Stop loss is very important. How do you do it and why is it important? Come on, I'll tell you 🤚🤚
Stop loss on Binance is a mechanism you use to determine a certain level. If the price reaches it, the deal is automatically closed to avoid greater losses. You activate it when you determine the percentage of loss you can bear. You benefit from it in reducing risks and protecting capital, and this is important in cases of market fluctuations. The important thing is to set it based on a market study and technical analysis.
You can activate the stop loss when you are in a deal and determine a certain level of loss that you can bear. If the price reaches this level, the deal is automatically closed. You activate it by following these steps:
1. Determine the price that if the stock or currency reaches it, the loss for you will be reasonable.
2. On the Binance platform, while opening a deal or after it, you will find the "Stop Loss" option.
3. Enter the price you specified and click Activate.
This helps you protect your capital from large losses.
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