OKEx provides innovative solutions for investors to perform complex trading systems. One instance is the provision of a variety of contingent order types, like stop limit orders that enable investors to establish precise parameters based on their buying and selling objectives.
Stop limit orders are mixtures of stop and limit options that give clients control of absolutely overpricing at which they want to perform a stop trade. Normal stop orders are performed at conventional rates.
Dealers on OKEx can utilize the contingent stop order tool to make stop-limit orders, but they could also use the one cancels the other (OCO) option of creating more personalized stop-limit orders.
While limit orders and market orders are the most prevalent order kinds on cryptocurrency exchanges, they are still not suited for sophisticated traders with complex trading plans. One of the key reasons for this is because crypto markets operate 24 hours a day, 365 days/year, necessitating active methods that span various time zones.
That’s why sophisticated order kinds, like stop-limit orders, are required to perform complicated trading systems, particularly those with numerous criteria.
In this article, we’ll show you how to start set stop loss on your trading after you’ve entered a trade on the OKEx exchange. So let’s get to how you can set your stop loss in your trade using the OKEx exchange.
Creating a Limit Order on OKEx Exchange
After you’ve entered your trade, let’s take, for example, you enter the trade your trading TMTG/USDT pair, you can select your TMTG and then you go to the sell. The purpose of setting up a stop limit or stop loss is to help you minimize loss. One of the two major buffers that people use in trading includes stopping limits and taking a profit. So with stop limits, you are minimizing loss just in case. This is especially true in spot trading. You can also put a stop limit in your margin trading if you’re using a leveraged exchange.
On OKEx exchange, you can set your stop limit to help you minimize the loss. But how do you do that? After you’ve bought your coin, come to your sale and click the limit sell order option. Click on stop order. When you know the stop order, the next thing you should put in place is the trigger price. This corresponds to the price you want to set your stop loss at.
Assuming that you bought TMTG at 0.2975 and you wanted it to hit 0.4 but instead it went all the way down. Also, let us assume that you suspect that you lose and want to smartly minimize loss, you should set your stop limit price at 0.02970 or you can set it at 0.02900. So when the price drops to this mark, it will close off your trade. This result is that it will help you minimize losses and save a bulk of money.
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