how to set stop loss on mexc

How to Set Stop Loss on MEXC

A stop-loss order is a type of order that helps traders limit their losses in a trade. When the price of an asset reaches a certain level, the stop-loss order will trigger and the asset will be sold automatically. This can help to protect traders from large losses if the market moves against them.

To set a stop-loss order on MEXC, follow these steps:

1. Log in to your MEXC account and select the asset you want to trade.
2. Click on the "Stop Loss" tab in the trading window.
3. Enter the stop-loss price in the "Price" field.
4. Select the type of stop-loss order you want to use.
5. Click on the "Place Order" button.

There are two types of stop-loss orders available on MEXC:

• Market stop-loss orders are executed at the best available market price when the stop-loss price is reached.
• Limit stop-loss orders are executed at a specific price or better when the stop-loss price is reached.

Market stop-loss orders are generally faster to execute, but they may not be executed at the exact stop-loss price. Limit stop-loss orders are more precise, but they may not be executed if the market price moves too quickly.

When choosing a stop-loss price, it is important to consider the following factors:

• The volatility of the asset. More volatile assets will require a wider stop-loss range.
• The amount of risk you are willing to take. A larger stop-loss range will reduce your risk, but it will also limit your potential profit.
• The market conditions. When the market is moving quickly, it is important to use a tighter stop-loss range to avoid being stopped out prematurely.

Stop-loss orders can be a valuable tool for traders to manage their risk. However, it is important to use them wisely and to understand the risks involved.