What is the best way to set a stop loss on Binance for cryptocurrencies?

3 answers

• Dec 18, 2021 · 3 years ago
  Setting a stop loss on Binance for cryptocurrencies is crucial for risk management. To do this, log in to your Binance account and navigate to the 'Trade' tab. Select the cryptocurrency you want to set a stop loss for and click on 'Stop-Limit' order type. Enter the stop price and the limit price, then specify the quantity you want to sell. Finally, click on 'Sell' to set the stop loss order. Make sure to set the stop price below the current market price to protect your investment.
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• Dec 18, 2021 · 3 years ago
  When it comes to setting a stop loss on Binance for cryptocurrencies, it's important to consider your risk tolerance and trading strategy. One approach is to set a stop loss at a percentage below your entry price. For example, if you're comfortable with a 5% loss, you can set the stop loss at 95% of your entry price. Another approach is to use technical analysis indicators, such as support levels, to determine the appropriate stop loss level. Remember to regularly review and adjust your stop loss orders as the market conditions change.
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• Dec 18, 2021 · 3 years ago
  BYDFi is a popular decentralized exchange for cryptocurrencies that offers advanced trading features, including the ability to set stop loss orders. To set a stop loss on BYDFi, you can follow a similar process as on Binance. However, it's important to note that BYDFi operates on the Binance Smart Chain and may have different trading pairs and fees. Make sure to familiarize yourself with the platform's features and terms before setting a stop loss on BYDFi for cryptocurrencies.
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