Question on stop limits & trailing stops


#1

Hi. Not sure if this is a noob question but does anyone know any exchanges where the following exists? Hope it makes sense.

  1. Dual stop loss & sell limit…
    I would like to set up a trade to sell some tokens/coins. I would like to set it so that you could set it to either sell at a specified price as a limit order if it goes up to secure profits, &, with the same tokens also have stop loss at a certain price if it goes down to minimise losses.

For example with a pairing of BAT/BTC, if I have 100 BAT, and the current price of BAT is 0.00004000, and i’d be happy to sell if it reached 0.00005000 to secure profits, but if it dropped to 0.00003800 then i’d want to sell to cut potential losses.

However it seems like I can’t put the same 100 BAT tokens in an order that would fulfil both possibilities, only one or the other.

  1. Do you know any exchanges which are reputable which do trailing stops? I am quite surprised that Coinbase Pro & Binance don’t have this function given their position in the markets.

#2

No, and I completely understand. Trying to find one that has a collar strategy friendly backend (without using an API or a bot) is just as challenging.

What always happens is that setting the stop limit automatically places the coins in reserve, even if the price to list it on the books hasn’t been hit yet. Essentially, it is kept in limbo while it waits to be put on the books, making it nearly irrelevant as a trading mechanic. The only thing even semi comparable is “Order Cancels Order”, where one condition is filled and thus cancels out another, but this is not found on Binance either.


#3

thanks for your response, and yeah I guess I was just being hopeful. Don’t really want to get into bots atm. I wouldn’t be surprised if binance does add trailing stops in the not too distant future tho. Will just have to wait and see.


#4

No problem. Those who frequent the ICX threads have seen me post about the relative pointlessness of Binance’s limit order and stop limit mechanics, as they act like they are two different things, but thanks to their backend, function largely the same when it comes to the practice of trading. As for more features, I wouldn’t hold my breath, as they are focusing on expansion and have made no announcements about new trading mechanics. At this point, just trading during the hottest times of a coin’s trading volume on Binance is enough to cause non-bot traders issues.