When you are trading on Binance, you may want to consider using a trailing stop loss. This is a type of stop loss that will follow your trade as it moves in the market.
If the market moves against your position, the trailing stop loss will move with it and close out your position at a loss. This can help you to limit your losses and protect your capital.
To use a trailing stop loss on Binance, you first need to create an account and deposit funds. Once you have done this, you can go to the Trade tab and select the currency pair that you want to trade.
Then, click on theStop-Loss field and enter the price at which you want to place your trailing stop loss.
You can also set a trailing stop loss when you are making a limit order or a market order. To do this, simply check the Trailing Stop Loss checkbox when you are placing your order.
Once you have set up your trailing stop loss, it will automatically activate when the market moves against your position. If the market then turns around and starts moving in your favor, the trailing stop loss will move with it and lock in your profits.
A trailing stop loss can be a useful tool for managing your trades on Binance. It can help you to limit your losses and protect your capital.