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TRAILING STOP DALAM STOCKBIT SEBAGAI INSTRUMEN PENGURANGAN GARAR DALAM TRADING
The transformation of the digital capital market increases financial inclusion but exposes investors to high market volatility, which potentially triggers speculation and elements of uncertainty (garar). In the Stockbit application, the trailing stop feature serves as a technological innovation to lock in profits and limit losses automatically. However, its efficiency is often hindered by market technical constraints such as price gaps. The main problems of this study are to evaluate the reasons behind trading with trailing stops, examine its technical effectiveness in reducing gharar, and analyze its legitimacy from an Islamic law perspective. This research is a qualitative study utilizing library research with a descriptive-analytical approach. Secondary data sources were gathered from authoritative literatures, journals, official documents, and Stockbit's terms and conditions, which were then analyzed critically. The theoretical framework is built upon Wahbah az-Zuhaili’s criteria of garar to measure the degree of transactional uncertainty, integrated with Imam asy-Syatibi Maqāṣid asy-Syarī‘ah framework to assess the protection of human welfare (maslahah mu'tabarah). The results show that trailing stop usage is driven by high market volatility, investors' limited time, and efforts to minimize emotional bias. From Wahbah az-Zuhaili's perspective, this feature normatively reduces uncertainty by converting price fluctuations into measurable parameters, thereby shifting the status from garar fāḥisy (major/prohibited) to garar yasīr (minor/tolerated). However, in practice (as seen in the WBSA stock case), its technical effectiveness is partial due to persistent execution failure risks caused by Auto Rejection Bottom (ARB) and market illiquidity. Despite these technical limitations, the implementation of this feature is considered legitimate and contributes positively to the five pillars of Maqasid ash-Shari'ah, particularly the preservation of wealth (hifzh al-mal).
FAKULTAS SYARIAH DAN HUKUM, UIN SUNAN KALIJAGA YOGYAKARTA
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