A stop-loss is an essential risk management tool that helps traders minimize potential losses by automatically closing a position when the market moves against them. By setting a stop loss, traders can protect their capital and avoid significant losses in volatile market conditions.
Custom Stop Loss on Flipster
Flipster allows users to enable a custom stop loss directly within the mobile app before confirming an order. This feature provides traders with greater flexibility and control over their trades, ensuring they can manage risk effectively from the moment they place an order.
How to Enable Custom Stop Loss
- Navigate to the ‘Market’ tab > Perpetual. Choose the cryptocurrency pair you wish to trade.
- Enter the order details and press the position direction, and choose whether you want to enter a long or short position.
- Ensure that the custom stop-loss feature is enabled and set your desired stop-loss percentage. Note that setting a 0% stop loss may trigger an immediate closing of the position.
- Review all details and place your trade with the stop loss in place.
Benefits of Using a Custom Stop Loss
- Risk Management: Helps minimize potential losses by automatically closing the trade at a predefined level.
- Emotional Discipline: Prevents impulsive decision-making by enforcing an exit strategy.
- Flexibility: Allows traders to set personalized stop loss percentages based on their risk tolerance and market conditions.
- Automation: Eliminates the need for manual monitoring, ensuring trades are closed as per the set parameters.
Risk Warning:
Trading in cryptocurrency involves risk and potential losses. Before trading, please make your investment decisions cautiously by considering your investment objectives, experience, and risk tolerance. You are solely responsible for your investment decisions, and Flipster is not liable for any losses you may incur. Derivatives trading, in particular, is subject to high market risk and price volatility. Please obtain independent advice where appropriate. This information should not be construed as financial or investment advice.