What are stop-loss and take-profit orders?

Setting take-profit and stop-loss orders is to minimize your potential risks and secure your profits.

Take-Profit

In the cryptocurrency market, a take-profit order (T/P) is a pre-set order that specifies a closing price to achieve the expected profit. If the market price does not reach the pre-set price, the take-profit order will not be executed. If the market price reaches the pre-set price, the open position will be automatically closed.

Stop-Loss

A stop-loss order (S/L) is also a pre-set order. When the market price reaches the stop-loss price, this order will be executed, closing the established position to stop the loss.

Website:

Login -> Trading -> Place Order -> Set Take-Profit/Stop-Loss

Who should use take-profit and stop-loss orders?

These two types of orders are very advantageous for short-term traders who want to profit immediately when the market rises or falls rapidly. Most traders use take-profit orders in combination with stop-loss orders.

The advantage of using take-profit or stop-loss orders is that traders do not need to worry about manually executing trades or repeatedly guessing. Take-profit orders allow you to capitalize on rapid market changes and avoid missing out on profit opportunities. Stop-loss orders help control risk and prevent further losses when the market fluctuates, especially if the market never rises or falls to your predetermined level. Traders are free to change their preset price or cancel their orders before execution.

As is well known, risk and reward are inextricably linked. Neither of these order types is ideal for long-term traders seeking greater profits. Long-term trend traders may feel frustrated by exiting the market prematurely after identifying a promising trend. For day traders looking to maximize profits, 200x leverage trading can be considered.