The panel where you can place orders is by default on the outer left of your dashboard. Select Trailing Stop to continue.
The trailing stop order is a bit more complicated to put in context. Here, we have already bought 1 XRP at 0.00008 BTC (see How to place a market order). Now let's say we want to sell it back for profits. We can always set a limit price higher than 0.00008 BTC, for example 0.00009, but what if price rises higher than that? A solution here is to set a limit that trails after market bid. If price rises to 0.0001, your limit trails after it, and you don't miss out the profit. If price falls and hits the limit, order gets executed, and whatever profits you may have from the rise before is kept.
If you are buying with trailing stop, the limit will trail "before" market ask. See Stop order.
With that in mind, let's place a trailing stop order with a trailing amount of 0.000015. Fill out all required fields:
- Price distance: trailing amount, i.e. how much you want the limit price to trail after market price.
- Distance type: you can choose between "fiat" (actual number) or percent. For example, if market price is 0.00008, a 0.00002 price distance means limit will either be 0.00006 or 0.0001, and a 10% distance means either 0.000088 or 0.000072.
- Quantity: how much you want to buy or sell
Check if everything is correct, then click Submit Order. Click Dismiss if you want to edit anything.
Click Dismiss again to close the system confirmation that your order has been placed successfully, then look to the right of the dashboard. A sell trailing stop order has been created for 1 XRP, price distance (trailing amount) 0.000015 BTC.
How does it work from now?
Essentially, it is a sell stop order for 1 XRP with stop price 0.000015 away from 0.00004, which is 0.000025 BTC. If market bid moves up to 0.00006, new stop price is 0.000045. If market bid moves further up to 0.0001, new stop price is 0.000085. At any point, you can cancel the order and then place a market order immediately after to sell at a good price.
On the other hand, if market bid moves down from 0.0001 to 0.00009, stop price stays at 0.000085. If market bid moves further down to 0.000086, stop price still stays at 0.000085. Once market bid hits 0.000085, the trailing stop order is executed. Note that the average price in the end can be different than stop price due to slippage.