How to use the Stop-Limit order on the Binance platform
Illustrative example:
Suppose you bought the currency DOGE at a price of 30 dollars, and you want to sell it automatically if the price drops to 28 dollars to reduce losses.
Steps in the Binance app or website:
1. Log in to your Binance account from the app or browser.
2. Go to the *"Trading"* section, and search for the currency pair *DOGE/USDT*.
3. Select *"Sell"*, then change the order type to *Stop-Limit*.
You will see three boxes that you need to fill out:
*Stop*: the price that triggers the sell order (example: *28.00*)
*Limit*: the price at which it will actually be sold (example: *27.80* – make it a little less than the trigger price to ensure quick execution)
*Amount*: the amount you want to sell (for example: *100%* or a part of it)
Then, press the *"Sell DOGE"* button to complete the order setup.
Important notes:
- *Stop*: the price at which the order execution begins (28.00)
- *Limit*: the price at which the currency is offered for sale (27.80)
It is preferable that the Limit price is a little lower than the Stop to ensure the order is executed before the price drops further.
If the price of *DOGE* reaches *28 dollars*, it will automatically be offered for sale at *27.80 dollars*