The Binance Trailing Stop is a great way to place an order after your open order has filled. This feature works by setting the trailing stop to the price level of the open order, which allows you to place another order immediately after the trailing stop fills. This way, you can lock in a profit without worrying about the price. Alternatively, you can also set a limit price, which you want the trailing stop to be executed at.
A trailing stop order is similar to a Stop Limit order in that the price will be triggered when the trigger price is reached. However, if the price moves sharply above or below the trigger, the order will not be filled. This gives you the ability to enter at a better price should the trend reverse and the price move lower. With the trailing stop, you’ll have more certainty that the order will be filled.
The trailing stop is typically placed when you enter a position. This ensures that you’ll be able to enter the position at the right time. In other words, if you place the stop loss at a 7% level, you’ll be able to buy the stock when the price reaches that threshold. If the price falls below this percentage, it’s probably too low and could result in a larger loss.
The new Binance trading interface has been updated to support trailing stop losses. In addition to allowing trailing stop loss orders, the trailing stop loss can also be placed as a reduce-only order. In the case of a limit order, the Trailing Stop Limit Order is placed as a limit order at a specific price. For example, if price hits $11,100, the trailing stop limit order will remain in the orderbook. If it bounces back to $11,100, it will be filled.
Whether you are trading futures, spot assets, or margin assets, a trailing stop is an ideal way to protect yourself from losing more than you’ve invested. You’ll receive notifications via email, Telegram, or SMS if your stop/limit order is not filled. You can also adjust the trailing stop by selecting a different value for the stop loss. It’s also possible to customize the trailing stop by setting up an alert to be sent to your account when you are no longer able to monitor it.
A great way to automate trailing stop orders is to download the GoodCrypto app. This app allows you to attach Stop Loss and Take Profit Binance combos to any order you place. The GoodCrypto app will automatically cancel one or the other as each of the trades executes. This will help you tilt your Risk/Reward Ratio in your favor. It will also allow you to create a complete trading strategy in a few clicks. The only thing left to do is wait for the order to execute.
If you’re a beginner, a simple tip to avoid losing too much is to use a Trailing Stop. This will allow you to limit your losses and protect your gains. A trailing stop helps you keep a tighter eye on the market and protect your gains from going beyond the price you’re aiming for. So, while the trailing stop on Binance will help you protect your gains and avoid unnecessary losses, it’s important to remember that you should use it sparingly and only if you’re confident that you’re going to get out of the market.