To manage the trade and gradually withdraw profits on the Binance platform, you can follow the steps below, which are suitable for trading cryptocurrencies whether you are following a scalping or day trading strategy or even medium-term trading:
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First: Prepare the trade well
1. Determine the appropriate entry point based on technical analysis (e.g., support, resistance, RSI indicator...).
2. Specify the risk percentage for each trade (preferably 1-3% of capital).
3. Set a profit target or targets and a stop loss before entering the trade.
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Secondly: Manage the trade after entry
1. Split the profit targets (Take Profit Targets)
Divide the amount of currency you bought into parts (for example, 3 parts), and set a different target for each part:
Practical example:
You bought 300 ARB at a price of $1.00
I have set targets:
First target: $1.10 (Sell 100 ARB)
Second target: $1.20 (Sell 100 ARB)
Third target: $1.30 (Sell 100 ARB)
2. Move the stop loss (Trailing Stop Loss)
After achieving the first target, raise the stop loss to the entry point or above (to secure the trade profit).
After the second target, raise the stop loss again to protect the profits.
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Thirdly: Execute the orders on the Binance platform
1. Limit Sell Order
Go to the trading page and select the currency.
Use 'Limit Sell' to sell the amount at the target price.
Repeat for each profit target.
2. Trailing Stop Order (available in futures contracts only)
If you are trading Futures, you can use the Trailing Stop feature to automatically move the stop loss point with the price increase.
3. Use OCO (One Cancels the Other)
It allows you to set a profit target and a stop loss at the same time.
Very useful for automatically managing the trade.
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General tips:
Do not be greedy; gradually taking profits protects you from sudden market fluctuations.
Follow the news that may affect the price.
Record your results, and learn from each trade.