You're looking at using Stop-Limit orders on Binance!
A Stop-Limit order is a type of conditional order that combines the features of a stop order and a limit order. Here's how it works:
1. Stop Price: Set a stop price that triggers the order when reached.
2. Limit Price: Set a limit price for buying or selling when the stop price is triggered.
Example:
- Stop Price: $30,000 (trigger)
- Limit Price: $29,500 (buy/sell price)
When the market price reaches $30,000 (stop price), the order is triggered, and a limit order is placed at $29,500.
Stop-Limit orders help you:
1. Limit losses
2. Lock in profits
3. Automate trading strategies
On Binance, you can set Stop-Limit orders for various trading pairs, including cryptocurrencies like BTC, ETH, and more.
Do you have specific questions about using Stop-Limit orders on Binance or trading strategies #stoplimitorder
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