Explanation of buying and selling terms on the Binance platform for beginners 🪙📈
Welcome to the world of trading on Binance! If you are new and want to understand the basic terms related to buy and sell orders, you are in the right place. 🎉 Let's get to know these terms in a simple and smooth way:
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1️⃣ Limit Order
This type of order allows you to specify a specific price at which you want to buy or sell. 💵
🔹 Example: If you want to buy the currency at $2.4 and the price has not reached it yet, the order will be executed only when this price is achieved.
📌 Suitable if you want complete control over the price.
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2️⃣ Market Order
This order will be executed immediately at the best available market price. ⏳
🔹 Example: If you are in a hurry to buy or sell a currency, you can use this option to quickly execute your trade.
⚡ Note: You may pay a little more due to rapid price fluctuations.
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3️⃣ Stop Limit
This order is a combination of a stop order and a limit order. It is triggered when the price reaches the "stop" point, and then executed as a limit order. 🛑➡️
🔹 Example: If the price of the currency is $2.5 and you expect it to decrease, you can set a “stop” at $2.4 and a “limit” at $2.3.
🔒 Useful tool for risk management!
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4️⃣ Stop Market Order
Similar to the previous order, but instead of executing as a limit order, it is executed as a market order immediately upon reaching the stop point.
🔹 Example: If you want to avoid sudden losses, you can set a stop at $2.3 to sell immediately at the market price.
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5️⃣ Trailing Stop
This is a smart tool that allows you to follow market movements, as the stop point moves based on whether the price rises (in case of selling) or falls (in case of buying). 🔄
🔹 Example: If you buy the coin at $2.0, you can set a bid stop to track the price rise and keep your profits.
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6️⃣ One Cancels Another (OCO Order)
This order allows you to combine two orders at once (a limit order and a stop-limit order). If one of the orders is executed, the other is automatically cancelled. 🎯
🔹 Example: If you want to sell the currency at a higher price ($3.0) or in case of loss ($2.2), you can set an OCO order to achieve your target in both cases.
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7️⃣ Algorithmic Order
This application is based on pre-programmed trading strategies. Beginners may not need this tool at first, but it is great for advanced traders. 🤖
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🔥 Golden Tips:
Start learning step by step, and don't hesitate to try the Demo Account.
Plan your strategy well and control the risks.
Always follow the news and updates on the Binance platform.
🎉 Finally, your support motivates me to do more!
Introduction (460050308)
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