how to put stop loss on bybit

By setting a stop-loss order on Bybit, traders can limit potential losses by automatically closing their positions at a predetermined price point.

Oct 25, 2024 at 05:38 pm

How to Set a Stop-Loss Order on Bybit

Setting a stop-loss order on Bybit is a crucial risk management tool to protect your capital. It allows you to define a price point at which your position will automatically close, limiting potential losses. Here's a step-by-step guide on how to set a stop-loss order on Bybit:

Step 1: Select the Trading Pair and Order Type

• On the Bybit homepage, choose the trading pair you want to trade.
• Select "USDT" as the contract type and click on "Derivatives."
• Select "Limit" from the order type options.

Step 2: Enter Position Details

• Enter the amount of the contract you want to trade.
• Set the desired entry price.

Step 3: Configure Stop-Loss Settings

• Locate the "Stop-Loss" section on the right side of the order panel.
• Select "Trigger Price": This is the price level at which your stop-loss order will be triggered.
• Select "Order Type": Choose "Market" for immediate execution of the stop-loss order or "Limit" to set a specific execution price.
• Enter the "Trigger Value": This is the amount of the contract that will be sold once the stop-loss is triggered.

Step 4: Review and Submit Order

• Verify that all the order details are correct, including the stop-loss settings.
• Click on "Create" to submit your order.

Step 5: Monitor Your Order

• Your stop-loss order will now be displayed in the "Open Orders" section on the trading panel.
• You can monitor the order's progress and adjust the stop-loss level as needed.

Additional Tips:

• Use realistic stop-loss levels that align with your risk tolerance.
• Consider placing a trailing stop-loss order, which adjusts the stop price automatically as the market moves in your favor.
• Manage your stop-loss orders regularly to ensure they are still effective in current market conditions.