Take Profit Market Orders
Take Profit Limit orders enable traders to set targets and protect profits on holdings by letting them choose a price at which to liquidate an open position for a profit. A limit order will be triggered when the profit price in a Take Profit Limit order is achieved.
A trader who is taking a long position sets a take profit ceiling higher than the going rate. The stop loss for a short position is placed below the market rate by the trader. If the Oracle Price rises or falls to the take-profit level, the T/P order becomes "Open" and functions like a typical limit order. Short-term traders that wish to reduce risk are the best candidates to use take-profit orders.
Limit Orders as Take Profits
Traders need an open position to execute this order type.
Order Entry Panel
- 1.Select the asset you are going to trade in the asset selector drop-down
- 2.Edit your desired leverage by selecting the
editbutton next to
- 3.Pick an order type (limit Order)
- 4.Decide on the position size in the amount field (or via the buying power slider)
- 5.Then enter your limit price in the price field
- 6.Select a fee rejection parameter if applicable (If the total fees exceed this specified paramter the transaction will
- 7.Choose a side either long or short (opposite of any open trades)
- 8.Click on
Once you’ve executed the transaction, the order will appear under the Orders tab. When the oracle price reaches the take profit price, the order will be executed and your position will be opened.
If you want to cancel a Take-Profit order before it has been executed, then click on
Canceland confirm in your wallet. As mentioned above, cancellations are done on-chain so this will carry a gas fee.