A Guide to Webull Stop Loss Order Feature in 2023
Webull has made available an automatic stop loss order feature to help prevent further losses on existing positions.
This has been a helpful feature to automate your trades and prevent any emotional trading from happening.
The Ultimate Beginner’s Guide to Webull Stop Loss Order Feature:
- How Does a Stop Loss Work?
- How to Setup a Stop Loss Order on the Mobile Application
- How to Setup a Stop Loss Order on the Desktop Application
- Can you Set a Stop Loss Order on an Existing Webull Option or Stocks Position?
- What Time Can You Can Place a Stop Loss Order on Webull?
How Does a Stop Loss Work?
A stop loss order on Webull is a pre-determined stopping price for a position.
For example, let’s say you buy a stock for $100 and you’re willing to lose only $10.
You can submit a buy stop loss order on Webull at $90. If the price action of the stock drops to $90, your stop loss order will be triggered and become a market order to sell.
How to Setup a Stop Loss Order on the Mobile Application
To setup a stop loss order on the Webull mobile app, you’ll select an Order type of Limit + Take Profit/Stop Loss Order or a Market + Take Profit/Stop Loss Order.
For option trading, the Market + Take Profit/Stop Loss Order will not work. You’ll have to select Limit + Take Profit/Stop Loss Order when trading options on Webull.
Once you’ve selected your Order type, you’ll be presented with new input values.
You can then set the desired price you would like Webull to get you out of.
How Long Does a Stop Loss Order Last on Webull?
Before you submit your order, you can select the length of your Stop Loss Order on Webull by selecting Day or Good ‘Til Canceled in the Time-in-Force input field.
If you select Day, the Stop Loss order on Webull will only be good until the market closes for that given day.
If you select Good ‘Til Canceled, the Stop Loss order on Webull will be good for 60 days, after the order has been placed.
If you have a Take Profit Order, and the it triggers, the Stop Loss order will automatically be canceled by Webull.
How to Setup a Stop Loss Order on the Desktop Application
Once you’ve selected the stock you want to purchase, you can go to the Active Trade widget.
Make sure the Stop-Loss Order is toggled on, and enter the selected amount you’re willing to lose.
Right below the input field, you’ll see an estimated P&L for the position when the Stop Loss Order has been triggered.
You may also select a percentage style of Stop Loss as well.
Can you Set a Stop Loss Order on an Existing Webull Option or Stocks Position?
You may have forgotten to set a Stop Loss order on a new position or existing position, and want to know if you can still set a Webull Stop Loss order.
Great news, you can set a Stop Loss order on an existing Option or Stock trade!
Setup a Stop Loss Order on an Existing Position on the Mobile App
Once you’ve selected a position, you’ll tap on the red button labeled, Sell to Close.
You will then get a couple options to either Sell to Close or Take Profit/Stop Loss. Go ahead and tap on Take Profit/Stop Loss.
You will then be presented a screen that lets you setup a Stop Loss order trigger on your existing position.
Setup a Stop Loss Order on an Existing Position on the Desktop App
Once you go to your position list, you can right click on the row or select the vertical ellipsis icon (⋮).
You will then be shown a menu, you’ll hover over the Close Position menu item, and click on the Close by Stop Loss/Take Profits sub menu item.
You will be shown another popup to configure the price you want to trigger a stop loss by Webull.
What Time Can You Can Place a Stop Loss Order on Webull?
You can only place Stop Loss orders on Webull Monday through Friday, between the times of 4:00AM EST to 8:00PM EST.
You cannot place Stop Loss orders on Webull during the weekend and or before pre-market hours or after Webull after hours.
Can You Sell While the Stop-Loss Order is Working?
You cannot sell while a stop-loss order is pending or working.
