sell trigger for my bitcoins

[sofuca]

Hey all, instead of having sleepless nights and waking up to all my gains gone I was wondering if there is a way of (in either mtgox or bitstamp) setting a sell trigger for my bitcoins?

Say for instance I go to bed tonight and the price of bitcoins goes below $250 then it runs a macro to sell x amount of coins.

I was lucky to be awake during the last crash so escaped - but with China involved this time and me being from the UK there is a high chance it'll all happen when I'm asleep.

Thanks! 

[LighningChun]

set up an orderbook?

[sofuca]

set up an orderbook?

Can this be done within bitstamp?

[Gator-hex]

Sure stick a sign on your forehead saying "please legally rob me" too.

That stop order is visible on the order book and traders use times of low liquidity to go stop hunting.

If there was a flash crash it would probably sell out at well below the price you set anyway.

 

[sofuca]

Sure stick a sign on your forehead saying "please legally rob me" too.

That stop order is visible on the order book and traders use times of low liquidity to go stop hunting.

If there was a flash crash it would probably sell out at well below the price you set anyway.

 

I'll probably still be better off doing that than doing nothing...

Is there a way of setting this up, technically? Even if I sell out well below the price I set at least I've sold and don't wake up to practically nothing.

I bought at $84, its going to be $400 soon, if I set a trigger at say $300 then even if it sells well below that I'm probably still going to be in the black.

[mindfulmojo]

I know I saw a price ticker alert widget somewhere... this could sound the alarm for you I imagine.

I don't have time to look for it right now though, sorry.

[botsofbitcoin]

Just saw this come up on Twitter and thought I'd drop in. We sell a Stop Loss bot which runs on BTC-e, Bitstamp and Mt Gox. It checks the price every 10 seconds (configurable) and sells if the price drops below your stop price. You set your stop price in a CSV file and can change it while the bot is running.

We have one packaged up and ready to go for Bitstamp (normally it's sold separately from our Bitstamp API wrapper).
http://www.botsofbitcoin.com/product/bitstamp-stoploss-package/

Hope this helps. I have to say, it's one feature I think the exchanges could do with adding.