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Your guide: How to set a stop limit order options on Webull?A stop limit order is a trade tool that works like both a stop order and a limit order. It gives buyers power over the prices at which they buy and sell securities. You set two prices when you place a stop limit order: the stop price and the limit price. When the price of the security hits the stop price, the order is put into action. At that point, it changes into a limit order. But, if you’re new to this and don’t know how to execute, don’t worry. If you’ve ever wondered, “How to set a stop limit order options on Webull?” you’re in the right place. Keep reading to learn more.Also read: Federal Reserve Posts First Operating Loss in YearsSource: Business InsiderImportant Parts of a Stop Limit OrderThe price at which your order is filled is called the “stop price.” When you want to act in the market is shown by this parameter.You can set a limit price that tells the market how much you are willing to pay or how much you are willing to buy something.How It WorksYour order is turned into a limit order when the market price hits the stop price. You can set a stop price of $50 and a limit price of $52. This means that your order will only go through if the stock price is at or below $52 after it hits $50.Why Should You Use Stop Limit Orders?Stop-limit orders can help you keep your investments safe and control risk. Here are some reasons to think about them:Price Control: You can choose the price at which your order will be filled, which gives you more power over your trades.Risk management: By letting you set specific price points, they can help you limit your losses in markets that aren’t stable.Avoiding Market Orders: Market orders go through at the best price possible. Stop limit orders, on the other hand, make sure you don’t sell or buy at a price you don’t want.Setting up a Webull stop-loss orderHere are some easy steps you can take to set a stop limit order on Webull:Start up the Webull appYou can start the Webull app on your phone or computer. Make sure that your account is logged in.Get to the Trading SectionFind the trading part of the app once you’re in it. To do this, go to the bottom of the screen and click on the “Markets” tab.Pick the StockType in the name or ticker number of the stock you want to trade in the search bar. If you click on the stock, you can see more information about it.Source: Business InsiderPick the type of orderOnce you’re ready to place an order, choose the “stop limit order” choice. Many times, you can find this in the “Order Type” dropdown choice.Type in the end and beginning pricesType in the stop price and maximum price you want. Remember that you should set the stop price at a level where you want the order to go through. The limit price, on the other hand, should be the highest or lowest price at which you are ready to buy or sell.Set the length of the orderPick the amount of time you want your order to last. If you choose “Day Order,” the order will end at the end of the trading day.$VIRTUAL $AI16Z $RFRM