Stop-limit orders for traders who can't watch the chart all day

If you trade alongside a full-time job, you cannot sit and watch the chart until the price reaches your exit. A stop-limit order does that waiting for you. You set a trigger price and a limit price, and when the market touches the trigger, the exchange places a limit order at your limit price. Used well, it caps your loss or locks in a gain while you are in a meeting or on a matatu. Used carelessly, it can trigger and then never fill.

The two prices and what each one does

In the spot order panel, choose Stop-Limit, sometimes found under a menu labelled conditional, trigger or advanced. The stop or trigger price is the level that activates the order. The limit price is the worst price at which you accept a fill once it is active. For a protective sell, the trigger sits below the current price and the limit sits slightly below the trigger. Enter the quantity and review the summary before submitting.

Why the gap between trigger and limit matters

If the market falls quickly through your trigger, the limit order placed at your limit price may be skipped over and remain unfilled while the price keeps falling. A small gap between trigger and limit increases that risk; a larger gap makes a fill more likely but at a worse price. There is no perfect setting. Look at how much the pair usually moves in a few minutes and choose a gap that you would accept in a fast move.

Checking the order is really there

After submitting, open the open orders tab and look for a separate list of conditional or trigger orders, because many exchanges keep them apart from ordinary limit orders. Confirm the trigger, limit and quantity. Remember that the coins reserved for the order may become unavailable for other trades, depending on the exchange. If you later sell part of your holding manually, adjust the stop-limit so it does not try to sell coins you no longer have.

Costs and when to review

When a stop-limit fills, it is usually charged as a taker or maker depending on how the limit order meets the book, and the live rates are listed on each exchange's fee page. Check the trade details after a fill to see what was actually charged. Review your stop levels when the price has moved a lot in your favour; raising a protective stop as the price rises can lock in part of the gain without you needing to watch the chart.

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Scenario checkpoint

• Pick Stop-Limit in the order panel and set the trigger and limit prices deliberately.
• Leave a gap between trigger and limit that you would accept during a fast move.
• Confirm the order in the conditional or trigger orders list and adjust it after manual sales.
• Check fees in the trade details after a fill and review stop levels when the price moves.