I am a novice trader trying to figure a few things out. Looking for a little help. I just moved from Coinbase to GDAX and am trying to set up a stop-loss on a limit order. Here's the question.
Let's say, for example, I want to set up a stop-loss for a $10,000 buy order. And let's say the buy order is set for a $5200 price point. So I will buy $10,000 worth of BTC when it hits $5200. I want to set up a stop-loss at $5096 (max 2% loss). However I am not able to do this as the buy order has not hit the $5200 price yet and I do not yet have the BTC in my account. This means I have to watch my account every minute since the price could pass through $5200 (activate the buy) and then through $5096 in minutes, or less, causing greater losses than I want to risk.
Here's my question: Is there a way to set up a stop-loss on a pending buy order? How do more experienced traders handle this?