How to Buy & Sell on Binance?

First, you place an order for whatever coin/token you want to buy or sell by looking at the buy or sell booths for that cryptocurrency to the left of its market (i.e. its trading page e.g. https://www.binance.com/trade.ht…. After, pick a price that you want to buy or sell that coin/token for. A simple click on the order will suffice here because if you look at your empty trading boxes for manually placing orders, you will see it automatically filled with the price you clicked on. So if that price tickles your fancy, you can trade by just clicking buy/sell button. [Do note here that you can always know the US Dollar rate of any cryptocurrency you trade whenever you click/hover your mouse over the price box] Yes, Binance makes it that easy 🙂 And that’s it. You’ll all set up.

PS..I can probably guess why you asked that question, so I’ll just go ahead and say this: the trading volume on Binance like the other Top 5 trading exchanges around the world is in the hundreds of Trades per Second. What this means is, the number of trades and transacting speed of these trades are so high, that some traders program unique bots to trade quickly and efficiently on their behalf (that is for those who can afford it). So, like many others, when you intend to buy/sell at a price, the markets have moved on and left your order behind. Technically, this is what we call an Open Order. So, all you have now is not any actual trade, but a pending ‘offer’ of a trade that has not been fulfilled on Binance. These pending trades you always see in the lower pending trades tray somewhere by the bottom of your screen. So when this happens, you have options: you can leave your Open order pending, that is if you are not in a hurry and believe the market rate will go up or come down to fulfil your ‘open’ buy/sell order or you can just cancel the open order and try to outmanoeuvre the bots next time by getting to a fanciful buy/sell order before those little gremlins do.. On a personal note, I just pick the next best order to avoid the war with bots. I manually key in an extra decimal the next best price I want to buy/sell my crypto at. (for example. if eth is selling for 0.012345 and the bots are always beating me to the buy/sell button, i just throw in an extra offer to the next decimal above or below the last digit ‘45’. so my order goes as 0.012350 if I want to buy, or 0.012340 if I want to sell. after all, what’s a fraction of a fraction extra on a dollar?? it’s just 1 cent. Won’t bleed me dry now, would it? 😉

How to set Stop loss on Binance

A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

Explanation of Terms:

Stop price: When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price or better.

Limit price: The price (or potentially better) that the stop-limit order is executed at.

Quantity: The quantity to buy or sell in the stop-limit order.

To show an Example:

The last traded price of BNB is 0.000165 BTC, and the resistance is around 0.000169 BTC. If you think that the price will go higher after the price reaches the resistance, you can put a Stop-Limit order to automatically buy more BNB at the price of 0.000170 BTC. This way you won’t have to continuously watch market movements waiting for the price to reach your target price.

Approach: Select “Stop-Limit” order, then specify the stop price to be 0.000170BTC and the limit price to be 0.000172BTC, with quantity as 10. Then click the button “Buy BNB” to submit the order.

To Query Existing Orders: Once orders are submitted, existing ‘stop-limit’ orders can be found and reviewed in “open orders” When orders are executed or discarded, your stop-limit order history can be found in “My 24h Order History”

Reference Credits:

  1. Tejiri Nuvie Odu, former Binance Angel at Binance (2017-2018), Quora.
  2. Support.binance.com

Cryptocurrency Trading terms and meaning “

🔵#ALTCOIN = any crypto currency other than bitcoin.

🔵#ASHDRAKED = A situation where you lost all your money.

🔵#BAGHOLDER = A person who buys and hold coins in large quantity hoping to make good profits in the future.

🔵#BEAR/BEARISH = Negative price movement

🔵#BTFD = Buy The Fucking Dip (an indication to buy a coin when it has dumped so hard)

🔵#BULL/#BULLISH = Positive price movement

🔵#DILDO = Long green or red candles

🔵#DUMP = To Sell off a coin

🔵#DUMPING = Downward price movement

🔵#DYOR = Do Your Own Research

🔵#FA = Fundamental Analysis

🔵#FOMO = Fear Of Missing Out (A coin is pumping and you get the feeling it’s gonna pump more, so you buy high)

🔵#FUD = Fear Uncertainty & Doubt

🔵#HODL = Hold/Hold a position

🔵#JOMO = Joy Of Missing Out

🔵#LONG = Margin bull position

🔵#MCAP = Market Capitalization

🔵#MOON = Continuous upward movement of price

🔵#OTC = Over The Counter

🔵#PUMP = Upward price movement

🔵#SAJ #CANDLE = Huge green candle

🔵#SHITCOIN = A coin with no potential value or use

🔵#SHORT = Margin bear position

🔵#SWING = Zig zag price movement (Upwards and downwards)

🔵#TA = Technical Analysis

🔵#REKT = When you have a bad loss

🔵#REVERSE INDICATOR = Someone who is always wrong predicting price movements.

🔵#RSI = Relative Strength Index

🔵#WHALE = Very Wealthy trader/Market mover

my classification of crypto based on research done by Sudip Nair.