How to setup a Stop loss order in Kraken ?

[brianK]

Hello,

I try to setup a Stop Loss order in Kraken, but it get cancelled or ignored, does anyone know how to set this ? I'm testing it right now but can't get it work:

 

[W Fish]

Works pretty much like anywhere else.
On the screen you posted, you are supposed to fill in the main order in the upper part and the "stopp loss part" startls with "conditional close".
Should work provided you have the LTC you are trying to sell.

 

[JohnnyDoe]

Don’t use stop loss orders. Please do yourself a favor.

 

[polonieth]

You will get rekt trading, buy and hold.

 

[brianK]

Works pretty much like anywhere else.
On the screen you posted, you are supposed to fill in the main order in the upper part and the "stopp loss part" startls with "conditional close".
Should work provided you have the LTC you are trying to sell.

Thank you, I will try again when I have a few hours in silence. I tried 4 - 5 times and it didn't work for me, either the coins were sold right away or it said error so I can't set the stop loss up.

You will get rekt trading, buy and hold.

??

 

[W Fish]

if the coins were sold right away, your limit sell price was lower than market.
On your screen you were actually setting up 2 orders at the same time:
1. limit sell
2. conditional (stop loss) buy.

if you had the coins and were not on margin or selling short, then the stop loss would not work anyways because with execution of the first order you would not have any position no more.

 

[mistaphi]

Thank you, I will try again when I have a few hours in silence. I tried 4 - 5 times and it didn't work for me, either the coins were sold right away or it said error so I can't set the stop loss up.

??

Here's a vid on setting up a stop loss using Kraken pro. I see that you're using the classic Kraken order screen to trade. You'll save in fees by using Kraken Pro so it's worth getting used to. And this vid will give you step-by-step instructions on setting up your stop losses -

But like others have hinted to, I agree that it's not a good idea to set stop losses at this time. We're still in the early stages of a bull run.

 

[brianK]

Thanks for the help, I begin to understand what the mistake I made. Will have to figure out something else.

Point was just to setup LTC to be sold if it gets below say 120$ in the night when I sleep so I don't wake up a morning and it went to 50$ over night.