Binance Futures – No stop loss option
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hi, I was playing / learning with binance futures this week, and I cannoy find any option to create a conditional stop loss order. For example:
I buy BTC at 8000, with a liquidation price of 7500
Now, i want the position to keep open but also want to create a conditional order like if the price reachs 7750 it posts a sell order for 7750 or a bit less, so it sells before the price continues to drop avoiding liquidating all your funds
unfortunaltely, looks thee is no option to do that by now
Or Im missing something?
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Binance limit-stop loss is useless for real manipulation/drops/dumps. Because noone is buying when a rich guy is selling millions worth in a second with market order. Useless. Only non manipulation/whale moves you got a chance that someone will buy the limit order it places..my limit-stop loss order never even activated and was in -35%. NEVER ACTIVATED EVEN.
+1
It’s possible to create a stop loss order, here’s how.
Assuming btc price is 10000 for the ease of calculation, your long position will be 1 BTC exactly and your stop loss will be set at 9950.
1. Create a limit or market long order as you prefer for 1 BTC.
2. Create a stop limit short order with the below settings
* Stop: 9960
* Limit: 9950
* Amount: 1 BTC; same as your long order
**Note**: if you close your position manually, make sure to cancel your stop limit order.
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Stop: This is the trigger for your limit order, it will not execute at this price, but it allows the broker some slack in case the market goes insane. You can play around with the amount of slack you want to give, $10 works well generally.
Limit: Your short will execute at this price and since it matches your long amount, it will close your position.
Hope that helps. Safe trading!
Disclaimer: bla bla not financial advise bla bla