How to set stop loss on ProBit Global contract

To set a stop loss on ProBit Global's contract trading platform, simply enter the desired price to close your position in the "Stop Loss Price" field in the order form after selecting the trading pair and defining the order parameters.

Nov 29, 2024 at 03:43 am

How to Set Stop Loss on ProBit Global Contract Trading

Introduction

Stop loss orders are an essential risk management tool for all contract traders. They allow you to automatically exit a trade at a predetermined price, protecting you from potential losses if the market moves against you.

Setting up a stop loss on ProBit Global's contract trading platform is a simple and straightforward process. Follow these steps to learn how to set a stop loss order on ProBit Global:

1. Sign in to Your Account

• Visit the ProBit Global website and click on "Sign In" in the top right corner.
• Enter your login credentials and click on "Log In."

2. Navigate to the Contract Trading Platform

• Once you're logged in, hover over the "Trade" tab and choose "Contract."
• This will take you to the contract trading platform.

3. Choose a Trading Pair

• On the left side of the screen, select the trading pair you wish to trade.
• For example, if you want to trade BTCUSDT perpetual contracts, select "BTCUSDT."

4. Define Your Order Parameters

• Once you've chosen a trading pair, you'll see the order form on the right side of the screen.
• Enter the number of contracts you want to buy or sell in the "Quantity" field.
• Choose the order type as "Limit" or "Market."

5. Set the Stop Loss Price

• Scroll down to the "Stop Loss Price" field.
• Enter the price at which you want to close your position if the market moves against you.

6. Set the Reduction Factor (Optional)

• The "Reduction Factor" field allows you to specify how the stop loss price will be reduced as the price of the underlying asset changes.
• A higher reduction factor will result in a smaller stop loss adjustment, making it more conservative.

7. Review Your Order and Submit

• Once you've entered all the necessary parameters, carefully review your order details.
• Click on the "Buy/Long" or "Sell/Short" button to submit your order.

8. Monitor Your Stop Loss Order

• Your stop loss order will be placed on the order book and will remain active until it is triggered or canceled.
• You can monitor your stop loss order in the "Open Orders" section of the trading platform.

Additional Tips

• Always consider your risk tolerance and the potential volatility of the market when setting your stop loss price.
• Regularly adjust your stop loss price as the market conditions change to ensure it adequately protects your position.
• Use trailing stop loss orders to minimize slippage and lock in profits as the price moves in your favor.