A stop-loss that lives in your head, or in your bot's memory, isn't a stop-loss.
The job: protect a $LINK spot position while a tool trades it, with the exit on Binance's books and a key that can't empty the account.
1. Spot trade page, OCO tab, Sell. Amount = your $LINK . Take-profit 15% above entry, stop trigger 8% below, stop limit 1% under the trigger (example values). One leg fills, the other cancels.
2. If a script runs it, have it send that OCO through the API as a real order, not watch price and sell itself. Script crashes, the stop still sits there.
3. Account > API Management > Create API. Tick Enable Spot & Margin Trading, leave Enable Withdrawals off, restrict it to your server's IP. Read-only for anything that only tracks.
4. One key per tool, named after it, so a leak means deleting one key, not all of them. 🔑
5. Rotate: delete and recreate on a schedule (say every 90 days) and whenever a tool or server changes.
Cost: the OCO and the keys are free; you pay the normal spot fee on the leg that fills.
Where it goes wrong: a fast drop gaps through a stop whose limit sits too tight to the trigger, the sell never fills and you hold with no stop, while skipping step 3 leaves a leaked key with nothing in its way.
#AutomateYourCrypto #LINK #APITrading #StopLoss
The job: protect a $LINK spot position while a tool trades it, with the exit on Binance's books and a key that can't empty the account.
1. Spot trade page, OCO tab, Sell. Amount = your $LINK . Take-profit 15% above entry, stop trigger 8% below, stop limit 1% under the trigger (example values). One leg fills, the other cancels.
2. If a script runs it, have it send that OCO through the API as a real order, not watch price and sell itself. Script crashes, the stop still sits there.
3. Account > API Management > Create API. Tick Enable Spot & Margin Trading, leave Enable Withdrawals off, restrict it to your server's IP. Read-only for anything that only tracks.
4. One key per tool, named after it, so a leak means deleting one key, not all of them. 🔑
5. Rotate: delete and recreate on a schedule (say every 90 days) and whenever a tool or server changes.
Cost: the OCO and the keys are free; you pay the normal spot fee on the leg that fills.
Where it goes wrong: a fast drop gaps through a stop whose limit sits too tight to the trigger, the sell never fills and you hold with no stop, while skipping step 3 leaves a leaked key with nothing in its way.
#AutomateYourCrypto #LINK #APITrading #StopLoss