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Rounding prices and quantities for limit orders on Binance
When creating a limit order on Binance, especially when adding take profit/stop loss percentages or calculating quantities, it is mandatory to round the price and quantity based on the available filters. In this article, we will discuss how to do it.
Why round prices and quantities?
Rounding prices and quantities for limit orders is crucial as it ensures that the order is executed at a favorable price and within the desired time frame. This is especially important when trading with leverage or taking profits/losses in certain percentages.
How to round prices on Binance
To round the price on Binance, follow these steps:
- Log in to your Binance account.
- Go to the “Order” section and select “Limit Order”.
- Select the type of limit order you want to create (e.g. take profit/stop loss).
- In the “Price” field, enter the current price or the rounded value between the minimum and maximum price specified in the “Stop Loss” and “Take Profit” fields.
- Repeat steps 2-4 for each currency pair or asset you want to trade.
How to round quantities on Binance
To round quantities on Binance, follow these steps:
- Log in to your Binance account.
- Go to the “Order” section and select “Limit Order”
- Select the type of limit order you want to create (e.g. Take Profit/Stop Loss).
- In the “Quantity” field, enter a value between 0.01 and 100 times the base quantity.
- Repeat steps 2-4 for each currency pair or asset you want to trade.
Using Rounding with Take Profit and Stop Loss Percentages
When adding Take Profit/Stop Loss percentages to a limit order, it is necessary to round the price and quantity accordingly. For example:
- If you want to add a 10% Take Profit percentage to a long EUR/USD position, enter “1000” as the base quantity (1 unit) and “80%” in the “Take Profit” field.
- To add a 20% Stop Loss percentage to a short GBP/USD position, enter “2000” as the base quantity (2 units) and “40%” in the “Stop Loss” field.
Conclusion
Rounding the prices and quantities of limit orders on Binance is a crucial step to ensure that your orders are executed at favorable prices and within the desired timeframe. By following these steps, you can effectively use rounding with Take Profit/Stop Loss percentages to optimize your trades.