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  • HELP!!! How to properly set Sell Limits

     CrayonMuncher updated 1 year, 4 months ago 8 Members · 15 Posts
    AMC
  • Curunir

    Member
    May 15, 2021 at 7:36 pm

    @ReviewDork and anyone else with the knowledge to share…

    Could you do a short tutorial on setting up some Sell Limits using Webull or similar so our smooth brains can better understand the concepts and how to be ready going into next week?

    It seems setting small chunks of stock into sell limit targets is a good way to protect yourself during the climb and then the sell-on-the-way-down so you can secure some profits at key points and not risk a massive plummet clicking “sell” at Market.

    Although I’ve tried messing with setting sell Limits before it doesn’t always work out right. And even worse I don’t know if setting a Sell Limit for some shares during the climb could mean those actually get sold cheap before we even hit peak. And people talk about setting 100k Sell Limits too as a way to signal the market that you’re holding and ensure the broker doesn’t sell your shares without you asking.

    Like others, I want to look like I know what I’m doing until I actually understand what I’m doing. 🙂

    advTHANKSance!

  • CLAYnation

    Member
    May 16, 2021 at 1:04 am

    I would appreciate this info as well. I know that I don’t want to do market orders because I am terrified if I did a market order at 50K, it would settle for 10 dollars. If the market is so volatile, I don’t want to set sell limits too early. If the price is rising, do you set a limit above current or below?

  • ApeGrip

    Member
    May 16, 2021 at 1:26 am

    Agreed I truly believe we could use a video of this and both aspects of the sell coin, market and limit to their pros and cons of our very unique once in a lifetime situation here. I’ve heard that by setting a limit sell you could be “skipped” how could that happen if you were to set the limit under what the current value was at time?

  • SpaceApe

    Member
    May 16, 2021 at 10:00 pm

    It’s best not to set sell limits until you are ready to sell. The best thing to do is watch the ticker and do a limit sell when the price is close to where you want to exit rather than setting a high sell limit far in advance or selling at market price. To do a limit sell, depending on how your broker is set up, click on limit and just set how many shares you want to sell and at what price per share you want to execute the sell. Remember to only do this when you are ready to pull the trigger on selling. Don’t do it far in advance before it’s close to your sell point.

  • Macdaddy0729

    Member
    May 17, 2021 at 5:51 am

    Sell on the way DOWN. I know, I know it may be tempting to sell when you see your account with 100,000.00 or more however, this is a process and you could be leaving hundreds of thousands on the table………BUT you do you and if your happy with a certain number then God bless you. Do your DD , search for the answer to your question before posting to save space for true DD. Use LIMIT sell, NOT market, market may get you the 10.00 sell due to a microsecond in their super computers setting that price and BAM you sold. We are dealing with super computers, super nerds that created the algorithm for them. They will do everything to stop this. They may win battles, we will win the war if…..WE HOLD! It will be tempting to sell at 1000, 2000 or a bit more. Trust those u follow, they have spent hundreds of hrs researching. This is for most of us truly life changing and if the people in charge actually make the changes to the rules enact them and ENFORCE them, this could be one of the last times any of us could have life changing money, not just for us, but for our children, grandchildren. This only happens if we can see past the 100, 500, 1,000 numbers. We take what we have worked for all this time and be SMART about it, there will be time for Lambos and the such, re invest, open that business, do something good, turn that hobby you do into a FUTURE wealth building income. DONT SELL IT ALL AT ONCE, piece it out, small % each time. You will do as u wish and what is best for u however, in your brain set a number (this is your floor) on the way DOWN! Not financial advice, just how I see it and will do it. Stay calm, be rational. Peace.

    • Curunir

      Member
      May 17, 2021 at 8:56 am

      Don’t worry on my end. This concern is not where I fall. I’m 50, doing great in IT and taking care of my kids solo pretty well. I’m patient and strategic but I don’t feel I have the tools to secure my wins as they happen and that’s where I’m coming from.

  • Macdaddy0729

    Member
    May 17, 2021 at 6:12 am

    One last thing……….

    I am 57, I remember the days of waiting weeks for something to come in the mail, working hard to get money to buy something, paying cash. We are in the day and age of Wally World, Amazon and other companies sending us what we purchase overnight! OMG I never saw that coming 40 yrs ago. We are in the day of “we want it NOW”, pay for it with a CC. this is a process, a fight, a war we are dealing with. We are Gladiators, Huge monster Gorillas, we protect what is OURS!! These HF and people working there want to make money, no matter if they are destroying a company and peoples incomes. I like movies, I like GOING out with my girl, dinner, sitting in a theater….AMC is a great place to do it! What I am getting at we need patience, staying power, don’t give up! Don’t let these computers and people get you down………we WILL have red and green days, this is NOT an over night thing, it is a chess game we need to be a Magnus Carlsen one of the best players in the world. Do your research, honor and respect the numbers, it will take time and we hold tight!

