Bitcoin Forum

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

You can set up stop-loss anytime you do want which is mostly 5-10% below on your purchased or buypoint or depend on how much you can risk on. I havent tried coinbase pro if they do have  SL tool but i can give you out

some tuts on how its been done but this time it on Binance. You can check it out here https://www.binance.com/en/support/articles/360040016512#:~:text=How%20can%20we%20help%20you%3F&text=02%2021%3A26-,The%20stop%20order%20on%20Binance%20Futures%20platform%20is%20a%20combination,when%20the%20order%20is%20placed.

As a beginner or do make active trades then this tool is always been suggested to be used up.

Stop lost is a good measure to use and avoid your digital assets being crash suddenly. It is better to lose 5-10% of your holding as compares to 80 -100% within an hour. He does happen in crypto space regularly and this it is a great tool to prevent this type of occurrence.

I didn't used coinbase pro, so I don't know if stop loss features available there. But those exchange support stop loss you may set it on there. There are some advantages & disadvantage of the stop loss. Advantage is, the stop loss would help you to prevent huge loss. The disadvantage is, you would miss profits due to stop loss if coin price start pump after hit stop loss. But personally I believe advantage is stronger than disadvantage. You may use stop loss to prevent huge loss of your total portfolio.

Stop loss is very good to use so that you can prevent total loss of the coin you have because you won't have the knowledge of future movement of the price. Coinbase too is a good platform for such kind of trade.

Yes, It's possible to set stop loss orders on almost all exchanges (including coinbase). if I'm not mistaken. You can see  order types (https://help.coinbase.com/en/pro/trading-and-funding/orders/overview-of-order-types-and-settings-stop-limit-market) available at coinbase.pro exchange, what each order type does and how to set different order types like stop loss, limits and more.


Stop loss order type is available on coinbase.pro. It's a small but cool tool that comes in very handy. The functionality is available on almost all exchanges.

yes,coinbase pro have stop loss fuction.
Select the STOP tab on the Orders Form section of the Trade View,then Choose whether you'd like to Buy or Sell,then Specify the Amount and Stop Price at which the order should be triggered,then Specify the Limit Price and done,u can leave the your trading account.

Well, this kind of strategy is very common in trading. If you still learning to trade I suggest pausing for a while and make your own research on how to execute stop-loss process in trading. Because of this required skill on how to read technical analysis and followed by fundamental analysis.
There is a thread that I have read last week and I applied this, so far so good at the moment. Here is the thread of stop-loss.
^{https://bitcointalk.org/index.php?topic=5173189.0}

It depends on the platform you use.

I know that binance offer stop loss features for all of its trading pairs, but you might not find this functionality on newer or less advanced platforms.

I personally set my stop loss to -10% on my entry price, and I set my take profit order at 20% (most of the time). So long as I pick more winners than losers, this system should pay out.  

I disagree!
Newer platforms will surely mostly have this kind of functionality since this had been the norm or commonly needed by most people  specially to those who do trade off actively.
Ive been using stop loss in binance and i dont know if other platforms do have it since i havent tested out other platforms yet i do trust up binance when i do trade.
Stoploss is helpful yet this do limit out deeper loss in to your trade which this had been known by majority.If you do go for long term then this feature
wont really be that much important.

This is quite good putting a stop loss on every trade. But how do you calculate your stop loss? Do you plan your stop loss before entering a trade or after it? Like as long as it is arond -10%?
Because for me, we are kinda different, I plan my stop loss before entering a trade, if it is a good risk:reward ratio then I enter a trade.

And for OP, open a trade first before stop loss. But planning about where you put your stop loss, is much advidsable for me; before you enter a trade, you should already have a plan where to put stop loss.

If you are not that confident about your trading and you think that this is not the right time to trade then don't trade at all.

Stop-loss can really minimize your losses but you make sure that you are monitoring it so well. It is hard to predict the market as it is really uncertain depending on the factors that can affect the market situation. Doing stop-loss can help you become aware about the price 5%-10% under your buypoint. It is also hard to rely on that, you still know how to control yourself.

In terms of Coinbase, it is also good trading platform with a lot of features the same with Bitstamp.

I think he sets his stop loss to a fixed number, it's not based on any market factor. This way, he easily loses money little by little over a long period of time.
For me, I set my stop loss based on MACD, KDJ and BOLL and sometimes is VOL if a pump occurs.

Yes ofcourse. You can always stop your loss whenever you wanted to. But I believe that is a panic selling.
Because you are foresee that coin to continue going down, better to cut the loss as soon as possible.
But to avoid that, before you buy a coin for a trade, make sure that you've think about it carefully.
Do not buy it if you are not really confident, you might just end up lossing.

I agree on your other statement except this one. You can't guarantee that the price will bounce back at any point you enter even though it seems like the price was in the bottom when you look on the chart. All professional are using stop loss to limit possible risk of losing because they can't guarantee that there analysis is 100% accurate. There is a famous quote in gambling which is "only risk what you can afford to lose". This is the same principle to stop loss. It is not that you are not confident on your trading strategy but rather a wise risk management that is an essential part on trading.

If you have the right knowledge with this function it will helps you a lot to do other things, instead of monitoring your trades with stop loss
functions, the trade will be much easier, it lessen the stress and lessen your chance of being emotionally moved.
Good traders who uses this functions really enjoyed the benefits, though not always that you'll get the winning
trade but it's helps you to limit your loses.

