Don't know how to protect your investments on Binance? Learn to use Stop Loss! 📉
Many traders don't know how to adjust the Stop Loss on Binance, and it's an essential tool to protect your capital. Don't worry! Here I explain it to you in a simple and detailed way so you can avoid significant losses.
What is Stop Loss (Stop-Limit) on Binance?
Imagine you bought a cryptocurrency for $100 and want to limit your risk. If the price drops to $90, the Stop Loss will automatically trigger a sell order so you don't lose more money if it keeps falling.
Here's how to set up your Stop Loss on Binance (step by step):
* Open your Binance app or log in to the website.
* Go to the "Trade" section and select your currency pair (e.g., XYZ/USDT).
* Choose the "Sell" option.
* In "Order Type", select "Stop-Limit".
* You will see 3 important fields to fill out:
* Stop: The price that triggers the sell order. For example: $90.00.
* Limit: The price at which you want to sell your coin. Generally, it is a little lower than the Stop to ensure that the order is executed. For example: $89.50.
* Amount: The amount of cryptocurrency you want to sell (100% or a portion).
* Click on "Sell" to confirm your order.
⚠️ Important! Understand the difference:
* Stop: It is the "trigger" that activates your sell order.
* Limit: It is the actual price you are looking to sell at, slightly below the Stop to ensure execution.
🛡️ In summary:
If the price of your coin drops to $90, the system will start selling it at a price close to $89.50. This way, you protect yourself from greater declines and minimize your losses!
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