Stop Loss on Binance can be used to set a specific price at which to sell the cryptocurrency if its price collapses to minimize losses. You can use Stop Loss at the following times:
1. **Stop Loss**: The currency is sold when its price drops to a certain level.
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Do you need more details on how to set up a stop loss?
Help yourself
Enabling Stop Loss on Binance requires a few easy steps. Here’s a simple guide on how to set it up:
### 1. Log in to your account
Log in to your Binance account.
### 2. Go to the trading home page
Go to the trading home page, and find the currency for which you want to set a stop loss.
### 3. Choose the order type.
At the bottom of the screen, you will see a list of orders. Select “Stop-Limit” or “OCO” (Order-Cancel-Order).
### 4. Enter details
- **Stop Price**: Enter the price at which you want to execute the sell order.
- **Limit Price**: Enter the lowest price you are willing to sell. Must be less than the stop price.
- **Amount**: Enter the amount of currency you want to sell.
### 5. Confirm order
Click "Sell" to confirm the stop loss setting.
### Example:
If you own 1 BTC# and want to sell it if the price drops to $40,000, you can set a stop loss so that:
- **Stop Price**: $40,500 (when the price reaches this level, the order is activated).
- **Limit Price**: $40,000 (minimum acceptable selling price).
- **Amount**: 1 BTC (the amount you want to sell).
### Additional tips:
- **Precise Analysis**: Use technical and fundamental analysis to determine appropriate prices to set a stop loss.
- **Update Orders**: Review your stop loss regularly and adjust it according to market changes.
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