Can you use trailing stop loss on Binance?

Since Binance does not support a Trailing Stop Loss (TLS) natively, I use Signal. It is a simple tool and the process for setting a TSL is pretty straight forward. You just link your exchange, toggle “Trailing” on when creating your trade, and then specify how much you want it to trail by.

Can you set stop loss and take profit on Binance?

Placing stop loss and take profit orders on Binance is always a problem. If you use a Stop Limit order, your balance will be blocked, so you cannot use stop loss and take profit simultaneously. If you use the OCO order, you are limited to one target order.

Are trailing stops profitable?

Unlike a regular stop loss the trailing stop will move as the price reaches new highs and the profit on the trade increases. With a buy-side position the trailing stop will only move upwards – increasing the profit. The trailing stop will stay fixed if the price moves against the trade.

How do you set a stop loss and take profit on Binance spot?

When placing a Limit Order, you will be able to set the [Take Profit] and [Stop Loss] orders simultaneously. Click [Limit] and enter the order price and size. Then, check the box next to [TP/SL] to set the [Take Profit] and [Stop Loss] prices based on the [Last Price] or [Mark Price].

What is a good percentage for trailing stop?

Choosing a 20\% trailing stop is excessive. Based on the recent trends, the average pullback is about 6\%, with bigger ones near 8\%. A better trailing stop loss would be 10\% to 12\%. This gives the trade room to move but also gets the trader out quickly if the price drops by more than 12\%.

What is a trailing take profit?

Trailing Take Profit allows the trade to remain open and continue to profit as long as the price is moving in the investor’s favor. If the price changes direction and the change surpasses the previously set percentage the order will be closed.

https://www.youtube.com/watch?v=BdFZK9M14qU