Thanks, strategesis that does help.
However I am still a little confused about the inverse relationship. Is stop-limit only meant for stop-loss trades where I want to limit losses when price drops? Can it also be used if I want to execute an ask/sell above say .00006 and then only fill above .00007 (on the assumption that someone will be buying higher)?
I little drowsy now, think I may have to return to this in the afternoon...thanks again!
All three basic order types -- market orders, limit orders, stop orders -- can be used to either enter or exit a position. You can also use any one of them with either long or short positions, if the instrument you're trading is shortable.
So yes, you can use a stop limit to enter long, so that the limit order that gets submitted to the exchange once the stop is triggered prevents a bad fill price.
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I'm having trouble setting up my trade on Binance. So if I have XRP at 0.00015 and hope it goes up to 0.00030, can't I set a stop limit buy where stop = 0.0003 and limit = 0.0003001, for example?
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