How do advanced traders deal with stop losses on Binance? (take profits + stop loss)


#1

I’m having trouble figuring out a way to set a stop loss (6% less than order price) and a take profit order (20% more than order price) at the same time on Binance.

How do advanced traders deal with this?

  1. place stop loss and manually time the top
  2. use another exchange (gemini? kraken?)
  3. use coinigy (i heard it was buggy?)?

Thanks in advance


#2

Tough on Binance unless you are glued to the laptop.

I set up coin alerts on crypto coin pump based on volume and price (coinpuffs is bringing market alerts soon!!! )

Most of the time Im trading mobile so Binance only has the limit order now so when I get notified by an alert I have to manually sell still (good and bad) good is I can watch the depth chart and check other sites to see if its going to rebound so I dont sell at the bottom the bad is I get stuck watching it too long sometimes.

Sometimes I flip into BTC or USDT I am going to prob start flipping into DGD when BTC is going the wrong way.

Its all crazy tho I still think best thing to do is to just HODL.


#3

so… just find another exchange?


#4

Personally other than Gdax I don’t have much faith in any other exchanges. Let us know if you feel like you have found another option. Robinhood should be launching soon but I didnt like having to enter in my SSN so I dont think I am going to use it.


#5

well you have to choose an exchange if you’re going to trade so I am looking into gemini and kraken. reason is, they supposedly have high withdraw to USD limits, so I will not have to shoot the bitcoin to another exchange when the time comes. However, bitfinex is the only one I have confirmed to have advanced options for trading (simultaneous stop loss / take profit)


#6

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#7

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