#StopLossStrategies🚯 #TakeProfits #FutureTarding #Beginnersguide
1. What Are TP and SL Orders?
Take Profit (TP): An order to automatically sell or buy when the price hits your target profit level.
Stop Loss (SL): An order to automatically sell or buy when the price hits your maximum acceptable loss level.
They help lock in profits or limit losses without needing to monitor the market 24/7.
2. Using TP/SL on Binance Futures
Steps:
1. Go to Binance Futures.
2. Enter a position (long or short).
3. After opening, click "Positions".
4. Click "TP/SL" beside your active trade.
5. Enter:
Take-Profit Price
Stop-Loss Price
6. Confirm.
You can also set TP/SL before entering the position via Advanced Order Settings.
3. Order Types Used
Binance uses "Stop Market" or "Stop Limit" orders:
Stop Market: Executes at the market price once the trigger is hit.
Stop Limit: Executes at your chosen limit price only if it’s still available when triggered.
4. Example (Long Position)
You bought BTC at $60,000:
Take Profit: Set at $65,000 (auto-sell to take gains)
Stop Loss: Set at $58,000 (auto-sell to cut losses)
5. TP/SL for Spot Trades
Binance doesn’t offer direct TP/SL for spot like in futures.
You can manually set two limit orders:
A sell limit for TP
A sell stop-limit for SL
