When you buy stock and are able to set a stop loss of up to 95% of your initial investment. This would mean if I buy stock for $100, which then skyrockets to $1000 but then drops to $100, no stop loss is triggered, despite a 90% drop in investment value.
Is there a way to set a stop loss as a percentage of the value of the stock at the current point in time, rather than the initial investment only? i.e. automatically sell if the stock drops more than 15% of the highest point?
And if it's possible, is it wise?