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A Stop Loss is a risk management tool that automatically sells your asset when its price reaches a certain level, helping you limit losses. Here's how to set it up on Binance:

What is Stop Loss?

It’s an order that automatically sells an asset when its price hits your predefined stop price.

Types of Stop Loss Orders on Binance:

Simple Stop Loss: Basic order triggered at a specific price.

Trailing Stop Loss: Dynamic order that moves with favorable price changes.

OCO (One Cancels Other): Sets both Stop Loss and Take Profit orders.

How to Set a Stop Loss:

Log in to Binance and select your trading pair (e.g., BTC/USDT).

Choose Stop-Limit in the order box.

Set the Stop Price (trigger point) and Limit Price (sale price).

Enter the Quantity and click Sell to place your order.

Tips:

Don’t set your stop too close to avoid getting triggered by small fluctuations.

Consider market volatility when choosing your stop price.

Regularly review and adjust your strategy.

By setting a Stop Loss, you can protect your trades and limit potential losses.

#StopLossStrategies #Growwithnuman
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