In this guide, we'll tell you about your Stop Limit order, this feature is one of many Binance services! Also, be sure to read the instructions on frontier and market orders to get a better idea!You might want to outline your Stop Limit order by dividing the STOP price and the limit price! The stop price is simply the price that triggers a frontier order and the frontier price is a special price for a frontier order that has started!This means, for example, that once the Closing Price has been reached, your limit order will immediately be placed in the order book!Although Stop and Limit Prices may be the same, this is usually not a requirement! It is safer to set the End Price a little higher than the Limit Price or slightly lower than the Limit Price!This increases the chances that your frontier order will be filled after the stop limit has been triggered!
In our example let say you will buy five BNB at 0.0012761 BTC because you believe that the price is close to a major support level and it will likely go up from here!
In this particular situation, you may want to set a stop limit sales to mitigate the loss!Sign in to login to your Binance account and go to the BNB / BTC market! Then click on the Stop Limit tab and set the stop and limit price and the amount of BNB you want to sell!If you believe that 0.0012700 BTC is a reliable support level, you can place a stop limit order on it just below this price! In this example, we set a stop limit order for five BNBs at a stop price of 0.0012490 BTC and a limit price of 0.0012440 BTC.
When you click Sell BNB! There will be going to come new popup what is a confirmation window. Remember to check the details and make sure everything is correct and press Place Order to confirm!
After inputting your stop-limit order, you will see a confirmation message!After this point you can scroll down to see - manage your open orders!
Remember that a stop limit order will only be placed once the stop price has been reached! A limit order will only be filled if the market price reaches the limit price!If your frontier order is triggered (at the closing price) but the market price does not reach the price you set, the frontier order will remain open!It is likely that you will find yourself in a situation where the price will drop too fast and your stop limit order will be exceeded unfulfilled! You can use and rely on market orders to quickly get out of the store!
This feature is a good and valuable risk management tool and you should use it to avoid very significant losses! This is perhaps one of the most useful tool in the world of cryptocurrencies.
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