2Read more1Read more0Read moreTrailing stop orders are kind of trailing stop market orders which behave exactly in the same way as the trailing stop limit until it reaches the trigger price. After that, the trailing stop order sends a market order to exchange while the trailing stop limit places the limit order.
The purpose of a stop loss crypto exchange is to prevent large losses from occurring so that the trader can stay in the game without losing his or her stake. This order type is automatic which means even if you close down your browser and turn off your laptop, the stop loss order will still execute and close out your trade.
Click here for crypto exchange promo codes and discounts. A great way to preserve capital or lock in gains when trading crypto is to use stops and trailing stops. With that said, you need a solid strategy to make stops work for you and not against you.
The trailing stop loss feature will follow the price and moves the stop-loss after the price moves towards taking a profit. Suppose the price for ETH increases by 10%, now your stop-loss will be rearranged as 0.0495 BTC. This way, even if the stop-loss order is triggered, you will earn profits.
In this tutorial video, we will guide you through the process of using trailing stop in Binance, a popular cryptocurrency exchange.
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