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Originally Posted by lewdog
What are your guys recommendations for placing Stop loss orders on securities where you've made a decent profit from you initial investment.
I bought into Canopy Growth at $8. It's currently trading around $21. Where would you place a Stop Loss order to lock in profits? It's a volatile stock that I could see having large swings based on more/less regulations. Should I consider a Stop loss around $16 where I could sell my shares for a double profit if it dropped. I could then consider buying back in at a point lower than this if it kept declining for a while?
What are your strategies for locking in gains using Stop Loss orders?
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If it's a stock with a lot of upside potential consider selling half now, then a stop loss for the rest can be something lower. Remember you don't have to be all in or all out.