[GUIDE]: How To Setup Stop-Loss order and other types of orders

[-CryptoViking-]

I see a lot of people asking about it and a lot of them are confused so made this as simple as possible.

Just a quick video showing how to setup stop-loss order to to prevent unwanted and unexpected loss while trading. Quick and easy guide with basic information.

How to: Stop-Loss order

Here is a good thread by @GreatArkansas about Stop-loss orders, you should check that out too:

• One of the Best Weapons in Trading

Two more useful links shared by @lobat999 about a Stop-limit order and OCO (One-Cancels-the-Other) orders:

• What is a Stop-limit order
• What is an OCO order

One more useful thread with short summaries about each type of orders by @nelson4lov:

• [Guide] - How to use different order types

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[Rikafip]

Good guide, short and to the point, as it's supposed to be. I wished I used stop-loss more often when I was trading , it would have saved me a lot of money.

One suggestion though, maybe add voice too( but that's just my personal preference, as I like to hear voice in guide videos).

[ololajulo]

Is the trade strategy good in the bull market? There are indications that in the bull, every bitcoin/ethereum pump might dump the whole market, however, the strategy of some bitcoin maximalist is to buy altcoin from every dump to take more profit for pumps after the bitcoin pump and stabilize. Do we maintain this strategy through the market like we have seen in the bear?

[Charles-Tim]

Stop loss order is good but could be otherwaie at times, take a look at the scenarios

1. If you buy bitcoin at $9000 and you set stop loss to automatically sell bitcoin at $8500 when bitcoin price drcreased to $8600. Immediately the price deceased to $8600, the bitcoin will be sold, most people sell in getting stable coin in such time.

2. There are times the bitcoin price will reduced to a price below $8600 and your bitcoin will be sold automatically, but very also possible that the price may later increase back, even above $9000.

3. The was a time in March, 2020, when bitcoin within a day dropped from $7500 to below $3600, this was a great advantage for people that had used stop loss.

So, we should be careful and try the use stop loss at the appropriate time, not all time is appropriate but most time is appropriate.

[-CryptoViking-]

Good guide, short and to the point, as it's supposed to be. I wished I used stop-loss more often when I was trading , it would have saved me a lot of money.

One suggestion though, maybe add voice too( but that's just my personal preference, as I like to hear voice in guide videos).

I tend to agree with you and this video was around 9 minutes long originally, but I removed the audio and cut it short on purpose to make it more simple and concise to avoid confusing people. A lot can be said about stop-loss and its usage and I didn't want to overload someone new with too much info.

Stop loss order is good but could be otherwaie at times, take a look at the scenarios

1. If you buy bitcoin at $9000 and you set stop loss to automatically sell bitcoin at $8500 when bitcoin price drcreased to $8600. Immediately the price deceased to $8600, the bitcoin will be sold, most people sell in getting stable coin in such time.

2. There are times the bitcoin price will reduced to a price below $8600 and your bitcoin will be sold automatically, but very also possible that the price may later increase back, even above $9000.

3. The was a time in March, 2020, when bitcoin within a day dropped from $7500 to below $3600, this was a great advantage for people that had used stop loss.

So, we should be careful and try the use stop loss at the appropriate time, not all time is appropriate but most time is appropriate.

I think you should always use stop-loss if you are trading, for hodlers this has less importance and it depends a lot on the context. Yes, there are many things to consider when using stop-loss, but in general the most important thing is to not be greedy and to set you stop-loss price objectively. If you know how to do it good and with high accuracy you will avoid scenarios where you get stopped at the bottom of a dip.

[Ryker1]

Well, that is a good guide on how to do the stop-loss strategy in trading. But don't get me wrong, --the video tutorial is too fast to understand, I don't even see the support and resistance level on the chart which is very important on how to execute during trading. Since we are here in the forum, it is good if you will summarize the content of the video so that we will easily understand. But to be honest, I appreciated your work.
I saw a thread in the Trading discussion that the same as yours how to do stop-loss. ^{[ https://bitcointalk.org/index.php?topic=5173189.0 ]}

[GreatArkansas]

(...)
I saw a thread in the Trading discussion that the same as yours how to do stop-loss. ^{[ https://bitcointalk.org/index.php?topic=5173189.0 ]}

I'm the author of that thread, thank you, you found it. Although that thread is not really complete and may some newbies find it difficult to understand but I did my best to explain about setting stop-loss and explain the importance of it.
The video in the first post by -CryptoViking- is also good for actual setting stop-loss in an exchange, good job OP if ever you are the one made that video!

