In all types of long-term or short-term investments/trading, deciding the right time to exit any position is simply important just like entering any position. There are some situations whenever the asset’s price moves up drastically, but guessing the take profit target is tough. If you really wish to optimize your trading journey, choosing the best crypto trading terminal can help you plan, manage, and analyze your trades effectively.
Today, TrailingCrypto has become one of the best trading platforms offering a variety of advanced orders to the traders like Trailing Stops, OCO, OSO, etc. Among several order types, Trailing Stop orders are gaining huge popularity. Unlike a simple stop order that sells based on the price fall against the initial buying price, trailing stop orders adjust according to the current highest price of the asset. The best crypto trading terminals, like TrailingCrypto, are uniquely positioned to offer this feature to their customers.
Trailing Stop Order
Trailing Stop orders are used to buy or sell crypto assets if they move in a direction that any trader considers unfavorable. You can set these orders at a specific percentage away from the current market price of the asset. In general, we can say that the trader can place trailing stop order below the current market price for the short position.
Implementing Trailing Stop orders in your trading strategy is something which ensures that you have a robust and agile crypto trading plan. Using these trading strategies helps traders grab profitable returns on all their trades. And, performing all such trades by using crypto trading bots is something that you may consider if you don’t have time to watch market trends or if you don’t want to hold your assets for a long period.
Trailing stop is a kind of advance order with a stop loss which trails the market price by a specified/fixed amount or percentage whenever the price moves in a favorable direction. And, in that case whenever, the price moves in the opposite direction, this order type will protect the trader from the rapid changes in the market. With a spot trailing stop sell order Binance, the trader can place a predefined order at some specific/fixed distance away from the current market price of the asset.
We can use Trailing stop order in different ways as trailing stop limit, Trailing Stop sell and trailing stop buy, so as to buy or sell crypto assets. Let’s understand about these order types:
Trailing Stop Sell/Buy
The trader can use a trailing stop sell order to restrict the potential downside without restricting your potential gains. Using Trailing stop sell Binance order is the best option when you want to exit a long position. This order follows the market price as it moves up and triggers the sell order if the price falls from its current high by the amount set as the trailing distance. Traders can place such orders from the best crypto trading terminals like TrailingCrypto, Cryptohopper, etc.
While placing a buy trailing stop order, the stop price will be lower than the current market price, but on the other side, for a trailing stop sell Binance order, the stop price will be higher than the market price. And, If your trigger price is more than the market price of the asset, the buy/long will get disabled, and vice versa.
The Trailing stop sell order sets the initial stop price at a fixed distance/percentage below the market price defined as the trailing amount. As the market price rises, the stop-sell price will also increase at the preset intervals. On the other side, if this price falls, the stop-sell price will remain unchanged.
Let’s understand this order with an example:
If you have bought an asset, say BTC at $2000 each. The price of the asset increases to $2200. Now you would place a trailing stop sell order with a trailing stop price of $100 below the market price. As soon as the price of BTC moves in your favor, the trailing stop price will remain $100 below the market price. And, if the price of BTC reaches $2400, and then drops to some extent, your trailing stop price will remain at $2300 here. And, the asset will be sold at $2300 while the execution price may deviate.
TrailingCrypto allows its traders to place Trailing Stop Sell orders easily. From here, you can easily access all the major exchanges easily via making use of APIs. For this, simply login to the crypto trading terminal, choose the exchange from where you wish to place trades. Choose order type and enter the required credentials. Now, submit the order to earn profits.
How can I place trailing stop order on Binance futures?
Binance is one of the most popular crypto trading platforms, allowing traders to perform trades smartly by making use of best order types and trading bots so as to earn good profits. At TrailingCrypto, traders can use different trailing stop strategies to buy and sell assets on futures markets to earn profits up to 125 x.
Trailing stop orders are designed brilliantly to help traders enter or exit the trades easily at the best possible prices without any potential risks.