😃👉Practical Example:
Let's say I open a long position on Bonk with $100 USD and 10x leverage:
Entry price: $0.00002551 USD.
Stop Loss: I set it at $0.0000243 USD (to limit a 5% loss).
Take Profit: I set it at $0.00002668 USD (to lock in a 5% profit).
If the price drops to $0.0000243 USD, stop loss will be triggered, and I sell the position, limiting loss. If the price rises to $0.00002668 USD, take profit will be triggered, and I take the profit.
Ahhh... I forgot to check the Binance Fees, because they charge fees for futures trades, both opening and closing, and I'll make sure to take these fees into account when calculating my profits and losses.