[tranthidung]

So, we should be careful and try the use stop loss at the appropriate time, not all time is appropriate but most time is appropriate.

Stop loss orders have two biggest help:

• To help investors/ traders automatically implement their stop loss decisions (through stop loss orders) when market turns to very bad.
• To help investors/ traders cut loss when they are offline (sleep, hangout, vacation, whatever).

A bit more explanation for the use case 1:

Without stop loss orders, most of investors/ traders will hesitate to set up and click to activate their orders at the right time. It is hard to identify when is a right time and emotions affect people's decisions too. Hesitation and being affected by emotions will cause losses and missing chances to earn profits, not only cut loss.

Only senior traders will manually cut loss when they stay in front of computer screens, for the rest, they will hesitate and not do cut loss.

[btcltcdigger]

(...)
I saw a thread in the Trading discussion that the same as yours how to do stop-loss. ^{[ https://bitcointalk.org/index.php?topic=5173189.0 ]}

I'm the author of that thread, thank you, you found it. Although that thread is not really complete and may some newbies find it difficult to understand but I did my best to explain about setting stop-loss and explain the importance of it.
The video in the first post by -CryptoViking- is also good for actual setting stop-loss in an exchange, good job OP if ever you are the one made that video!

I can guarantee (if that's worth anything) he's the one who made it.
His shitty taste in music is unmistakable. Besides, he's always on my case for trading without stop loss

[minairia3]

Honestly when I see the OP, Im looking for a link to see where is the guide is. Then I realize to click the image, cool and very precise instruction. Some channel tends to use their voice but I like how the background sound compliments with your tutorial.

I suggest to put a hyperlink and segregate the photo for this guide so newbies can really know where to go, just a suggestion so it would be ease for them to notice it.

Do we maintain this strategy through the market like we have seen in the bear?

I think bear and bull this is an effective trading method. If you do contract perpetual trading you must be familiar with it, without using SL your life will be harder doing future trading cause leverage soemtime is really hard to predict and you dont want your funds to be liquidated easily.

[Rikafip]

I tend to agree with you and this video was around 9 minutes long originally, but I removed the audio and cut it short on purpose to make it more simple and concise to avoid confusing people. A lot can be said about stop-loss and its usage and I didn't want to overload someone new with too much info.

I see. It's just my personal preference, to hear the voice when watching video, that's why I asked about adding the voice.

Regarding that other part, maybe you should consider making a bit longer video covering stop-loss in more details, as I can see in the comments many people (especially those that are just starting trading) don't understand how to use it effectively.

[lobat999]

Glad you've made this guide @OP! Additionally I also just wanna share a reference guide and tutorial for stop loss orders from Binance Academy. I hope all of you guys would find it helpful.

what-is-a-stop-limit-order

what-is-an-oco-order

[alik111]

Thanks for this great lesson I hope next time you will help newbies by uploading how to set OCO order.
That means to set stop loss and target selling price at the same time.

This is be very helpful for all new Crypto traders.

[-CryptoViking-]

Well, that is a good guide on how to do the stop-loss strategy in trading. But don't get me wrong, --the video tutorial is too fast to understand, I don't even see the support and resistance level on the chart which is very important on how to execute during trading. Since we are here in the forum, it is good if you will summarize the content of the video so that we will easily understand. But to be honest, I appreciated your work.
I saw a thread in the Trading discussion that the same as yours how to do stop-loss. ^{[ https://bitcointalk.org/index.php?topic=5173189.0 ]}

Thanks for the feedback.

