How to set stop loss on Dubai OKX contract

How to Set Stop Loss on Dubai OKX Contract

Step 1: Log in to OKX and access the contracts page.

Navigate to the OKX website and log in to your account. Click on the "Contracts" tab on the homepage.

Step 2: Select your preferred contract and market.

From the list of available contracts, choose the one you want to trade. For example, if you want to trade Bitcoin perpetual contract, select "BTCUSDT Perpetual" under the "USDT Margined Contracts" section.

Step 3: Set your stop loss order.

Once you have selected your contract, you will be presented with an order form. Below the "Type" option, select "Trigger".

Step 4: Choose the parameters of your stop loss order.

Trigger Price: This is the price at which your order will be triggered and converted to a market order.Reduce Only: Enable this option if you want to reduce the position size of your existing order upon triggering.Post Only: Enable this option to prevent the order from being executed immediately if the market price moves against you.Time in Force: Choose from the options "GTC (Good Till Canceled)", "IOC (Immediate or Cancel)", or "FOK (Fill or Kill)" to determine the duration of your order.

Step 5: Submit your order.

Once you have set all the necessary parameters, click on the "Buy/Sell" button to submit your stop loss order.

Example:

Let's say you want to place a stop loss order for a BTCUSDT Perpetual contract. Decide to trigger your order at $20,000 and set the reduce only option. Here's how you can do it:

1. Go to the OKX website and log into your account.
2. Click on the "Contracts" tab and select "BTCUSDT Perpetual".
3. Click on the "Buy/Sell" button and select "Trigger" as the order type.
4. Set the "Trigger Price" to $20,000 and enable the "Reduce Only" option.
5. Choose your preferred time in force (e.g., GTC).
6. Click on the "Buy/Sell" button to submit your order.

If the market price of BTCUSDT falls to $20,000 or below, your stop loss order will be triggered and automatically converted to a market order. Your position size will be reduced by the amount specified in the reduce only option.