Binance, Exchanges

How Do You Set a Trailing Stop Loss on Binance?

A trailing stop loss is an order to sell an asset when it reaches a certain price below the current market price. The order is placed at a set percentage below the market price, and if the price falls to that level, the order is automatically executed.

This type of order is used to protect profits and limit losses in a falling market.

To set a trailing stop loss on Binance, go to the “Exchange” tab and select the “Advanced” trading view. Then find the asset you want to trade in the “Markets” section and click on it.

This will bring up the order entry form.

In the “Type” drop-down menu, select “Trailing Stop Loss”. Then enter the percentage you want to trailing stop at in the “Stop” field.

NOTE: WARNING: Setting a trailing stop loss on Binance requires careful consideration. It is important to understand how the order works and to analyse your chosen market conditions before placing the order. The trailing stop loss order can be subject to significant slippage and may not execute at the desired price due to market volatility or liquidity issues. Additionally, unexpected events in the market may cause your position to close unexpectedly, resulting in a loss of profits or capital. Please use this feature with caution and only after careful consideration of all potential risks.

Finally, enter the amount of the asset you want to trade in the “Amount” field and click “Buy” or “Sell”.

Your trailing stop loss will now be active. If the price of the asset falls by the percentage you specified, your order will be executed at that price.

A trailing stop loss is a useful tool for traders who want to protect their profits and limit their losses in a falling market. By setting a trailing stop loss, you can ensure that your order will be executed if the price falls to a certain level.

1 Related Question Answer Found

Can You Use Stop Loss on Binance?

As digital assets continue to grow in popularity, exchanges like Binance are seeing an influx of users. One of the most common questions new users have is whether they can use a stop loss on Binance. The short answer is yes, you can use a stop loss on Binance.
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