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Anonymous
Let's say I wanted to buy a stock at $100 and wanted to cut loss when the price go down by 5%, which is $95 by this case. From what I experienced from the Tiger Brokers desktop stop limit order feature, I set the limit price at $100 and stop price at $95, which means the system will place my buy order when the price reach $100 and if the price go down to $95, the system will place the sell order. But instead the system placed the buy order when the price reach $95. Is this the limitation of the broker or my mistake when placing the order?
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Tan Choong Hwee
05 Mar 2022
Solutions Specialist at Providend
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You misunderstand what a stop limit order does. You should read the various order types info on Tiger website here:
https://www.tigerbrokers.com.sg/help/detail/ord...
The system is doing exactly what a stop limit order is supposed to do in your case.
In order to do what you want, you do the following:
If you want to automate step 3, you can use the Additional Order type described in the above link. The Additional Order will consist of a master order (buy limit order at $100) and a sub-order (sell stop order at $95).