In order to avoid the possibility of chalking up uncontrolled losses, you can place a stop-sell order at a certain price so that your position will automatically be closed out when that price is reached.

FORBES: How To Place Orders With A Forex Broker

Place a stop-sell order a few pips below the support level so that when the price reaches your specified price or goes below it, your short position will be opened.

FORBES: How To Place Orders With A Forex Broker

For a long position that has become very profitable, you may move your stop-sell order from the loss to the profit zone to safeguard against the chance of realizing a loss in case your trade does not reach your specified profit objective, and the market turns against your trade.

FORBES: How To Place Orders With A Forex Broker

An alternative to a plain stop order is a stop-limit order, which includes a minimum price at which you want to sell the stock.

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