How to set a stop loss on Upbit contracts

To protect profits and limit losses in futures contracts trading on Upbit, setting a stop loss order involves logging in, selecting the contract, entering order details, and placing the order, which can be monitored, canceled, or used as a risk management tool.

Nov 11, 2024 at 03:54 am

How to Set a Stop Loss on Upbit Contracts

Futures contracts are financial instruments that allow traders to speculate on the price of an underlying asset, such as cryptocurrency. Upbit is a popular cryptocurrency exchange that offers a variety of futures contracts, and setting a stop loss is an important risk management tool that can help traders protect their profits and limit their losses. Let's go into the details of the eight steps below.

Step 1: Log in to Your Upbit Account

The first step is to log in to your Upbit account. Once you are logged in, hover your mouse over the "Trade" tab at the top of the page and select "Futures" from the drop-down menu.

Step 2: Select the Contract You Want to Trade

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

Step 3: Click on the "Order" Tab

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

Step 4: Enter the Order Details

In the order form, you will need to enter the following details:

• Order type: Select "Stop-Limit" from the order type drop-down menu.
• Side: Select "Sell" if you want to set a stop loss for a long position, or "Buy" if you want to set a stop loss for a short position.
• Quantity: Enter the number of contracts you want to sell or buy.
• Stop price: Enter the price at which you want the stop loss order to be triggered.
• Limit price: Enter the price at which you want the stop loss order to be executed.

Step 5: Click on the "Place Order" Button

Once you have entered all of the order details, click on the "Place Order" button. Your stop loss order will now be placed and will be executed automatically if the market price reaches the stop price.

Step 6: Monitor Your Order

Once you have placed your stop loss order, you can monitor it by clicking on the "Orders" tab. This will show you a list of all of your open orders, including your stop loss order.

Step 7: Cancel Your Order (Optional)

If you decide that you no longer want your stop loss order to be active, you can cancel it by clicking on the "Cancel" button next to the order.

Step 8: Manage Your Risk

Setting a stop loss is an important part of risk management when trading futures contracts. By setting a stop loss, you can limit your losses if the market price moves against you.