How to set a stop loss for BitFlyer contracts

By setting stop-loss orders on BitFlyer's Contract Trading page, traders can automatically sell assets at a specified price, effectively mitigating potential losses in unfavorable market conditions.

Nov 07, 2024 at 07:06 pm

How to Set a Stop Loss for BitFlyer Contracts

Stop-loss orders are an essential risk management tool for any trader. They allow you to automatically sell your assets if the price falls below a certain level, protecting you from catastrophic losses.

Setting a stop-loss order on BitFlyer is a simple process. Here are the steps:

Step 1: Navigate to the Contract Trading Page

Log in to your BitFlyer account and navigate to the Contract Trading page. You can do this by clicking on the "Contracts" tab in the top menu bar.

Step 2: Select the Contract You Want to Trade

On the Contract Trading page, you will see a list of all the available contracts. Select the contract you want to trade by clicking on it.

Step 3: Place a New Order

Once you have selected the contract you want to trade, click on the "New Order" button. This will open up the order form.

Step 4: Set the Stop-Loss Price

In the order form, you will need to specify the following information:

• Type: Select "Stop" from the drop-down menu.
• Side: Select "Sell" or "Buy" depending on whether you are going long or short.
• Quantity: Enter the number of contracts you want to sell or buy.
• Stop Price: Enter the price at which you want to sell or buy the contracts.

Step 5: Submit the Order

Once you have entered all of the required information, click on the "Submit Order" button. Your stop-loss order will be placed immediately.

Step 6: Monitor Your Order

Your stop-loss order will remain open until it is triggered or cancelled. You can monitor the status of your order by going to the "My Orders" page.

Step 7: Cancel the Order (Optional)

If you change your mind about the stop-loss price, you can cancel the order at any time before it is triggered. To cancel an order, go to the "My Orders" page and click on the "Cancel" button next to the order you want to cancel.