Regarding not showing the support and resistance - I did that on purpose, because it is not important for this kind of a guide. This is just a simple guide so people know how to do it, not to teach them trading. You can't learn how to find the support and resistance from one video.

I'm the author of that thread, thank you, you found it. Although that thread is not really complete and may some newbies find it difficult to understand but I did my best to explain about setting stop-loss and explain the importance of it.
The video in the first post by -CryptoViking- is also good for actual setting stop-loss in an exchange, good job OP if ever you are the one made that video!

Thanks, video is made by me indeed. I will add your thread to my post so people can check your post too if video is not best solution for them.

I can guarantee (if that's worth anything) he's the one who made it.
His shitty taste in music is unmistakable. Besides, he's always on my case for trading without stop loss

And you are using it more and more, regarding music I'm afraid there is no hope for me

Honestly when I see the OP, Im looking for a link to see where is the guide is. Then I realize to click the image, cool and very precise instruction. Some channel tends to use their voice but I like how the background sound compliments with your tutorial.

I suggest to put a hyperlink and segregate the photo for this guide so newbies can really know where to go, just a suggestion so it would be ease for them to notice it.

Glad at least someone like the style I choose for this video and I appreciate your suggestion so I will add the hyperlink too.

I see. It's just my personal preference, to hear the voice when watching video, that's why I asked about adding the voice.

Regarding that other part, maybe you should consider making a bit longer video covering stop-loss in more details, as I can see in the comments many people (especially those that are just starting trading) don't understand how to use it effectively.

Sure, I do make videos with sound to and understand what you mean, if there will be more interest I will make some more videos for specific scenarios, as making a video in general would consume too much time and it would probably end up being confusing.

Glad you've made this guide @OP! Additionally I also just wanna share a reference guide and tutorial for stop loss orders from Binance Academy. I hope all of you guys would find it helpful.

what-is-a-stop-limit-order

what-is-an-oco-order

Thanks for sharing the links they are useful and might help people, so I will add them to my opening post to make it easier for people who want to learn more.

Thanks for this great lesson I hope next time you will help newbies by uploading how to set OCO order.
That means to set stop loss and target selling price at the same time.

This is be very helpful for all new Crypto traders.

Cheers. I will add OCO order guide from Binance linked by @lobat999 to opening post.


Also if you think this thread could be helpful if shared on other boards feel free to share it.

[btcltcdigger]

I just gotta say it one more time, big thanks for making this video.
I always keep forgetting what's stop and what's limit for, and this explains it to a simpleton like me

[-CryptoViking-]

Added one more thread that I think is useful and helpful for members in the opening post.

I just gotta say it one more time, big thanks for making this video.
I always keep forgetting what's stop and what's limit for, and this explains it to a simpleton like me

Glad to see this guide helps people to remember to use stop-loss order and that you came back to make sure you are doing it correctly.

[cryptobudy]

stop loss is a necessary tool for professional trading. If you keep repeating it, you will succeed!

[Darkelf11]

stop loss is a necessary tool for professional trading. If you keep repeating it, you will succeed!

Repeating stop loss over your trades doesn't always mean that you will succeed, how can you say that you've succeed on trading if you already lose most of your investment. Stop loss isn't the thing that will make your success, rather your knowledge and good decision making of when to buy or when to sell already. Success is also attainable depending on the coin that you'd chosen to trade. This stop loss strategy helps to prevent further losses, but does not make your trades or even future trades succesful.

[Smartvirus]

One of the best and but not the easiest ways to profit in Cryptocurrency is by trading but it comes with a lot of risk that once it's understood, everything would go smoothly for you. No doubt you can loose everything but then, it could be avoided, once you understand the market structure, technical/fundamental/sentimental analysis and how to properly apply your indicators as they could be selective of instruments in nature which brings us to the stop lose.
One of the things you should know of the stop lose is that, it could also function as a guide of acquired profit on the course of trading.
Stop lose is an order upon the broker or the platform you trade on to cut you off the market once a certain range of lose is reached. It could function as a profit guide once you attain some level of profit and you just move your stop lose margin to a high above your placement. That way, it reserves you some profit and as well cuts you off the market when the margin is been tested.