    • robodrill

      Member
      May 17, 2021 at 12:26 pm

      A lot of millenial apes were making good-natured fun of boomers, until they realized how many apes ARE boomers.
      They acted as though we can’t internet, but failed to take into account that we invented the damned thing lol.

      I still had to have my daughter-in-law help me with webull, so the youngsters may be partially right.

      • Curunir

        Member
        May 17, 2021 at 12:57 pm

        Takes all levels. I was running a local BBS on a 2400b modem with a 10 meg HD 8088xt processor. It was the hottest machine in town back around ’87. ( any of you that don’t understand this period need to rewatch Wargames 😜 ). Even so I never have trouble asking for help when I’m into something new.

        Whether it’s having my teens helping me get going on Discord or some fresh college grad helping me going with docker containers or, like now, Apes helping me avoid stupidity in my trades.

  • Curunir

    Member
    May 17, 2021 at 8:56 am

    For myself I’m looking to protect gains at price points on the way up and am worried about trickery against my options if it’s a risk. So these are my two points that made me ask the question…

    1. I have a few hundred real stock. I’m not worried about those and am holding until I think things may be heading down (based on a few reviews of percentage of drop from peak on historical squeeze, etc.). And I have a plan for step-selling on the way down. But let’s say we blew past 10k on our way up, and are pushing 20k. I want a net in place to at least secure profits at 10k if it drops fast. What is a proper and safe way to set 25% of my stock at 10k AFTER we pass that mark, and not miss it during a fast drop if it happens?

    2. I have a lot of potential in Options. I’ve been rolling some of these to buy more stock and more Calls. I’ve heard some people say various brokers have closed out their Options early during the GME run up and that they wished they set a sell limit so that wouldn’t have happened. I don’t want to see Webull, TDA, Chase, etc sell me off at 5k when we hit 90k. I can always keep moving the target higher if we’re having a good climb.

    And of course with the Options too once we hit certain points I will want to set a safety net below that point for a percentage of the Calls in case it starts to drop again.

    Yes, I have been checking google and my three broker’s training sites. But no luck so far.

    Hope that helps clarify.

    • CrayonMuncher

      Member
      May 18, 2021 at 2:43 am

      By the way you are describing having a “net in place to secure profits” it sounds like you might want to look into setting a trailing stop loss on your stocks (they don’t apply to options). It is a limit you put in place (under the current price) that will adjust automatically (rise) with the price, but keep a safe distance based on how you set it…. you can either set a dollar amount or a percentage. As the price rises, your trailing stop loss will rise with it (with the dollar amount/percentage buffer you set). If the stock were to trade horizontally, the limit stays put. Once it climbs again, your limit will climb with it. It will never lower however. Once the stock falls and hits the limit you set, it will put in your sell order.

      Caution though, setting trailing stop losses too tight could put you at risk with a very volatile stock. A good sell-off, or hedge fund fuckery (stop loss hunting) could take you out of the game. Read up on it first before using it, or give it a try on other positions you don’t mind selling off.

      • Curunir

        Member
        May 18, 2021 at 9:05 am

        Awesome. I have a term to check now! I have seen that on the interface but didn’t catch it before.

        I can see a 30%+ drop and bounce when the craziness gets going. But a chunk with a 45-50 coverage will feel good.

  • LordSkella

    Member
    May 18, 2021 at 7:14 pm

    This is what I’m trying to learn as well. I want to set a sell limit for on the way down; but I don’t know what amount to set it for. As I am very new to this I’m basically playing (no pun intended) monkey see monkey do here. I know we can’t really offer finad but what would a good sell limit be when the time finally comes? I like to be prepared, and plan ahead even when I’m on hodl

  • Curunir

    Member
    May 18, 2021 at 11:54 pm

    So I was screwing around with this in Webull earlier today and it looks like their “Stop Loss” check box in the Trade tab sets to an automatic 10% loss.

    It is adjustable though and since we’re being warned to expect major fluctuations I am going to change it to like 40% and only for a limited chunk of shares.

    Probably not use it at all on the first few days of major gains but once we break 1k I’ll probably set 5% at 500 just in case. When we break 2k then I’ll set 10% at 1k, etc. Huge gaps and small percentage of stock but enough to not kick myself. It seems to model what a few of the major voices are discussing as general exit strategy to follow on the way down anyway.

    Obviously as others make their plans known on YT or reddit or here then I may adjust mine. But that’s the start from a smooth brain gorillionaire wannabe.

    • CrayonMuncher

      Member
      May 19, 2021 at 12:06 am

      Give this a try. She is really good about breaking things down into simple terms and has easy to follow examples.

      Setting a trailing stop loss for a small amount of your shares isn’t a bad idea and it’s a popular technique, but use it with caution. I’ve used it in the past and had my limit too tight and all it took was a sharp dip to close me out and on the very next candle, it jumped back up, so I missed out on the extra gains.

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