I've noticed that numerous traders 'stop out' at a predetermined set price to stop any further loss. I use Westpac to trade, and was wondering how you'd go about setting up this kind of 'stop loss' mechanisim. Is it a 'conditional order'?
For example, I buy at 0.01. SP jumps to 0.02, then 0.03, then 0.04. And, I want my 'stop loss' to be 0.02. I can't put in a SELL order for 0.02 as that's less than the current buying price of 0.04. But, if im away from my pc and the SP falls, I want to sell at 0.02 before it possibly falls back to 0.01. Would this be set as a conditional oder?
