set your Auto-Close in % but also at a given price. Change your preferences in your Account > Positions.
Please keep in mind: A Stop Loss order is not always guaranteed to be executed at the pre-defined limit. This can happen e.g. when a product's opening and closing price of the previous day differs and thus "misses" or "skips" the pre-defined limit, or when the demand in the market is just too low for a position to be sold at a certain price. Find out more here: Why is the lower limit of the Auto Close not always guaranteed?
Auto-Close orders also cannot be placed from 22:15 pm Friday until 22:05 pm Sunday.
Questions? Drop us an email at BUX Support.