When it comes to trading cryptocurrencies, one of the most popular exchanges is Binance. Binance offers a variety of features and tools that appeal to both beginner and seasoned traders.
One feature that is particularly useful is the trailing stop loss. In this article, we will discuss what a trailing stop loss is and how you can set one up on Binance.
A trailing stop loss is a type of stop loss that automatically adjusts as the price of an asset moves. For example, let’s say you buy acoin at $10 and set a trailing stop loss at $2. If the price of the coin rises to $12, your stop loss will automatically adjust to $4.
If the price then falls back to $10, your stop loss will remain at $4. This is a helpful tool because it allows you to lock in profits as the price of an asset rises without having to constantly monitor the market.
To set up a trailing stop loss on Binance, you will first need to log into your account and go to the “Exchange” page. From there, find the pair that you want to trade and click on the “Stop-Limit” button just below the chart.
A new window will pop up where you can enter your desired stop loss and take profit prices. Be sure to check the “Trailing Stop” box before clicking “Submit”.
Once you have submitted your order, it will appear in the “Open Orders” section at the bottom of the page. You can monitor your order from here and see how it is performing.
A trailing stop loss can be a helpful tool for traders who want to lock in profits without having to constantly monitor the market. If you are trading on Binance, setting up a trailing stop loss is easy and only takes a few minutes.