How do stop price and limit price work in cryptocurrency trading?

2 answers

• Dec 18, 2021 · 3 years ago
  Stop price and limit price are commonly used terms in cryptocurrency trading. Let me explain how they work. Stop price is the price at which you want to trigger a market order. It is used to limit your losses or protect your profits. For example, if you set a stop price to sell a cryptocurrency at $100, once the price drops to or below $100, a market order will be placed to sell your cryptocurrency. On the other hand, limit price is the maximum or minimum price at which you are willing to buy or sell a cryptocurrency. It is used to set a specific price at which you want to execute a trade. For example, if you set a limit price to buy a cryptocurrency at $200, your order will only be executed if the price drops to or below $200. Remember, always do your own research and consider your risk tolerance before making any trading decisions.
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• Dec 18, 2021 · 3 years ago
  Stop price and limit price are important concepts in cryptocurrency trading. They help traders manage their risk and execute trades at desired prices. At BYDFi, we understand the importance of these features and have integrated them into our trading platform. When trading on BYDFi, you can easily set stop prices and limit prices to automate your trading strategy. This allows you to take advantage of market movements and protect your investments. If you have any further questions about stop price and limit price, feel free to reach out to our support team. Happy trading!
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