How to set take profit and stop loss orders on Binance?
You can use take profit and stop loss orders when buying Ethereum on the Binance exchange during a "breakout."
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Assuming 2152 is the recent resistance level for ETH, once this resistance is broken, the price may continue to rise, and you can achieve automatic breakout trading through self-operated stop loss orders.
Let's see how to place an order.
Step ① Click "⬆️", then select "Take Profit and Stop Loss" from the dropdown.
Similar to "Market Order," the "Take Profit and Stop Loss" order option also requires us to switch manually.
After entering the spot trading screen, we click "⬆️", then scroll down to find and select "Take Profit and Stop Loss."
How to set take profit and stop loss orders on Binance?
Step ② Fill in the relevant information
The information required for a take profit and stop loss order includes three items: Trigger Price: The resistance level you estimate for ETH. Entrust Price: The price at which you want to buy ETH after breaking the resistance level. Quantity: The amount of ETH you want to purchase.
For example, if ETH has not broken 2403, I decide (just for practice; my actual trading strategy would have more conditions than this simple breakout), if ETH breaks 2,403, I plan to buy 0.1 ETH when the price rises to 2,405.
Therefore, the pyramid value settings should be: Trigger Price: 2,403 Entrust Price: 2,405 Quantity: 0.1
In simple terms: When the ETH price breaks 2,403, please have the system automatically help me buy 0.1 ETH at 2,455 with a limit order.
Note: The total transaction price must be ≥ 5 USDT; otherwise, the order cannot be successfully placed. It is recommended that beginners practice more, have their own strategies, and try operating both take profit and stop loss.
Step ③: Confirm the information is correct, click "Buy ETH"
Confirm again that the trigger price, entrust price, and quantity are correct; if there are no issues, you can click "Buy ETH."
For complex orders like take profit and stop loss, it is recommended that everyone carefully review a few times before placing the order to ensure that the set trigger price and entrust price align with your intentions.
Binance spot take profit and stop loss
Step ④: Confirm the order information again
The screen will display the order information for the take profit and stop loss order; please be patient and confirm it carefully once more. If everything is correct, click "Confirm."
Like buying BTC, for complex orders (take profit and stop loss, trailing stop loss), a line of white text will be listed below the order, simply repeating the meaning of this take profit and stop loss.
I personally find it quite warm, feeling that they are really considering the users.
Step ⑤: Order successfully placed
After confirming the order information, the screen will show a gray box stating "Order Successfully Placed," indicating that we have successfully placed the take profit and stop loss order.
Order successfully placed
Note: Successfully placing an order does not mean the trade is successful; you still have to wait for the market price to reach the specified price to trigger it.
This is how to set take profit and stop loss orders on Binance. A visual and textual guide on Binance spot contract take profit and stop loss.