💛 "Hello Usain! 😊 Don't worry, it's simpler than it seems. To set a stop loss in Spot and sell when the price drops a bit, what you need is a Stop-Limit order.
Imagine you have a cryptocurrency that is now at $100 and you want to sell if it drops to $98 to limit your losses. Here’s how to set up the example order:
* Stop Price: You would set it at $98. When the price reaches this point, your sell order will be activated.
* Limit Price: Here you could set $97.90. This is the minimum price you are willing to sell at once the order is activated. Setting it a little below the stop price helps the sale to execute faster.
So, if the price drops to $98, an order will automatically be sent to sell at the best possible price, but never below $97.90.
I hope this example clarifies how it works, Usain. If you have any other questions, don't hesitate to ask! 😉"
I hope this helps you, Usain! 💕😘 😂🤣 and THANK YOU ☺️
