How to Set Stop Loss and Take Profit Orders on Binance 🔒🎯
Managing risk is key to successful trading. Here’s how you can set Stop Loss (SL) and Take Profit (TP) orders on Binance:
1. Stop Loss (SL):
Automatically sells your position if the price drops to a certain level, limiting your losses.
2. Take Profit (TP):
Automatically sells your position when the price reaches your profit target, locking in gains.
How to Set SL & TP on Binance:
Go to the Trade screen.
Choose your trading pair and select Limit, Market, or Stop-Limit order type.
For Stop Loss:
Use the Stop-Limit order. Set the stop price (trigger) and limit price (execution price).
For Take Profit:
You can also use a Limit order at your target price or set a Stop-Limit with your profit target as the trigger.
Tips:
Always set SL below your entry price for longs, above for shorts.
Set realistic TP levels based on support/resistance or risk-reward ratio.
Use SL and TP together to manage risk and automate exits.
Mastering SL and TP helps protect your capital and maximize profits!...