How to set stop loss on DigiFinex contract

How to Set Stop Loss on DigiFinex Contract

DigiFinex is a cryptocurrency exchange that allows users to trade futures contracts. Stop loss orders are a type of order that allows traders to limit their losses on a trade. By setting a stop loss order, you can specify the price at which you want to sell your contract if the market price falls below a certain level.

Setting a stop loss order on DigiFinex contract is a simple process. Follow these steps:

1. Log in to your DigiFinex account.
2. Click on the "Contracts" tab.
3. Select the contract you want to trade.
4. Click on the "Order" tab.
5. In the "Order Type" section, select "Stop Loss".
6. Enter the stop loss price.
7. Enter the quantity of contracts you want to sell.
8. Click on the "Place Order" button.

Your stop loss order will be placed on the market and will be executed if the market price falls below your specified stop loss price.

Here are some additional tips for setting stop loss orders:

• Use a trailing stop loss order. A trailing stop loss order will move your stop loss price up as the market price rises, ensuring that you lock in your profits.
• Set your stop loss order at a reasonable level. If you set your stop loss order too close to the market price, it may be triggered prematurely.
• Monitor your stop loss orders regularly. The market can move quickly, so it is important to make sure that your stop loss order is still in place and at the correct price.

Stop Loss Order Example

Let's say you want to buy 1 BTC contract at $10,000. You can set a stop loss order at $9,800. If the market price falls below $9,800, your stop loss order will be triggered and your contract will be sold at $9,800. This will limit your loss to $200.

Additional Resources

• [DigiFinex Help Center](https://help.digifinex.com/hc/en-us)
• [Stop Loss Orders Explained](https://www.investopedia.com/articles/investing/082614/how-stop-loss-orders-work.asp)

Conclusion

Stop loss orders are a valuable tool for traders who want to manage their risk. By setting a stop loss order, you can limit your losses and protect your profits.