In order to limit the losses you might face if prices move against your trade, you can place a stop-loss buy/sell order.
What is a Stop Loss order
How to place a Stop Loss order
Stop Loss Limit order (SL)
Stop Loss Market (SLM)
What is a Stop Loss order?
A stop-loss order is an order placed to buy or sell a stock when it reaches a certain price. The stop-loss order is primarily meant to limit your loss on a stock that you have already purchased.
The price you mention in the stop-loss order is the highest risk (losses) that you are ready to take on that stock. It can be a limit order or a market order.
You can read more about stop-loss orders here.
How to place a Stop Loss order?
Step 1. To place a stop loss limit order you will need to select ‘SL Lmt’ in the order type section. You will also need to enter the ‘Price’ and the ‘Trigger price’ when you are placing this order.
Step 2. To place a stop loss market order you need to select ‘SL Mkt’ in the Order type section and enter the ‘Trigger price’.