Stop – Loss is a great feature provided by exchanges, it will help us to save our fund from unexpected dump.

Hi everyone, yesterday @akdx asked me to make an article on how to use Stop – Loss. My plan was to make it after 1-2 days but for him I thought to make it little earlier and today we will talk about how to use stop – loss.

What Is Stop – Loss ?

Stop – loss is a feature provided by exchanges to make a bid of buy or sell for specific amount of crypto at a specific price.
For example – if you want to sell Steem when it will reach at $4 then you can set a specific amount of Steem to make a bid when the price of Steem will reach at $4 or above it. It is very helpful when we don’t know about market that it will sudden pump or dump.

How To Use

Stop – loss feature is provided buy many exchanges and I will show a tutorial how to use it in Binance and Bitterx.

Binance

In Binance when you are on trading page you can see a option “Stop- Limit”. After clicking on it there will be 2 option, if you want to buy or sell choose as per your choice.

I will show you tutorial on buy. Here, below in the picture, I am going to make a buy bid if the price of Steem go below.

Stop : Enter the price of Steem, when you want to place a buy bid. In my case, when the price of Steem will be 0.0003100 btc then a buy bid will be placed.

Limit : Enter the price of Steem in which price you want to place a bid. In my case a bid will be placed at a price of 0.0003102 btc.

Amount : The amount of Steem you want to buy at above price. In my case i want to buy 50 Steem.

For better understanding - When the price of Steem reach at 0.0003100 btc then a bid of 0.0003102 btc will be placed automatically for buying 50 Steem.

Bitterx

In Bitterx on trading page, first we have to change order type "default" to "conditional"

As like above i am going to buy Steem, take a look at the image below.

For better understanding i have used the same case as above.

When the price of Steem reach at 0.0003100 btc then a bid of 0.0003102 btc will be placed automatically for buying 50 Steem.

In Binance it is quite easier as compare to Bitterx but Bitterx offer little more customizations. I hope you guys like it and understand that how stop - loss work and used. It is very important to use stop - loss, specially when market pump and dump sudden.

You can ask any question about it through the comment section below, i would love to answer.

Thanks for reading...

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