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Author Topic: Binance has no stop-market orders. How close to put your stop/limit?  (Read 79 times)
thegoatiest
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March 21, 2019, 08:13:46 AM
 #1

Hello.
I'm just getting reacquainted with Binance after Bitmex.
The order types are pretty disappointing,

So the only option to limit loss is, a stop-limit. However - seeing as Binance has the same maker and taker fees. I would like a stop-market!?
once my stop gets triggered I want the best price available.. I don't want to set a limit, potentially lower than it needs to be - Just.In.Case there is a seriously fast crash and my stops don't have time to fill.
So, seeing as that's the reality over at Binance... how close % wise should you leave between your desired stop - and the limit?
I'm trading BTC/USDT and ETH/USDT  - so the volume in those markets should be pretty high.

Thanks.
TG
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March 21, 2019, 08:30:21 AM
 #2


weren't there an advance option for binance GUI?

i am not trading much on binance as i have been working for someone right now that needs almost full time. but as far as i know there is basic and advance option of the exchange, from there advance you can set it up.  in polo there such this option too.

 
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March 21, 2019, 08:35:48 AM
 #3

Hello.
So the only option to limit loss is, a stop-limit. However - seeing as Binance has the same maker and taker fees. I would like a stop-market!?
once my stop gets triggered I want the best price available.. I don't want to set a limit, potentially lower than it needs to be - Just.In.Case there is a seriously fast crash and my stops don't have time to fill.
stop price: If the last price drops to or below to it,
limit price: you can set this below in your stop price

Let's have an example on QKC/BTC:


If you will set your stop price at 870satoshis, then it will trigger if the price drops or below to 870satoshis.
You can set your limit price to 865satoshis so even if there are buy orders on 866satoshis-869satoshis, it will execute on the nearest price.
Meaning, if there are buy orders in 869satoshis, your stop loss will trigger and will sell it automatically to 869satoshis.
More info here: https://support.binance.com/hc/en-us/articles/115003372072 or https://www.youtube.com/watch?v=oe1IAVqJonI

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March 21, 2019, 08:39:49 AM
Last edit: March 21, 2019, 09:09:57 AM by thegoatiest
 #4

Oh cool. Thanks.
So at Binance the stop-Limit is essentially a stop-market order with a limit on how low the market order will be fulfilled?
I thought it was that way - but then i read this page at Binance:
https://www.binance.vision/tutorials/what-is-a-stop-limit-order

"Note that the stop-limit order will only be placed if and when the stop price is reached, and the limit order will only be filled if the market price reaches your limit price. If your limit-order is triggered (by the stop price), but the market price doesn’t reach the price you set, the limit order will remain open.

Sometimes you might be in a situation where the price drops too fast, and your stop-limit order is passed over without being filled. In this case, you may appeal to market orders to quickly get out of the trade."

and it goes on about - the reason you need market orders are if your stop-limit fails to fill. So you can sell manually.
I guess that's if you had your stop and limit seriously close together.
Man I'm half-asleep xd

cheers.
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March 21, 2019, 09:09:42 AM
 #5

Stop limit on binance means that order will be triggered at "stop" price and fulfilled with the best price at that moment but not lower than "limit" price. If you want it to be fulfilled no matter what you can set limit at 0 or close to 0 but its risky due to crazy stoploss attacks that sometimes reach -90%.


like here. Your order without limit would probable be fulfilled at the bottom at 40 sat.

That's why its so important to put limit in stop-limit order. How far from "stop" price would you set it depends on you and how risky you consider trade you are in. If you put it too closes to "stop" price there is high risk that price will skip your limit and continue to fall without filling your order. If too low you can sell at not the most optimal price.

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thegoatiest
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March 21, 2019, 09:12:50 AM
 #6

Thanks.
So is that page on Binance i posted out of date?
I edited my post just now, so here's the quote;

"Note that the stop-limit order will only be placed if and when the stop price is reached, and the limit order will only be filled if the market price reaches your limit price. If your limit-order is triggered (by the stop price), but the market price doesn’t reach the price you set, the limit order will remain open.

Sometimes you might be in a situation where the price drops too fast, and your stop-limit order is passed over without being filled. In this case, you may appeal to market orders to quickly get out of the trade."
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March 22, 2019, 02:26:17 AM
 #7

Stop limit feature on Binance we can use it to create stop loss  and buy stop order,  when we use it of stop loss we can not create sell limit at the same times so to take profit later we should be cancel the stop limit order first and change the order to sell market or sell limit.

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