đąUse stop-limit orders
đąYou can easily use stop-limit orders on Binance for greater control over your trading. You canât always be at a screen 24/7, and with crypto being so volatile, you can be left with unexpected losses. Leaving large amounts of crypto without any protection from volatility isnât a responsible way to trade. Once youâve set up a trading plan, you can easily use stop-limit orders to stick to it.
đąFor example, imagine you purchased 1Â bitcoin (BTC) at $15,000 (US dollars), and the price of bitcoin is now $40,000. You want to make sure that if the price falls, you wonât sell for less than $30,000. This will leave you with a $15,000 profit. To automate this, you can set a sell stop-limit order.
đ”You first set the stop price to $32,000. This is the price that will trigger your limit order. You then set the limit price to $30,000, meaning your 1 BTC will sell for $30,000 or better if the stop price is reached.
đBy leaving a gap between the stop price and limit price, your stop-limit order has the best chance to fill. Without a gap, the market price could move below your limit price without filling your order.
đNote that a stop-limit order isnât always guaranteed to fill, but when they do, you will always get the price you set or better.
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