Failed Stop-loss sell order

[tobo]

I thought a stop-loss order would prevent losing lots in these volatile times.
But I just had an annoying experience.

Yesturday I set stop-lost sell trigger at 2.71 (with limit 2.68). In this case it was for PDN.
The price was in the 2.80s.
It closed at 2.77.

Well.... it opened at 2.60, which triggered my order but because the opening was already lower than my limit, no sale. Of course you know it - it dropped another 11 % today, didn't it, so that's how much I lost. (Still holding so may go lower)

What do people do? set the stop-loss to sell at market? (I never do anything at market, always with a limit, in case ASB are slow off the mark.)

ToBo

[George]

Hi Tobo
Stops are not perfect and in volatile times it is wise to perhaps put on only half a position with no stop or a wider one if holding overnight or longer.
You then have the option of adding at a lower price. It may be wise to just sell for whatever price - look at the likes of BNB and ABS.
Perhaps daytrade!!
George

[tobo]

Thanks George,
I think I am still developing technique to suit these volatile times. A year ago stop-losses got me out of stocks that subsequently doubled, so have gone last year without stop losses in place.
As an ordinary person, I cannot watch market all day long...I'm so busy at work that some days I can not check market even once in a whole day.

ToBo