If you are looking for How to set up a stop loss on Robinhood, then you just reach the best place on the internet. Just follow this article.
A stop-loss order is an order placed with a broker to buy or sell a specific stock once the stock reaches a certain price. People often use these stop-limit orders in an attempt to limit a loss or protect a profit, in case the stock moves in the wrong direction. So let’s see How you can set stop loss after purchase in the Robinhood app. So without further ado let’s get started!
Also Read:- How to buy stocks on Robinhood in 2022 [step-by-step]
How to set up a stop loss on Robinhood in 2022
1) Launch the Robinhood app on your phone & as the app opens up then simply scroll down from the Home page & you’ll see the list of your all stocks.
2) Now from the list, Tap on the stock that you want to set up the stop loss for.
3) As you open the stock’s detail page. Here you can find the stock’s historical performance and other helpful information. So simply tap on the Trade button at the bottom right corner.
4) Next, click the sell option.
5) Here click the Dollars option at the top right corner.
6) As you tap on the Dollars option, it’ll open up a couple of different options. So in the “Conditional Orders” section, tap on the “Stop Order”.
7) On the next page, it’ll explain “How the Stop order works”.( As you set a fixed stop price below the current price of the stock. A market sell is triggered when that stock falls to the stop price or lower.) So tap on the Continue button at the bottom.
8) Now enter your stop Price(Which should be lower than the Market price of that stock) & tap on the Continue button.
9) On the next step, you can Set Time In Force. You get two options for that, In the first one you can set for “One trading day”. And in the second option you can have it for 90 days). So choose the second one if you are holding for Few days.
10) Next, enter the number of shares for which you want to set this stop order & hit the Review button.
11) On the next page, it’ll gonna show you the all details of your order. If all looks good, swipe up to submit your stop-loss order.
Frequently Asked Questions
Can you set a stop loss on Robinhood after hours?
Yes, you can but Stop orders won’t execute during the extended-hours session. The stop limit and stop-loss orders you place during extended hours will queue for the market opening of the next trading day.
Can we put stop loss after buying shares?
Yes, you can do that. We just have discussed the process of that in the article above.
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Wrap up: Set up a stop loss on Robinhood
So this is all on the topic of How to set up a stop loss on Robinhood in 2022. I hope it helps you.
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