Title: [GUIDE] How to place stop loss sell order. Post by: sujonali1819 on April 09, 2019, 12:42:42 PM 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 (https://en.wikipedia.org/wiki/Order_(exchange)#Stop_orders)
https://i.postimg.cc/xTdhSLyZ/chrome-oiw-Bkrlc8m.png 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. https://i.postimg.cc/YC0vgDNx/chrome-Yh-Zdk-Np-X7a.png 2. Choose your coin. https://i.postimg.cc/wxNZx9SX/chrome-e-Sy-VZUpf-Z7.png 3. Click on the Stop-Limit https://i.postimg.cc/4y52Vxvn/Inkedchrome-w-L323w2-L6-J-LI.jpg 4. Then look at the sell area https://i.postimg.cc/y8m4ncmr/Inkedchrome-r7ra-WUmcv-R-LI.jpg 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. https://i.postimg.cc/jjSyqVh6/chrome-v-HVhrs34-Y2.png 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:- https://i.postimg.cc/43RVt7Z5/chrome-QH5v0-Gq-P51.png 7. After click on the sell button, you will see this pop-up window https://i.postimg.cc/yxNQbFsm/Inkedchrome-3u-OOut-L1-Ra-LI.jpg 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: BitBustah on April 09, 2019, 02:03:35 PM 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: stomachgrowls on April 09, 2019, 07:19:22 PM 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. 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 I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: bisdak40 on April 09, 2019, 10:28:43 PM 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. 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.I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. Title: Re: [GUIDE] How to place stop loss sell order. Post by: goldkingcoiner on April 09, 2019, 11:22:04 PM 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: anu1908 on April 10, 2019, 02:11:37 AM Also maybe it might be prudent to teach them the difference between stop-loss, limit and market. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: hugeblack on April 10, 2019, 06:51:22 AM 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" Title: Re: [GUIDE] How to place stop loss sell order. Post by: gantez on April 10, 2019, 09:34:41 AM I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: traderethereum on April 10, 2019, 03:29:08 PM 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.
Title: Re: [GUIDE] How to place stop loss sell order. Post by: palle11 on April 10, 2019, 03:35:56 PM 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.
Title: Re: [GUIDE] How to place stop loss sell order. Post by: Awesomus Maximus on April 11, 2019, 10:30:14 AM 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.
Title: Re: [GUIDE] How to place stop loss sell order. Post by: sujonali1819 on April 11, 2019, 10:46:28 AM I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: traderethereum on April 11, 2019, 03:00:51 PM I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: Pamadar on April 11, 2019, 03:41:39 PM 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. 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 forI never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: sujonali1819 on April 11, 2019, 04:11:37 PM I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders. Just buy and hold. 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: CryptoLing on April 11, 2019, 05:16:53 PM 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. 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.Title: Re: [GUIDE] How to place stop loss sell order. Post by: Ailmand on April 12, 2019, 08:15:32 AM 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.
Title: Re: [GUIDE] How to place stop loss sell order. Post by: Bitinity on April 12, 2019, 12:32:58 PM 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: Haunebu on April 12, 2019, 12:56:27 PM 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: sujonali1819 on April 14, 2019, 02:53:40 AM It would be much more better if you can give the same tutorials but for other exchanges. 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 Title: Re: [GUIDE] How to place stop loss sell order. Post by: CryptopreneurBrainboss on April 14, 2019, 03:15:43 AM 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.
Title: Re: [GUIDE] How to place stop loss sell order. Post by: traderethereum on April 14, 2019, 04:10:29 AM It would be much more better if you can give the same tutorials but for other exchanges. 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 anything different in another exchange I will update on the OP with more details.Thanks 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. Title: Re: [GUIDE] How to place stop loss sell order. Post by: gabmen on April 15, 2019, 07:48:40 AM It would be much more better if you can give the same tutorials but for other exchanges. 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 anything different in another exchange I will update on the OP with more details.Thanks 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. 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. |