Can you explain how to set a stop-loss order?👇⛔
To set a stop-loss order, follow these steps:
1. Choose the Trade: Decide on the cryptocurrency or asset you want to trade and determine your entry point.
2. Set Stop-Loss Price: Determine the price level at which you are willing to accept a loss. This price should be based on your risk tolerance and analysis of the market.
3. Place the Order: When placing your trade, look for the option to set a stop-loss order. Enter the stop-loss price you determined in the previous step.
4. Monitor and Adjust: Once the stop-loss order is in place, monitor the trade regularly. If the price moves in your favor, consider adjusting the stop-loss order to lock in profits or minimize potential losses further.
By setting a stop-loss order, you can protect your investment from significant losses and manage risk effectively in your trading activities.
