Topic: [GUIDE] How to place stop loss sell order. (Read 406 times)

It's pretty similar. Any exchange who has this feature would likely have almost the same interface. And it's not that hard to understand. The first time i used stoploss it's ptetty much self explanatory. Just try browsing that part of the exchange and i'm sure you won't have a hard time.

I think you can try with poloniex too because I see that exchange have a stop loss too, but it's a different name with binance. I remember that I already use that feature especially if I don't know what price I should place to buy or sell. But if you are not familiar with trading in poloniex, then you can search the other exchange.
I hope that you don't stop the lesson and give the other lesson to us so we can get more information about trading especially for the new people who want to try trading.

For those guys appreciating OP but saying they don't use stop loss/limit because they prefer buying and hodling seems you guys are confusing yourself, first you're on a trading board, secondly hodling isn't trading don't confuse the two. Stop loss aren't bad, they help reduce much losses although when using such advance trading option you should know you're likely to be a victim of the crypto whale selfish act of crashing the price of that particular coin to take advantage of stop loss order. A popular case happen on binance exchange, crashing a particular coin (can't remember the name though) and there's every possibility of that happening again in future. Personally, I  don't use the feature but it isn't that bad.

Yea I should explain with another exchange also. I think this feature is like as same as all(most of the) exchanges. Generally most of the trader are using binance for this reason I choose binance. But If I will found find anything different in another exchange I will update on the OP with more details .Thanks

I liked how you explained everything in an easy to understand manner op, but I generally don't engage in day trading too much and most prefer buying and HODLING my crypto for the long term which is why your guide helped me better understand the stop-loss feature.

HODLING for the long term is still my preferred manner of trading though in this market.

Although I have known about this before as I'm using Binance since some time ago, but it is still useful for those who have just started their trading journey especially for new Binance users. It would be much more better if you can give the same tutorials but for other exchanges.
Well done and enjoy your merit.

This is informative especially for newbies who's still learning about the fundamentals of trading. A very good thread to read, kudos to OP for posting this. Might help a lot of people.

Couldn't agree more, a newbies should learn how uses stop loss to prevent make more loss. Using profit loss can also help you beat greed, just remember using stop loss in the bull run.

Yea you are right also buddy. I wanted to say by The speech "This "stop loss" feature is not for all time. "  that this feature more helpful in some condition. And people are fully free to using it. If want, can use if don't want then can skip it.Thanks

One thing that should be remembered, consider other factors that can affect your orders should also be taking place,  is topic can be a good guide for
people who wanted to try this feature inside the exchange, best to keep being updated and try it using small capital then make a use of it and analyze
if things will favor your trading business.

I am sure that stop-loss was created to accommodate traders to prevent from the big loss and the traders are free to use this function. I think in almost exchanges has this feature so traders who are familiar to use this feature will not have a problem. But if he doesn't want to use the stop-loss feature, he could skip this lesson

This "stop loss" feature is not for all time. Some time you can use this way. Imagine you follow the chart and find out the resistance level and support level. The price is near the support level at this moment the coin can pump again from support level and there is a chance to break the support level. And we know that if break one support level then the coin can go down more until reach another support. In this situation you can use this feature and should place a order in support level price. So that if suddenly go break the support level then you can buy more in dip. Thanks

Speaking of stop losses, it makes me wonder when will Binance introduce a "take profit" feature together with a "stop loss" feature. As things stand right now, you can do either have a "stop loss" or a "take profit". And given that the rules of good trading require that you have to have a "stop loss", that mean that you can't have a "take profit" feature at the same time. It also means that you have to monitor the charts constantly to see if the take profit level has been reached to exit the trade. Pretty cumbersome if you ask me. Why people put up with this and don't complain is beyond me.

Stop loss orders are very good to be adopted in trades especially for newbies and those trading high volumes. This is a very good thread to read on. I'm sure many users don't know the uses and how to apply it yet on their trade.

That still be a good lesson for traders who want to learn stop loss sell order and they can get something from this lesson. They can search the other lesson on the search engine or in here too so they will know more about stop-loss, limit, and market. But many of us still don't use stop-loss especially if they still confuse with the function and they don't want to make a mistake, so they prefer to stay away from the stop loss.

I think so too that stop loss is a way to take off a portion of balance out. I really don't see a need for it because price still gets back to where you have been. It is not a fair way of trading for me.

The setting of "Stop limits" is useful in the case of trading off some shitcoins or tokens and thus reduce the loss especially since most of the heights are the pump/dump updates.
I would like to add more explanations on how to use Binance to be a useful [GUIDE].
Personally, I think that staying on BTC for a long time is better than speculation in the short term in the hope of making a quick profit "especially for beginners"

i don't think that's necessary imo. they can directly learn from various sources on the internet, including the exchange where they do their trade itself. stop loss, limit and market order are the most famous type of order so it's surprising to see how people don't understand about it when they begin their trading journey.

Good on you, teaching new traders! Have some merit!

Also maybe it might be prudent to teach them the difference between stop-loss, limit and market. You should also explain trailing stops.

This "stop loss" feature in trading of some exchange is very helpful to some people to avoid much losses when their coin's value dropped. It may not work always as what you intend because some trades may eat up your SL then it would pump but at least you are not losing. I use SL when i am going to sleep so i won't be surprise with the loss when i woke up.

Still depends on what kind of trader you are but if you are a active one then using up these SL's would be beneficial.Even I do make use of these tools, i cant really
deny that price dumps can happen anytime but when you do set out some SL then make sure that it would be deep because price volatility can eat it up easily.
It can be easily triggered out and applying SL would depend on case to case basis just make it sure that you know on what you are doing.Btw, i do appreciate the guide which is good to read up
for newbies.

By the way stop losses don't always work as you intend.  If there is a major crash your order may not be executed so keep that in mind. 

I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders.  Just buy and hold.

Hello everybody! Today I am going to share how you place a stop loss sell order for reducing losses in trading. So first need to know what is stop loss and why you use this service. I have collected the information about stop loss from wikipedia



So let's start:-

1. First, you need to open your favorite browser and log in the exchange account. I am showing you by using google chrome and binance exchange. After login, you can see this interface.




2. Choose your coin.



3. Click on the Stop-Limit



4. Then look at the sell area



On the number 2 photo, we can see the market price is around 0.0002260 btc. Suppose you want to hold the coin without losing more % even if the price will go down more when you are busy or sleeping. Then you can set a sell order at 2-3% low from the current price.

So now the question is what will happen after placing the stop loss sell order. Isn't it?

Ans: Now price around 0.0002260 btc. If you place a sell order at 0.00022 btc Then if the price will go up the order will be still on the place. Again if the price will go down then the coin will be automatically sold at your price  0.00022 btc.


5.


In this photo, we can see 2 rows on the sell area

Number 1: In this box, you need to set a price That if the price will touch then the token will be sold.
Number 2: In this box, you need to set a price that if number 1 price will touch then the sell order place/sold at this price.


6. Now if you think you will sell the coin when it will touch to 0.000222 btc and the coin will be sold at 0.00022 btc. So you need to set the order like this:-




7. After click on the sell button, you will see this pop-up window




That means if the price touch to 0.000222 btc then my coin will be sold at 0.000220 btc.

8. Tap on the Place order button.

Thus you can reduce the loss from higher to lower. Hope this post will help peoples who are now newbie in trading. Thanks to all

P.S: I am showing by kmd coin because only some kmd had in my account. If I made any mistake in this post please let me know Then I will update my post.