A stop loss is a market order with a catch. When you send out a market order you tell your broker to buy the stock at the best available price.
When you send out a stop order however you tell them to exit out of a stock at the best available price provided it has hit a certain level.
So, if you placed a stop order at $11.40 and sent it out, the order will sit on the side lines and not be considered a real order that brokers need to worry about. But if the stock goes down to $11.40 and it hits your stop then your order becomes a market order and is filled at the best price.
Basically stop orders just sit on the sidelines until they are triggered. If it is never triggered then it is never sent to be filled in the first place and no one sees it.
