How to place stop loss and OCO orders on binance.
Iโll use videos and audio to explain.
A thread!!!
Iโll use videos and audio to explain.
A thread!!!
First of all what is stop loss. Basically stop loss is a tool that helps protect your portfolio from further losses or huge drop in price.
Example: you bought 1 #BNB at $650 and then something happens in the market and thereโs a drop in price. Letโs say BNB drops to $500. Now you would be losing $150 right?
But with stop loss you can place a sell order at $600 instructing binance to sell off your BNB at $600
But with stop loss you can place a sell order at $600 instructing binance to sell off your BNB at $600
Should the price drop. The beauty of this is that you can place your stop loss order and go to work or sleep or do other things.
You donโt have to be refreshing binance unnecessarily
You donโt have to be refreshing binance unnecessarily
Now how to place a stop loss order on binance
A video ๐๐
A video ๐๐
Now letโs move over to OCO.
What is OCO? OCO means order cancels order.
OCO basically allows You to place your stop loss and take profit at the same time.
How to place an OCO order on binance. ๐๐
What is OCO? OCO means order cancels order.
OCO basically allows You to place your stop loss and take profit at the same time.
How to place an OCO order on binance. ๐๐
So if youโre a trader i would advise you go for OCO instead of only using stop loss.
OCO is flexible, you get to input your stop loss and take profit at the same time.
Hope you find this valuable.
OCO is flexible, you get to input your stop loss and take profit at the same time.
Hope you find this valuable.
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