✅ How to use the OCO order to avoid losses and increase profits while trading on the Binance platform 🟡
🔍 Illustrative example:
Let's assume you own XYZ coin at a price of 💵 100 dollars, and you want one of two options:
Sell it to take profit if the price reaches 📈 120 dollars
Or minimize the loss if the price drops to 📉 90 dollars
Here, you use the OCO order to place both of these orders at the same time!
📲 Steps on Binance:
1. 🔐 Log into your account on Binance from the app or browser.
2. 📈 Go to the "Trading" section, and look for the currency pair like XYZ/USDT.
3. 🟥 Choose "Sell", then change the order type to OCO.
🧮 A form will appear containing four fields:
1. 💸 Limit Price: the price at which you want to sell to take profit (example: 120.00)
2. ⏹️ Stop: the price at which the stop-loss order begins to execute (example: 90.00)
3. 💰 Limit (for stop-loss): the price at which the sale will actually occur after activation (example: 89.50)
4. 📦 Amount: the quantity you want to sell
Then press the "Sell XYZ" button to set up the order.
⚠️ Important notes:
When one of the orders is activated (selling to take profit or selling for stop-loss), the other order will be automatically canceled.
This is useful if you are busy and want to secure one of the options.
🧠 Final example to clarify the idea:
🧾 Field 📊 Value
Limit Price 💸 120.00
Stop ⏹️ 90.00
Limit (Stop-Loss) 💰 89.50
Amount 📦 100%
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