Do you want to learn how to set a stop loss on Binance and the proper way to use stop limit order? This 2018 Binance tutorial is for beginners already invested in cryptocurrency like Bitcoin and Ethereum and want to know how to use Binance exchange for buying and selling alternative coins.
We start the video tutorial on the Binance dashboard, here we will search for Ripple coin (XRP) on the Bitcoin market. I will then proceed to the Binance advance chart page. Once on this page, I will teach you how to buy and sell altcoins using market, limit or stop-limit orders.
I will start with a market order example. This is simply an order purchased directly off the order books and will be processed instantly. Next I will place a limit order, this is a more complex order type which involves a price trigger. In this example order I will show you how to assess the market and then set the appropriate price limit for purchasing Ripple.
In the final section of the Binance tutorial you will see live Ripple examples of stop loss order and stop-limit order. Learning how to do these orders correctly will enable you to leave your computer screen without the worry of losing your money, instead you can actually make profits without pressing a button.
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Thank you for this video.
Stop= price you want your order to show up
Limit= price you want to sell your coin
So following your own example, if you want to sell XRP when it hits 8k satoshis, you'd set the stop to 8010 satoshies, and limit to 8k. That way, when the market price hits 8010 satoshies, your order to sell @ 8k would be posted. If the price goes down even further, all the way down from 8010 to 8000, your order would fill and you'd sell your coins.
You can do the same for buying- set to buy @ 8k (limit) when the price drops to 8010s (stop). No need to spread higher than 10 satoshies for the high volume coins like XRP. Good luck.
Thanks for the video! I was so confused when it came to stop limit orders, but you cleared it up quite well. Thanks. Question: can I set more than one stop limit to sell on a single trade? One stop for loss protection and the other to sell at a certain gain? Thank you!
My favorite trading pair is US dollars... Because if I trade in altcoin with Bitcoin and then Bitcoin drops then I lose money... But when I sell my alts for usdt then I don't have to worry so much about watching my account
Kickass orders tutorial walkthrough! 👍
This is awesome! That limit order is better for discount price and as a default order.
You can stop-limit buy (dip) and stop limit sell (stop loss) & stop limit buy (take profit).
I never thought stop-limit orders can be so versatile! 😎
if i have 10eth for exemple..
i want a stopploss and a takeprofit.
i think on binance you just can make 1order for the coin.
u can say stop loss 5eth
and profit for 5 eth..
but not stoploss for all 10eth and then also make a profitstop for these 10..
you just can use the coin once...
or is there on binance a possibility to use both stops for the one and same coin???
thx for the video.. i can show these to my friends
Yeah! Once you got that limit order, then you setup that stop-limit sell order as a kind of stop-loss. You can also use this stop-limit sell order as a take-profit! It's like putting a stop loss instead of below... you put it above the present market price and take-profit instead. Pretty neat. 👍😏
Hello Satoshi. A very interesting video. I use limit orders and you are right you can find the order is not filled especially if you are aiming for a discount by placing your limit order below what I consider the base low, if you follow. So we buy in the red and sell in the green. the aim being to make a profit every time. Can you use the stop limit and still make a winning trade every time? And if so how or do I need to listen again because I was listening for that connection. My understanding of stop limits is you want to avoid making bigger losses. In my case I don't want to make any losses period which means I use a manual approach to set the limit buy physically buy when I think I am making a reasonable profit. Now you mentioned I could set a price at which I want to sell. What happens if the price goes past that price I have set to sell and nobody buys? Would this mean I would be left with a bag of coins hanging in the air? My limited understanding is what I call the manual approach of setting a limit order and physically selling can be counterproductive. Hallam in always sunny Barbados.
I enjoyed the video, thank you. Also, I got a couple questions for you. First, can you actually trade on binance in USD? I thought you can only trade coins in it.Also, I hear a lot about how it's strongly advised to keep your coins in cold storage. Do you have any concerns about leaving your coins on the exchange?
hi, great video, ive subscribed. I have a question, can i add two limit orders for the same coin so a stop limit to sell at a low price and a stop limit at say 5% increase ?
so far from messing around i find that i can either place a safety stop limit to mitigate loss but cannot add a stop limit to sell at a higher price ? please help
Wesly G, I’ve established that you are limited to the stock limit options on the binance exchange. What you can do is use the percent tabs to say sell 50% X amount and 50% buy with the other 50% but as I say that’s the best you can do on binance without using a crypto bot which would be programmable in that way. There’s plenty out there but very expensive. Other options would be to use a simple script programming language and create your own simple program. Or just manually sell ofcourse
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