How to Trade on Binance Using Risk Management in TradingView
In this video, I’m going to show you how to enter the trades that we’ve set up in TradingView into the Binance exchange, how to trade on this exchange.
Let’s say I’ve set up two different setups. One setup has an R-ratio of 3.53, the other one has an R-ratio of 2.32. I’ll even set it up like this, so according to this plan, the price will trade from here. If it goes up, I will stop, or if it goes down, I will take profit. And the other way around for the long position here. If the price somehow comes here, comes to the Entry point and goes up again, he will take profit here because this will be TP. If it doesn’t go up and continues down from here, it will be stop here.
First of all, I’m going to show the Long setup, I double click on the Long setup, there’s an Inputs tab, I click on the Inputs tab. Right now there’s $10 on the Binance exchange and I’m going to go on $10. How much money do I have in my account? 10 dollars. How much of this account am I risking, let’s say 1 dollar. So I’m risking 10% of it. If we want to risk 5%, we do 0.5. For now, I’m doing 1 as an example. Of course, when you do these trades, do not go above 1% of your balance. I only change the account size and the risk we take. This risk will be 1 dollar in this video. Let’s close this by clicking OK.
Let’s do the same for Short so we don’t have to come back here. My account size is 10, my risk is 1. A position of 3.53, a position of 2.32. When you set up these setups and click on the setups, Entry Price is the price at which the trade will enter. Profit Level, the Take Profit part, is the part where the trade will close with a profit. Or the stop loss point, Stop Level, in case our planning doesn’t go the way we want.
Now I will enter this data into Binance first. I’m opening the Binance exchange. Look, there is a Long/Buy section, there is a Sell/Short section. If you are going to open a Long position, we use the left side and if you are going to open a Short position, we use the right side. I’m going to show the long section first. I’m going to copy the values here to the other side, Entry Price. I come here. I paste it as Entry Price. What does that mean? It means enter the trade when the price comes here. I’m copying this as Profit Level, I’m pasting this into Profit Level, you can see it like this. If you check Take Profit and Stop Loss, you will see the other options below. I paste Take Profit, I go to Stop Level and I enter the Stop Level values here.
This is Bitcoin, by the way. It’s important how many Bitcoins I’m going to trade. Let’s close this window. Look, what you see here 0.007 is your trade size. If I enter 0.007 here, if this trade is stopped out, I will lose one dollar and the balance in my account will drop to 9 dollars. If I go to Take Profit, the 10 dollars in your account will become 13.53 dollars. When I set it this way with these values and click on the Buy button, it will assign a Limit Order.
Now let’s do the same for Short. Here I enter the Entry Price, in Take Profit I enter the Profit Level value here and in Stop Loss I enter the value at the Stop Level. Let’s close this by clicking the Okay button. See, the short position here has a lower R ratio. So even though the Account Size and the Risk are the same values, I’m going to enter this trade with a lower Bitcoin value, 0.005 as you can see here. When I write this value, if the price goes up here, if the price goes in the opposite direction that I don’t want, I’m talking about the short position, I’m going to lose 1 dollar, and if it goes down, I’m making 2.32 dollars. According to this calculation, according to the values here, according to the trading strategy here, this is my loss and gain.
You may be trading in an altcoin. For example, let’s assume we’re going to open a trade in Ethereum. This time you will enter how many Ethereum you want to trade, again by looking at your trade setup. For example, you want to trade XRP. You will enter how many XRP you want to trade with by looking at your setup. So don’t leave it here. Don’t leave it in USDT. If you are doing risk management, it should definitely be in the value of that coin or that token itself, it should be in its own quantity.
You may have a problem like this. Now you have a certain balance in this account. However, you may not be able to get enough tokens or coins for this balance if we are talking about Bitcoin. Let’s shift this hundred percent value completely to the right. See, with this, we can only get 92 XRP. In such cases, you may need to manually adjust the leverage yourself. Right now it’s 3X. If I make it 20X, I click confirm, see, this time the number of XRP I can buy has increased with 20X. So if you get an insufficient balance error when you enter the number here, what you do is change the amount of leverage here. However, nothing will change when you play this way. You will only be able to enter the amount specified in your setup. The amount of R you will lose when the trade goes wrong will still be the same. It will be the rate you specified on the TradingView. When you win, it will still be the rate you see on TradingView. This is how you can also set the leverage. Otherwise, the leverage does not matter. You need to focus on how much you will lose.
In this video, I showed you how to enter the setups that we set up on TradingView on the Binance exchange. And in addition, we learned how to change the amount of leverage in cases where leverage is unimportant, but there are times when we don’t get enough of the token you are trading in quantity.
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