Coinex is one of the most popular digital currency exchanges in the Middle East, known for not requiring identity authentication. The Coinex was established in 2017 in Hong Kong and has been serving users around the world ever since. Due to the lack of sufficient training articles, we decided to prepare articles about this exchange and today we are going to teach you how to use Stop Loss feature.
What is a stop loss and why I should use it?
A stop loss is a great feature that you can manage your assets and prevent losing your assets. By using this feature, you can easily set a loss limit for your trades, so that if the currency you bought goes below a set price, you can sell your assets at a certain price and avoid further losses.
This feature is a great opportunity to manage your assets, experienced and trained traders always determine their stop loss price before buying an asset, because they always think the worst case scenario should always be Considered! The whole market may fall due to bad news, or the whole market may collapse with the activity of whales, no one knows about the future, so it is better to use the stop-loss feature so that we do not see the loss of our assets.
How to place a stop loss order in Coinex exchange?
Placing Stop Loss in a Coinex exchange is very simple. In this way, when we buy a cryptocurrency, we can immediately determine that if its price falls below a certain limit, the sell order will be activated. To place Stop Loss in Coinex, do the following:
Field number one: In this field we have to enter our loss limit, for example above, we set the stop amount at 33,000$ This means that if the price of Bitcoin reaches 33,000$ our order will be activated.
Field number two: In this field, we we have to enter the price at which we are willing to sell our bitcoins. Here we have entered a slightly lower price than the loss limit so that if the price of Bitcoin reaches 33,000$ at one time, our selling price will be lower than the market price and will be done
Field number three: In this field, we have to enter the number of bitcoins that we want to sell.
Conclusion: In this article, we understood what a stop-loss is and what it is for. Stop-loss is a very useful feature in helping us manage our assets. We also learned how to use this feature in a Coinex exchange. If you have more questions, you can ask us through the comments and we will answer you as soon as possible.