How to use Take Profit and Stop Loss on Binance?
If you are new to trading, here is how to use Take Profit and Stop Loss to protect your money.
1. Take Profit:
Set a target to automatically sell the currency when a certain profit is reached. For example, if you buy a currency at $1, you can set a Take Profit at $1.2 (i.e. a 20% profit).
2. Stop Loss:
Protecting capital is important! Set a price to automatically sell the currency if its value decreases. For example, if you buy at $1, you can set a Stop Loss at $0.9 (a 10% loss) to protect yourself from market declines.
3. How to use them?
• In Binance, choose the Stop-Limit order.
• Enter the Stop price and the Limit price.
• Specify the quantity and click “Sell”.
Using these two tools helps you trade with confidence and protects you from sudden losses!
Start now and trade safely
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