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What you probably are thinking about is a stop limit order, and not simply a stop loss. A stop limit works exactly like a stop and a limit combined.

So, essentially, you set a stop limit at $17. If the stock hits that mark, it will only be sold at $17 - you won't take anything less than $17. Beware, however, that if the volume on your security isn't that great, you may not be able to execute that limit order.

And I agree...stop loss orders often make you feel you've been robbed.

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