Hi all, I thought I’d give the stop loss a go today, setting it to significantly lower than the share price (but at a price I was still happy with).
Immediately the app then sold the shares for significantly lower than my stop loss, with the share not even hitting close to that low. I thought i’d better give a warning as this is something I’ve never experienced with other trading platforms and was a bit of a jolt (and left me out of pocket of about £100!).
Edit: If it was me being thick or just “is what it is” then that’s fine, but it was just a bit of a “whoa” moment, especially with the shares now sitting comfortably and smugly above my stop loss
You should be able to check, the price was down to 1.167p today (buy price I believe) and seems to have dropped to its lowest at around 10.04 at 1.12p and sell price is currently 1.15 and buy is currently 1.25
If the 1.12 was you (the first one), might be worth a message to Freetrade just to make sure it actually worked as expected as I wouldn’t have expected it to sell if you were the first since there was no loss, unless you’re trigger was just under 1.20 then it would have sold at the next best available price.
I’m annoyed at myself. Oh well, it could have been a lot worse. Hopefully I can get back in and then forbid myself from touching them, they were ones that were going to buy me that Porsche one day (girl can dream!)
I had a very similar one this week, equally annoying and my test of stop-losses didn’t go great! Is there any chance you could take a look at one for me too? It was Social Capital III (IPOC) on 4th Jan sold at $14.17 - need to rethink how (/if) I use them again
I had the same thing with UFO a few months ago. Was moving my stop loss up but inadvertently sold when I wasn’t expecting. More my fault than FT but I haven’t really used them since…!
With volatile ‘penny’ shares better to have the stop loss more as a pure emergency stop loss rather than at a price anywhere close to the current price. I think I am more comfortable to cash out on my own terms.
I’m glad it isn’t just me! All a learning experience and could have been much worse, I suppose. I’ll keep an eye on them and forbid myself from messing about. I wasn’t expecting a sell at 1.12 after setting the loss at 1.2!
Once the order has triggered, it is not possible to cancel.Buy Limit Orders and Sell Limit Orders will only execute at or better than the Limit Price set by you.
Stop Loss Orders will not necessarily execute at the Stop Price set by you and will often execute at a lower price, due to the inherent nature of moving markets and the price at which our market counterparties or other market participants available to us are willing to buy at that time.If the observed market price reaches the Limit Price or Stop Price you set, it will not always mean that your order will be executed, for example, due to differences between price data and the prices at which our market counterparties or other market participants available to us are willing to buy or sell.
You should be conscious to accept the risk associated with this type of instruction. Freetrade will not be liable for losses incurred due to the selection of the Limit or Stop Loss Order types, save any assessment made by us that we have fallen short of our best execution obligations.
Your order, regardless of type, will only be carried out if all of the required shares are available to be purchased in the market, i.e. your order will never be partially filled. This is known as ‘Fill or Kill’. Catchy name.