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How to Set Stop Loss and Take Profit Orders on Binance 🔒🎯

Managing risk is key to successful trading. Here’s how you can set Stop Loss (SL) and Take Profit (TP) orders on Binance:

1. Stop Loss (SL):
Automatically sells your position if the price drops to a certain level, limiting your losses.

2. Take Profit (TP):
Automatically sells your position when the price reaches your profit target, locking in gains.

How to Set SL & TP on Binance:

Go to the Trade screen.

Choose your trading pair and select Limit, Market, or Stop-Limit order type.

For Stop Loss:

Use the Stop-Limit order. Set the stop price (trigger) and limit price (execution price).

For Take Profit:

You can also use a Limit order at your target price or set a Stop-Limit with your profit target as the trigger.

Tips:

Always set SL below your entry price for longs, above for shorts.

Set realistic TP levels based on support/resistance or risk-reward ratio.

Use SL and TP together to manage risk and automate exits.

Mastering SL and TP helps protect your capital and maximize profits!...

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