😱 Do you Know about Stop loss🤔
To put a stop loss in Binance Futures trading, follow these steps:
1. Log in to Binance: Access your Binance account and navigate to the Futures trading section.
2. Select the Trading Pair: Choose the trading pair you want to trade in.
3. Open a Position: Decide whether you want to go long (buy) or short (sell) on the trading pair and open your position.
4. Find the Stop Loss Option: Look for the "Stop-Limit" or "Stop Market" option depending on your preference.
- Stop-Limit: This allows you to set a stop price and a limit price. When the stop price is reached, a limit order is triggered at the limit price or better.
- Stop Market: This triggers a market order to sell at the current market price when the stop price is hit.
5. Set the Stop Price: Enter the price at which you want your stop loss to trigger. This is the price level at which your stop order will be activated.
6. Set the Limit (optional): If using a Stop-Limit order, set the limit price. This is the price at which you want the order to be executed after the stop price is triggered.
7. Set the Quantity: Enter the amount or quantity of the asset you want to sell when the stop loss is triggered.
8. Confirm and Place Order: Review all the details (stop price, limit price if applicable, quantity), and then place your stop loss order.
9. Monitor Your Position: Once your stop loss order is placed, monitor the market closely.
If the stop price is hit, your order will be executed as per the parameters you've set.It's crucial to regularly review and adjust your stop loss orders based on market conditions and your trading strategy to manage risk effectively
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