If you’ve been exposed to the world of cryptocurrency trading for a while, you’d know that crypto exchanges only allow you to set one order at a time with your crypto asset balance. This disallows you to be able to automate your trading strategy, so you manually set price alarms to remind you to take-profit and stop your losses when a certain price level hits.
Placing stop-loss and take-profit orders on Binance is always a problem. Have you ever wondered if there was an alternative to manually entering trades on crypto exchanges?
If you use a Stop Limit order, your balance will be blocked, so you cannot use stop loss and take profit simultaneously.
If you use the OCO order, you are limited to one target order.
With CoinPanel, you can easily set a take profit and stop-loss orders for your trades without any limitations.
Creating a stop loss and take profit before you place an order:
Trading automation platform CoinPanel can solve this issue, where you can set stop-loss and take-profit orders concurrently, without locking up your funds. With the same balance, you can set different orders in the market, and the trades will execute based on your pre-set price targets.
Using the Full Trade feature of CoinPanel, you can place an entry order, target orders, and a stop loss all at the same time. So you can automate your trade and relax.
Click here to view the complete guide for creating a Full Trade.
Creating stop-loss and take-profit orders after you already entered:
If you have already bought the coin, then you can use Stop Limit or Stop Market order types on CoinPanel to set stop loss and take profit orders at the same time. These order types do not block your coin balance, so you can set as many as you like.
CoinPanel makes your life easier as a cryptocurrency trader. Create your free account today!