Unlike a typical Stoploss which is static, a Trailing Stoploss will follow the price as it moves up and wait if the price moves down. Here's a simple guide to do this on Binance by using Signal.
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Here is an example
- You buy 1 ETH for $100
- You add a stoploss and activate the Trailing toggle
- You set the trailing stoploss price to -10% ($90).
This is how the Trailing Stoploss will follow the price:
The Trailing Stoploss helps you lock in gains by increasing with upward price movement and sell when the price starts dropping. This is useful in situations where you would like to be more hands off on a trade, while still having your stoploss increase.
How to use a Trailing Stoploss
- Open the Create Signal page.
- Input the buy price you wish to enter with and press Continue.
- Navigate to the Stoploss tab.
- Toggle Trailing on.
- Use the slider to specify the trailing distance and choose the Amount % you wish to sell.
- Apply your Targets as usual and confirm the Signal.
That's it! Feel free to contact us directly at firstname.lastname@example.org if you have any questions and one of our team members will be happy to help you.