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To enter a stop loss order on the Robinhood platform, one chooses an action of “Sell” , an order type of “stop loss” and a price point for that stop price. The key is what price point you want the stop order to trigger at . That’s where SmartStops comes in. Leverage our Smart(R) unique algorithm approach to get a daily stop price point. One that intelligently adjusts, knows when to tighten and widen and can ride the trend more effectively then other approaches. It’s proven as the best way to protect profits and limit losses.
Subscribers can enter in symbols into their portfolio to be monitored. And besides getting instant risk alerts via email or phone ,they will also receive a Daily Portfolio Risk Monitoring report in email that shows the SmartStops price point for the next day’s market. That can be easily entered directly into the Stop Loss order screen on Robinhood. We suggest you set it so once trigger it becomes a sell stop market order vs. a stop limit order where you set the price at which uo want to sell it at (vs. where the stop triggers). Those stop limit orders may not get filled in a fast moving market and so you’ll be left holding the bag. . We suggest setting up a GTC – Good-till-Cancelled order, so that way you only have to update the price point for the order during the week as the SmartStops adjusts. Of course, wouldn’t it be great if that could be automated?
We do hope one day that Robinhood will integrate SmartStops directly, so that users can just turn it on and let it run. If you want to see that transpire, then do let Robinhood know you want that feature of a Smarter Stop.
Or if Robinhood were to offer up their own API, then we could program a broker interface with Robinhood for setting proactive stop loss orders like we have with TD Ameritrade and TradeKing/Ally bank (and soon E*Trade).