🔍
Binance OCO Orders: How To Set Take Profit & Stop Loss? [READ PINNED COMMENT!] - YouTube
Channel: Nesami – Smart Investing
[0]
What's up millennials? If you watched my video
about my Chiliz swing trade using technical
[4]
analysis you probably know that i made a little
mistake back then because i didn't really set
[10]
my take profit order and my stop-loss order on
Binance well so i lost out on a lot of gains. Now
[15]
of course i don't want the same thing happening to
you so today i'm going to explain to you how you
[20]
can put that order to use a stop loss and a take
profit order at the same time on Binance. Let's do
[25]
it! So let's first of all go from the home page of
Binance to the advanced trading station. I usually
[30]
go to Trade over here and then i click on Advanced
and let's now say that you started a trade
[37]
on bitcoin and you want to put in a take profit
order to take profit of course at a certain level
[42]
above the level you bought in and you also want to
take in a stop loss to get out of the trade below
[49]
the level you bought in to avoid losing even more.
Now on Binance you can do so with one order which
[54]
is an OCO order and OCO stands for one cancels
the other so that basically means that there is
[60]
one order to set a take profit order and also
a stop loss order and if one of those orders
[66]
gets hit then the other one gets cancelled.
Let's say for example you bought bitcoin at
[71]
50,000 and let's say you had put in a take profit
order at 55,000. When the price of bitcoin goes to
[79]
55,000 well then your take profit order is going
to get executed of course and your stop loss is
[84]
going to be cancelled. Also if you bought bitcoin
at 50,000 and you put in a stop loss at 45,000
[91]
and the price of bitcoin goes there to 45,000 then
that order that stop loss gets executed and the
[97]
take profit order gets cancelled. So how do you
do this exactly? Well first of all you need to
[101]
of course select the correct market to trade in.
Right now i'm going to trade bitcoin against USDT
[107]
but if you want another market then you simply
can select that in the upper left corner over here
[112]
so once you are in the correct market then
you can click this button over here which says
[116]
sell because we are of course going to put in
a sell order and then you can go over here this
[122]
little arrow over here next to stop limit and you
click OCO, one cancels the other so here are four
[128]
items that you need to fill in. The first item
is the item Price and this is the limit price for
[133]
your take profit order. If the price of bitcoin
in this case goes above this level then your take
[140]
profit order is going to be executed so let's
say for example you bought bitcoin at 50,000
[145]
and you want to take profit at 55,000 so then you
can simply put in over here 55,000. The next item
[152]
is Stop and this is where your bitcoin is going
to be sold if it's trading below this price so
[158]
it's always going to try to sell at the best price
possible for you so as high as possible of course.
[164]
In this example if we say that we bought bitcoin
at 50,000 we want to put in a stop loss at
[171]
45,000 so let's say that if the price of bitcoin
goes below 45,000 i want Binance to start selling
[178]
my coins. The third item is the limit price
because this is the lowest price you want to
[183]
sell your bitcoin for. Let's say for example we
want to sell for the lowest at 44,500 dollars okay
[191]
so what happens right now is if bitcoin
goes below 45,000 which was our stop price
[196]
then the bitcoin is going to be sold. Now if you
have a very large order for example then Binance
[202]
might not be able to sell everything at once so
it's going to continue to sell your bitcoin until
[208]
the price reaches 44,500 dollars. If it's going to
get below that price of 44,500 then it's actually
[215]
going to stop selling your bitcoin so always make
sure that you have enough difference between the
[220]
stop price and the limit price because if you put
a stop price at 45,000 and a limit price at 44,999
[229]
and bitcoin goes below 44,999 it might be the
case that your order is not going to be executed.
[236]
And then the last item is of course the amount of
bitcoin you want to sell so this is simply where
[240]
you type in how much bitcoin you want to sell so
in my case this is just a little test of course
[246]
it's going to be 0.003 bitcoin and then all you
have to do is click the Sell button over here and
[252]
when you click sell then two orders are going to
be created. First of all that take profit order,
[257]
that limit maker order. In this case then
it's going to sell my bitcoin when the price
[261]
of bitcoin goes above 55,000 and in this case
i'm going to receive $16.50 when that happens
[268]
and then the second order that's going to be
created is the stop-loss limit order which is
[272]
of course your stop-loss order and that is going
to be activated below 45,000 in this example
[277]
so it's going to sell my bitcoin if the price
of bitcoin starts trading below that amount and
[283]
it's going to continue selling until it actually
reaches 44,500 dollars if there is a large order.
[290]
So that's a detailed explanation of how you
can set a take profit order and a stop-loss
[294]
order at the same time. I hope that was useful
to you and i wish you of course all the best
[298]
in your crypto trading. Thank you for watching
and i hope to see you in the next one. Bye bye!
Most Recent Videos:
You can go back to the homepage right here: Homepage