Oh sorry:
'hard' means firm stoploss orders placed into the market (ie. with your broker), once the criteria is hit, that's it, the transaction's going through, out of your hands;
'soft' means a 'mental' stoploss that you need to remind yourself of ie. what I do now (increasingly to my detriment, as I increasingly ignore my own exit strategy), ostensibly to stop any 'flash crash' or 'tree-shake' from booting me out of the trade. You can either do that with that Tradestop (or similar) service, or set an alert on your smartphone broker app. [because I'm Captain Caveman and still have my dumbphone, I use an SMS service with my broker to alert me]
Take a squiz at the 2nd paragraph of my post here http://hotcopper.com.au/threads/elo...2514635/page-25?post_id=15311428#.VVsxSpPDHfA and more importantly, at the chart I linked - had I not been kicked out of the trade by a hard stoploss, I'd have missed out on a 2373% gain. Coincidentally, in that book I was discussing with Suzanne, there's an apocryphal tale of a young trader being taught to have a bunch of $100 bills on his desk, and for every pip down that he didn't sell, he was to burn a $100 note with the lighter and watch it go up in flames (still not as drastic as tattooing on one's forehead!). I would suggest you buy a portion of VAR tomorrow, place a rubber band (or two or three) around your wrist, and for every cent down that you don't sell from your exit strategy, pull back HARD on the rubber band(s) and let fly! - I'm kidding! I'm kidding!
"...seems to be only price indicative rather than percentage"? Yeesh, no good. I've been procrastinating for far too many years on getting an Interactive Brokers account with their 'almost every scenario' orders https://www.interactivebrokers.com/en/index.php?f=4985#conditional but to not even have % seems too basic. I don't use them (% stops) myself but I know Etrade definitely has % stops.
Oh dear, if you are going to be out of range, I would definitely recommend a hard stop!
"Thanks heaps gga and we will make a pact from this day forward to never get enamoured with a stock again. It's business so don't take it personally mr stock ok!!!"
Will do! Pinky swear! Hence my annotated Signature line from a few days ago.
PS. Learning from your own mistakes is admirable but much better is OP♦ ⇒ OPT (Other People's Time) OPM (Other People's Money (which is what banks do with our deposits), also Other People's Mistakes (which is what I've been doing with my warts n' all posts. Don't be me, me iz stoopid!)
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PPS. 11.23pm now. Ticky Fullerton and MOtley Fool staffer talking about the collapse of BBY on ABC now
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Oh sorry: 'hard' means firm stoploss orders placed into the...
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