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What is Stop Loss?
A stop loss is an automatic sell order you set at a certain price below the purchase price, to minimize your loss if the price of the asset drops.
How do you use it?
Set your stop loss point before entering the trade.
This means before you buy the asset, decide what percentage of loss you can tolerate (for example, 5% or 10%).
Set the stop loss order on the platform.
On Binance or any trading platform, you can place a stop loss order linked to the trade. When the price drops to the point you specified, the platform will automatically sell the asset for you.
Practical example:
You bought an asset for $100.
You set a stop loss at $90 (which means a 10% loss).
If the price falls to $90, the platform will automatically sell the asset for you.
In this way, your loss is limited, and you won't lose more than you planned.
Tips:
Do not set your stop loss too close to the purchase price because the price may fluctuate briefly and trigger the stop loss without a real reason.
At the same time, do not set it too far away as it will make you lose a larger amount.
Why is it important?
Stop loss helps you avoid significant losses and protects your capital, especially in the cryptocurrency market, which can be very volatile.
A stop loss is an automatic sell order you set at a certain price below the purchase price, to minimize your loss if the price of the asset drops.
How do you use it?
Set your stop loss point before entering the trade.
This means before you buy the asset, decide what percentage of loss you can tolerate (for example, 5% or 10%).
Set the stop loss order on the platform.
On Binance or any trading platform, you can place a stop loss order linked to the trade. When the price drops to the point you specified, the platform will automatically sell the asset for you.
Practical example:
You bought an asset for $100.
You set a stop loss at $90 (which means a 10% loss).
If the price falls to $90, the platform will automatically sell the asset for you.
In this way, your loss is limited, and you won't lose more than you planned.
Tips:
Do not set your stop loss too close to the purchase price because the price may fluctuate briefly and trigger the stop loss without a real reason.
At the same time, do not set it too far away as it will make you lose a larger amount.
Why is it important?
Stop loss helps you avoid significant losses and protects your capital, especially in the cryptocurrency market, which can be very volatile.
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