A stop-loss order is a protective measure that helps you automatically sell your cryptocurrency when the market price reaches a specific level, limiting potential losses. Here’s a step-by-step guide on how to set a stop-loss order on BitTap:
1. Log In to Your BitTap Account
· Open your browser, visit the official BitTap website (e.g., www.bittap.com), and log in using your account credentials.
2. Go to the Trading Page
· After logging in, click on the “Trade” or “Markets” option on the page to access the trading page.
· On the market page, select the trading pair for the cryptocurrency you hold, such as BTC/USDT.
3. Choose the Stop-Loss Order Type
· In the trading interface, find the “Stop-Loss Order” or “Stop-Limit Order” option. BitTap may offer the following types of stop-loss orders:
o Stop-Market Order: When the market price reaches or falls below the stop price, the system will sell your assets at the current market price immediately.
o Stop-Limit Order: When the market price reaches the stop price, the system will place a sell order at the limit price you set. The order will be executed if the market price reaches or exceeds the limit price.
4. Enter the Stop Price and Amount
· Stop Price: Enter the stop price you want to set. When the market price touches or falls below this level, the stop-loss order will be triggered.
· Limit Price (if applicable): For a stop-limit order, enter the desired sell price. This price is usually below the current market price but above the stop price.
· Amount: Enter the amount of cryptocurrency you want to sell.
5. Review Order Details
· Before submitting the stop-loss order, carefully review the order details, including the stop price, limit price (if applicable), and the amount to be sold.
· If everything is correct, click the “Confirm” or “Submit” button to set the stop-loss order.
6. Monitor Your Order
· Once the stop-loss order is set, you can monitor the order status in the “Order History” or “Open Orders” page.
· If the market price reaches the stop level, the order will be executed automatically, helping you limit losses.
7. Adjust or Cancel the Stop-Loss Order (Optional)
· If the market situation changes, you can adjust or cancel the stop-loss order as needed.
· Find the stop-loss order in the “Open Orders” page and select the “Modify” or “Cancel” option to adjust the settings or revoke the order.
