Questions about shorting a coin and trailing stop loss on Binance

[The_honey_bager]

I have put my first orders on Binance recently to test the water. So far, as long as it is a spot trade or a btc/eth long....no problems. However, I'm not sure about the proper way of opening a delayed short position on my margin or future account. 

Let's say the coin is currently at $9504USDT and I want to open a short with the following prices:

SL: $9550USDT
Entry: $9430USDT
Target: $9200USDT

The way I have tried it was to open 3 differents stop limit order at the 3 different price levels. I then cancel those orders when I figure out there was a risk that my SL could be triggered first if the price goes in the wrong direction.

Second issues I have encounter was when I want to put a delayed short similar to the previous one on a pair that I only have one token in wallet (example: ETHUSDT and I was only having usdt funds in my margin wallet), I got some insuffcient fund error messages that pop up. I guess this was because the short entry wasn't executed before putting the others buy stop limit order..?

So is there a better or proper way of opening a delayed short position with a SL and a Target on Binance?

Regarding the trailing stop loss. I have only seen this option for long position on the Future platform and the max allowed callback rate was 5%.  Is there a way to have a trailing stop loss on a short too and with a callback rate greater than 5%?

Thanks!

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[GreatArkansas]

You can treat your stop loss at long position when you want a stop loss for your short position,
But if you set your stop loss without reaching your entry price, it is risk that it may be trigger before your entry.
The really best way is to wait for your entry price triggered and set your stop loss.
But if you have some knowledge on coding, you can use their API and code for following conditions.

[Ryker1]

You can treat your stop loss at long position when you want a stop loss for your short position,

Well, I know you are good at technical analysis but why you did not introduce your technical analysis here, --the best weapon in trading. ^{[Stop- Loss]
[ https://bitcointalk.org/index.php?topic=5173189 ]}
I don't have further knowledge of trading but when it comes to stop-loss strategy, perhaps it is good if you will use trading automation bot as well in order for you to easily exciting stop-loss process.

[The_honey_bager]

But if you have some knowledge on coding, you can use their API and code for following conditions.

I have done some python coding in the last year. Doing a custom bot for my trading is definitely on my to-do list once I will be more comfortable with manual trading and having tested a long term winning strategy.

Thanks for you answer! 

[jackg]

But if you set your stop loss without reaching your entry price, it is risk that it may be trigger before your entry.

I do this, it's quite nice how it works out but they should get a bybit style order screen.


The insufficient balance was that caused by a market buy? I get that a lot of the time when doing that and I just reduce the call by 1.

[GreatArkansas]

You can treat your stop loss at long position when you want a stop loss for your short position,

Well, I know you are good at technical analysis but why you did not introduce your technical analysis here, --the best weapon in trading. ^{[Stop- Loss]
[ https://bitcointalk.org/index.php?topic=5173189 ]}
I don't have further knowledge of trading but when it comes to stop-loss strategy, perhaps it is good if you will use trading automation bot as well in order for you to easily exciting stop-loss process.

Well, thanks for the compliment but I am still learning about technical analysis, I am not that good at is. Then that thread I created before was only for spot trading, which you cant set stop loss without buying first the coin you want, but if you are doing it in futures market, you can do it but as what I said, it is risky.

I have done some python coding in the last year. Doing a custom bot for my trading is definitely on my to-do list once I will be more comfortable with manual trading and having tested a long term winning strategy.

Thanks for you answer!  

That's good to hear that! We can also apply our skills in coding with trading.
But let's wait for more answer, I may be wrong or I really didn't get what you want to mean, or maybe there will be more answer that will you to achieve without using other tools.