how to set stop loss on kucoin

How to Set Stop Loss on KuCoin

KuCoin is a popular cryptocurrency exchange that allows you to trade various digital assets. Setting a stop-loss order on KuCoin is a crucial risk management tool that helps you protect your investments. Here's a step-by-step guide on how to set a stop loss on KuCoin:

1. Login to your KuCoin AccountVisit the KuCoin website and log in using your credentials.

2. Navigate to the Trading DashboardClick on the "Markets" tab and select the trading pair you want to trade.

3. Open a Trading Order BoxClick on the "Place Order" button located on the right-hand side of the screen.

4. Select 'Stop' OrderChoose the "Stop" option under the "Order Type" section.

5. Enter the Stop Loss PriceIn the "Stop Price" field, enter the price at which you want to trigger the stop loss order.

6. Choose the Limit PriceEnter the price at which you want to sell your assets once the stop loss is triggered in the "Limit Price" field.

7. Set the AmountEnter the quantity of assets you want to sell when the stop loss is activated.

8. Review and Place the OrderDouble-check all the details and click the "Place Order" button to submit the stop-loss order.

9. Monitor Your OrderYou can monitor the status of your stop-loss order under the "Orders" section of your account.

Additional Tips:

• Use a stop loss that is appropriate for your risk tolerance and trading strategy.

• Monitor your stop loss orders regularly and adjust them as needed.

• Always use a limit price to avoid unfavorable slippage if the market moves quickly.

• Never place a stop loss order below (for buys) or above (for sells) the current market price, as it will trigger immediately.