https://phemex.com/help-center/TP-SL-order
A Stop Loss order allows you to specify a price at which your orders will execute or close when the price is moving against you. This helps you limit the maximum amount of loss you are willing to experience. Therefore, Stop Loss Orders allows you to specify trigger price but the order will be executed in the market.
We recommend this type of order for two main strategies:
As a risk-management tool to limit losses on existing positions.As an automatic tool to enter the market at the desired entry point without manually waiting for the market to place the order.
NOTE: For a more advanced conditional instruction known as a Trailing Stop, please view What is a Trailing Stop?
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