How to place trades in spot trading in binance and some bonus tips

Source

WHAT IS SPOT TRADING:
Spot Trading is more or less like an investment and you don't lose in spot's trading except you close or sell at loss(when you place a trade and it starts to dip then you go and close your trade below your entry price).Source

HOW TO PLACE TRADES IN SPOTS TRADING
There are four ways of placing trade's in stop trading:

1. Limit
2. Market
3. Stop-Limit
4. OCO(One Cancel the Order)

Limit: limit orders means you can input your own price(pending order) when price gets to that price your trade will be filled(Buy/sell).

Screenshot taken by me from:Binance App

1. The Blue arrow: is the current market price,

2. The Red arrow: price list is useful to you when you want to place a buy order,

3. The Green arrow: price list is useful to you if you want to place a sell order,

4. Open orders: is where your see all your pending orders that are yet to be triggered or taken,

5. Price(USDT): is the price at which you want to buy,

6. Amount (SAND): is the amount of the coin you are buying,

7. Total (USDT): is the amount of USDT you are buying.

8. Avbl: is not your total portfolio but the total USDT you have available to buy coins because I only trade against USDT, so my money is always in USDT.

9. [25, 50, 75, 100]: is your USDT amount percentage, when you click on it, it will place an amount worth that particular percentage of your USDT balance as your Total(USDT), that is if you don't want to input the amount of coin or amount of USDT to buy.

Market: market order means instant order, if you want to place a trade with the current market price.

Screenshot taken by me from:Binance App

Stop-Limit: A Stop-Limit order will let you create a certain order which will only trigger when a certain price is met.source

for example so when price get to 0.64100 a buy order should be placed for you a trade for you at 0.64105.

Screenshot taken by me from:Binance App

One Cancel the Order (OCO): allow you to place two trades, a combination of limit order and stop limit order. Which when one gets triggered the other one is cancelled.

Screenshot taken by me from:Binance App

BONUS TIPS
How to set Take Profit(TP), Stop Loss(SL) and Trailing Stop in Spot Trading:

1. Take Profit(TP): when the price is going in line with your analysis and you want take your profit at a certain price, you place a limit order at that price.

2. Stop Loss(SL): when you place a trade and don't want to lose much when your analysis is wrong you place a limit order a bit below your entry point, that is after your pending order has been triggered.

3. Trailing Stop: when you're in profit and price is dipping down, you don't want to lose your profit, you place a limit order above your entry point.