Limit Order question
 

I bought GS not very long ago for around $175. With the way the Financials have been I've been pondering selling, pocketing my 21% gain and moving on. I'm someone who invests for the long term.

But instead of selling my whole position I've decided to set a limit order sell at $200. My question is why if at all, is it a bad idea to do this w/ all equities I own?

Re: Limit Order question
 

You can do this as long as you understand that sometimes the stock will gap down through your stop and you'll wind up selling it at a prices below what your stop was set at. In general, setting stops to protect profits in a stock is a sound idea.

Re: Limit Order question
 

if you send a limit order at that price, it will just be filled. you are trying to use a stop-limit order. google "stop order" or something like that to get familiar with the differences.

Re: Limit Order question
 

You first need to think about why you want to buy a market and what your reasons will be for selling. Then you should consider what your trade objectives are (long-term or otherwise. I don't think you're investing). Your stops should be placed so they meet your objectives.

This is somewhat more difficult to do retrospectively with a trade in progress.

It's a huge topic which can't really be addressed here or from your info. I'd suggest reading up on stops and exits.