You can use a stop-loss order to limit your losses on both long and short positions.
If the order is used on a long position, a market order to sell is triggered at a pre-defined price – and the order will be filled at the best available price in the market. Please note that execution is not guaranteed.
To set a stop-loss order, simply right-click on the position you want to place the order on. Select ‘Take Profit / Stop Loss’ from the menu, which will open a new window. In the ‘Stop Loss’ field, enter the price level for your stop (below the current price for long positions and above the current price for short positions).