How do I set a stop-loss on my trades on Bybit?
Stop-loss orders are an incredibly valuable tool for traders, allowing them to limit their losses in case the market moves against them. They are especially useful for traders who use leveraged products such as Bybit, where losses can quickly escalate. In this article, we will explain how to set a stop-loss on trades on Bybit.
What is a Stop-Loss Order?
A stop-loss order is an order placed with a broker or exchange to automatically close a position when a certain price level is reached. This helps to limit losses on a trade and protect against large losses in case the market moves against you.
How to Set a Stop-Loss on Bybit
Setting a stop-loss on Bybit is relatively straightforward. Here’s how to do it:
1. Log in to your Bybit account and go to the trading page.
2. Select the pair you want to trade.
3. Select the “Stop” order type.
4. Enter the amount of the trade and the stop-loss price.
5. Click “Confirm” and your order will be placed.
The Benefits of Stop-Loss Orders
Stop-loss orders offer several key benefits to traders. Firstly, they can help to limit losses if the market moves against you. Secondly, they can also help to protect your profits if the market moves in your favour. Finally, they can also help to take the emotion out of trading, as the order will be executed automatically when the price level is reached.
Conclusion
Stop-loss orders are an essential tool for any trader, and particularly those trading on Bybit, as they can help to limit losses. Setting a stop-loss order on Bybit is relatively straightforward, and can be done in a few simple steps. Stop-loss orders offer traders several key benefits, so it’s definitely worth setting up this order type before you trade.
Video: How To Set A Stop Loss On Bybit (Video Link)