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How to Place Stop Loss and Take Profit Order on Binance | Bangla

How to Place Stop Loss and Take Profit Order on Binance-

What is Stop Loss?

A stop loss is a predetermined strategy for exiting a trade.

How to Place Stop Loss and Take Profit Order on Binance

How to Place Stop Loss and Take Profit Order on Binance

Why stop loss and take profit?

 A stop-loss (SL) method is to pre-determine the price of a trade, eg if I buy a coin for $10, set it slightly below the current price ($10 stop loss $9). $stops are set as closing trades to limit losses.

Conversely, a take-profit (TP) method is a pre-set price where the trader auto-closes after entering a profitable position eg if I buy a coin for $10, set it slightly above the current price (10$ stop loss). 12$).l

More examples-
Stop Loss-

  • Buy 10$
  • Sell – 9$
  • Loss- 1$

Take Profit –

  • Buy – 10$
  • Sell- 12$
  • Profit- 2$
How to Place Stop Loss and Take Profit Order on Binance

How to Place Stop Loss and Take Profit Order on Binance

A stop loss is a predetermined strategy for exiting a trade.
While trading crypto there is a possibility of large losses starting with zero balance. Stop loss is a balance safety strategy that protects the investor from large losses.

By using stop loss we can come back from a trade with limited loss, similarly by using take profit we can close the trade automatically with limited or high profit.

Advantages of Stop Loss-

In the market, no one can give 100% certainty when the price of a coin will increase or decrease, and a trader may not have time to sit in front of the exchange or think about charts all the time.

That’s why various crypto exchange companies are bringing such benefits. We can use stop loss or take profit to close the trade automatically at small profit or small loss.

What is Stop Loss (OCO)-

Intermediate “one cancels the other” (OCO) orders consist of a pair of orders that are placed together, but if one of the trades is executed or sold, the other trade is executed or sold immediately.

This means that as soon as one order is fully or partially filled, the other will be automatically cancelled.

OCO details info………..

How to Place Stop Loss and Take Profit Order on Binance

How to Place Stop Loss and Take Profit Order on Binance

Through OCO we can enjoy many benefits, we can start two trades at once. Because you are a very busy person and you can’t spend much time, in that case you can do two things at once –

like you bought a coin with 0.134 $ and now if it goes up to 0.17$ then the auto will be sold, and if At 0.132$ the trade is closed and at 0.130$ the trade is auto-sold.

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