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Stop loss orders on Kraken Classic
This article is for clients using Kraken Classic 
If you are looking for information on stop loss orders on Kraken Pro, you can find out how here!
Stop loss orders offers traders a level of protection when trading on Kraken (with or without the use of margin).
What is a stop loss order?
A stop loss order allows you to buy or sell once the price of an asset (e.g. BTC) touches a specified price, known as the stop price. This allows you to limit your losses or lock in your profits on a long or short position but can also be used to enter the market.
It is important to note that your stop loss order is not directly tied to a position (by default not reduce only - unless selected) but is an independent order and if you exit a position in an alternate way the stop loss must also be manually cancelled.
Stop loss orders are available as primary or conditional close orders via Kraken Pro.
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When the last traded price touches the stop price, the stop loss order will execute immediately as a market order and will incur taker fees upon execution.
Note that since a market order is created when your stop price is reached, your order may fill at a lower (in case of a sell) or higher (in case of a buy) price than the stop price. For markets with high volatility and relatively low liquidity like cryptocurrency markets, it is likely that your fill price will be significantly lower or higher than your stop price. 
Stop loss: Triggers a market order (buy or sell) when the last traded price* hits the stop price that you specify. *Index price trigger available on certain pairs. 
Stop price: The price at which the stop loss order triggers, specified by you.
How can I use a sell stop order?
You can use a sell stop order to protect yourself against market price decreases. In these orders, the stop price is entered below the current market price. If entered above market price, it will execute immediately.
You can specify the sell stop price in three ways:
1. A static price. For example, if the current market price of BTC is $50,000, you can set it to $49,500 to trigger a market sell if the price drops to $49,500.
2. Negative offset from the current market price. For example, if the current market price of BTC is $55,000, a price offset of $750 in will trigger a market sell when the price drops to $54,250.
3. Price offset based on percentage of current market price. For example, if the current market price of BTC is $60,000, using a 10% negative offset from the current market price will trigger a market sell when the price drops to $54,000.
Example: Suppose you purchased 0.8 BTC/USD at $60,000 thinking that the market price will go up. However, you want to limit your losses on this purchase so you set the stop price with a negative offset of 200 USD. So, if the market price falls to 59,800 USD your BTC will be sold.
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How can I use a buy stop order?
A buy stop order can be used to protect against the market price rising. In these orders, the stop price is entered above the current market price. If entered below market price, it will execute immediately.
You can specify the buy stop price in three ways:
1. A static price. For example, if the current market price of BTC is $52,500, you can set it to $53,000 to trigger a market buy once the price rises to $53,000.
2. Positive offset from the current market price. For example, if the current market price of BTC is $51,000, a positive offset of $500 will trigger a market buy when the market price rises to $51,500.
3. Price offset based on percentage of current market price. For example, if the current market price of BTC is $60,000, a 10% positive offset from the current market price will trigger a market buy when the price rises to $66,000.
Example: Suppose the market price for BTC/USD is $7,000. Your analysis tells you “if the price hits $7,500, it’s going to continue increasing” and you want to place a buy order in advance to take advantage. You could create a buy stop loss at $7,500 to enter the market once the trend begins.
Additionally, if your analysis says that once the price hits $7,500, a drop to $7,200 indicates a trend reversal, you can include a conditional close stop loss order with a stop price of $7,200.
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Stop loss limit is also available as one of our advanced order types. All other stop loss order types are not currently enabled. Updates will be posted on our blog.