😊 Binance got you covered 🔥!
👉☔ let's get down and trade. But before, let's employ these terms
*Stop-Loss*: Sells when price hits a level to limit losses 🚨
- *Take-Profit*: Sells when price hits target profit 📈
*How-to on Binance:*
1. Go to Trade > Spot or Futures
2. Choose pair (e.g., BTC/USDT)
3. Select *Stop-Limit* or *OCO (One-Cancels-the-Other)*
4. Set stop-loss & take-profit prices
5. Place order 🚀
- 🚀 Let's break it down with an example for BTC/USDT:
- *Stop-Loss Order*:
- Current BTC price: $40,000
- Set stop-loss at $38,000 (if price drops)
When BTC hits $38,000, it sells to limit loss 🚨
- *Take-Profit Order*:
- Target price: $42,000
- When BTC hits $42,000, sell to lock profit 📈
*Using OCO (One-Cancels-the-Other) on Binance:*
1. Set stop-loss at $38,000
2. Set take-profit at $42,000
3. Place OCO order: one triggers, the other cancels 🚀