I always put my stop loss at -25% under my buypoint. If you trade in crypto, you will see a lof of fluctuations every day so putting a stop loss at -5% or -10% under your buypoint seems way too low for me.
I use the same stop loss when buying stocks also.

Yes, of course, you can. You can apply to stop-loss after buying a coin, but I wonder why you should do that if you already analyze the coin before you purchased. Usually, stop loss is apply when the market is going down, and you want to prevent the losses because of the price is going down below than the price you bought. If you are afraid the downtrend, you can use stop loss to prevent from the down of the price, but you might set it after analyzing more, so you can know if the market is really getting down or not.

Well, for me if you have already done your own research vigorously about the coins you are buying, I don't think you need any tools like stop lose again. Frankly, that tools isn't my favourite because it has potentials of making you loose out of possible profits. Advise: don't buy any coin because others are say good about it or pumping groups are hyping the coins. Do your thorough investigation about a coin before proceed to buy.

yes you can stop lost in coinbase here is the guide I found https://help.coinbase.com/en/pro/trading-and-funding/orders/overview-of-order-types-and-settings-stop-limit-market just read every thing  so you will understand how it works . I hope it helps.

Thank you guys you are very helpful bunch .

A good choice to use stop-loss after buying coins, so you have taken steps to protect the capital you have. Without using the stop-loss
feature if the price goes down then you can lose your capital, I always choose minus 5% for the stop-loss settings that I use.Of course
Coinbase Pro has a stop-loss feature, because almost all popular exchanges must have a stop-loss feature.

I understand that you are imagining like stop-loss orders are something a special type of orders and we need any special arrangements for that. But in reality, stoploss orders are just similar to what we are usually doing to sell the coins but you need to put in advance so that your losses will be in expected (acceptable) limit rather than being unlimited losses.

You bought a coin, fine; then what you will do to take profits? You will sell higher prices than your buying prices, right? So, you will put sell order which is higher than your buying prices and this can be done with the help of usual order types. Because, you are going to put the order which is higher than the current market prices.

When we are selling higher than current prices then ordinary sell order is enough which is usually we do to book profits.

But, stoploss order is needed be put lower than current market prices hence we need to put with the help of stop-loss order type, which will not trigger until that price reaches.

If you put lower prices than current market prices to sell in normal order type then that will be executed at current price levels itself; which will not serve the purpose.

Literally a panic selling, stop loss is different from that, stop loss is where you decide to get out of a losing situation, well we can say that panic selling is a kind of stop loss since you're doing the same thing as stopping your loss but in very short term. Panic selling is for weak hands who are easily distracted by the declining price as early as they enter their buying position.

Doing a self technical analysis will do so much to avoid the unwanted loss or better you won't be needing any stop loss anymore.

When you are not sure how to make use of stoploss for your trades then it is highly recommended to have exit levels on both profit and loss directions. It means you must have to be prepared when to exit when market moves on. Usually all traders will have exit point for profits zones and might never think about exiting at losses which leads them to keep their position opened and if they are lucky enough then market itself rebound to get them profits otherwise exchanges will liquidate them when there are enough margin available to keep the positions open.

You do not need to have to make use of stop-loss orders when you are not familiar on it. Just fix an exit level and keep watching the market and when your exit level reaches just sell and close the trade. If you keep waiting then your losses may grow up. So, determine your exit on loss levels with technical analysis and then go trading with that.

Yes, you can do it when you bought a coin. Logically when you have a coin it means you can do anything with your coin. You can sell them when you've got profit and you can sell them when the coin price is decreasing. You can set it, have you know all the feature in coinbase pro? I suggest you can see in some youtube channel to do what you want.

This is what I've done so far, I mean if I found new exchange and interest to the exchange I'll see in some youtube channel for all feature that has offered by the exchange and that is very needed especially if you have intention to be a trader. Also,you may need this thread because I think this is a useful thread to know where you have to put the stop lose when you bought a coin/token https://bitcointalk.org/index.php?topic=5261095.0

Great, this will help not only OP but everyone who also have same question in regards to this particular exchange, stop loss most of the time
helps traders to position their target amount.

Knowing much deeper into trading helps you to easily use and take benefits from this available tools. as long as you review the sentiments
of the market you'll be able to anticipate and configure your system.

Yes, use stop-limit order every time you place an order to limit your losses. But some exchanges don't have that function, so you need to put an alert on tradingview some similar app, to close your order manualy. Manage your risk carefully.

It is indeed helpful because you do put up limits on how much loss you would able to take on a specific trade which would really be a nice tool to have specially when you are daytrading and same as others said when you are aiming for long terms swings then this is somewhat not really much preferable to use because few percentage set of your stop loss can easily be hit up on a single swing of price volatility.
I do know that most platforms do have this kind of feature because this had been commonly used by most traders or they do seek of.

^ There is a blog post from Coinbase pro on how to stop-loss and limit orders, https://help.coinbase.com/en/pro/trading-and-funding/orders/overview-of-order-types-and-settings-stop-limit-market. But this is very crucial if you are a newbie that did not understand. First, you need to understand and how to execute this in the Coinbase pro in the market. Nevertheless, I wonder why you choose this Coinbase for your trading, there are too many good exchanges out there, like Binance and Poloniex they had a stop-loss learning webpage.
https://support.poloniex.com/hc/en-us/articles/360040029993-Stop-Limit-Orders-Explained
https://academy.binance.com/tutorials/what-is-a-stop-limit-order