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RE: difference between limit order and stop-limit order on Binance (& others)

in #finance7 years ago

All three basic order types -- market orders, limit orders, stop orders -- can be used to either enter or exit a position. You can also use any one of them with either long or short positions, if the instrument you're trading is shortable.

So yes, you can use a stop limit to enter long, so that the limit order that gets submitted to the exchange once the stop is triggered prevents a bad fill price.

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I'm having trouble setting up my trade on Binance. So if I have XRP at 0.00015 and hope it goes up to 0.00030, can't I set a stop limit buy where stop = 0.0003 and limit = 0.0003001, for example?

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