Basic Concepts of Take Profit and Stop Loss:
• Take Profit: When the price moves in a favorable direction and reaches the preset profit target, the system will automatically close the position at the market price, locking in the existing profit.
• Stop Loss: When the price moves unfavorably and reaches the preset loss limit, the system will automatically close the position at the market price, limiting further losses.
Parameter Explanation:
1.Trigger Price: When the market’s “latest price” reaches the trigger price set by the user, the system will trigger the take profit or stop loss order. This is a condition-based trigger point.
2.Order Price: Once the trigger price is reached, the system will place an order at the preset order price to close the position at the market price. If the market price fluctuates significantly, the actual execution price may slightly differ from the order price.
Operation Process:
• When the market price reaches the trigger price, the system will automatically submit a closing order based on the preset order price.
• Take Profit Operation: When the price moves in a favorable direction, once the preset take profit trigger price is reached, the system will automatically close the position at the market price to secure the profit.
• Stop Loss Operation: When the market price moves unfavorably, once the preset stop loss trigger price is reached, the system will automatically close the position at the market price to avoid further losses.
Notes:
1.Position Mode: In position mode, multiple orders share a single position. Both “All Positions Take Profit/Stop Loss” and “Partial Position Take Profit/Stop Loss” are supported.
• All Positions Take Profit/Stop Loss: This applies to the unified take profit/stop loss settings for all orders in position mode. When triggered, it will apply to the entire position. Even if new orders with the same direction and asset are added, the system will still execute this strategy. Updating the take profit/stop loss for all positions will automatically cancel the original take profit/stop loss parameters.
Note: If your order is in position mode (where multiple orders are combined into one position), the take profit/stop loss order for any new order will default to apply to the entire position. This means that if the take profit/stop loss order for the new order is triggered, the entire position will be closed.
• Partial Position Take Profit/Stop Loss: Customers can set take profit/stop loss based on a percentage or quantity, allowing for flexible partial position take profit/stop loss. Each partial position take profit/stop loss order exists independently, avoiding duplicate orders. If a partial position take profit/stop loss is updated, the original take profit/stop loss order must be canceled in time.
Setting a reasonable take profit/stop loss strategy helps manage risk and lock in profits during market fluctuations. Additionally, you should carefully check the take profit/stop loss settings for each order to avoid unnecessary losses caused by having duplicate orders without timely cancellation of unnecessary orders.
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