Deepcoin contract sets stop loss point

Traders can minimize potential losses by setting stop-loss points on Deepcoin's contract trading platform, which automatically triggers exit from positions when specific price levels are hit.

Dec 01, 2024 at 10:10 am

Deepcoin Contract Sets Stop Loss Point

Introduction

Stop-loss orders are a critical risk management tool for traders in the cryptocurrency market. They allow traders to automatically exit positions when the price of an asset reaches a predefined level, helping to limit potential losses. Deepcoin, a leading cryptocurrency exchange, offers a flexible contract trading platform that allows users to set stop-loss points for their positions. This article provides a detailed guide on how to set a stop-loss point on Deepcoin's contract trading platform.

Steps to Set Stop Loss Point on Deepcoin

1. Log In and Navigate to the Contract Trading Platform

• Access the Deepcoin website and log in to your account.
• Click on "Contracts" from the top menu to navigate to the contract trading platform.

2. Select the Desired Contract

• From the list of available contract types, choose the one you want to trade, such as BTC/USDT, ETH/USDT, or DOT/USDT.
• Click on the contract to open the trading interface.

3. Determine the Entry and Stop-Loss Points

• Analyze the market and determine the appropriate entry point for your trade.
• Decide on the desired stop-loss point, which is the price level at which you want to exit the position if the market moves against you.

4. Place the Order with Stop-Loss

• Click on the "Limit" order type in the trading interface.
• Enter the desired entry price, quantity, and leverage.
• In the "Stop Price" field, enter the stop-loss point.
• Review the order details and click on "Buy/Long" or "Sell/Short" to place the order.

5. Monitor and Manage the Order

• After placing the order, it will appear in the "Open Orders" section of the trading interface.
• You can monitor the position and make adjustments as necessary.
• If the market price reaches the stop-loss point, the order will be automatically executed, closing your position and limiting your losses.

6. Cancel or Modify the Order

• You can cancel or modify the order at any time before it is executed.
• To cancel the order, click on the "Cancel" button next to the order in the "Open Orders" section.
• To modify the order, click on the "Edit" button and make the necessary changes to the entry price, quantity, or stop-loss point.

7. Review Trading History and Analyze Results

• After completing the trade, you can review your trading history in the "Order History" section of the trading interface.
• Analyze the results to identify areas for improvement and optimize your trading strategy.