Take profit and stop loss are common trading strategies used to automatically execute trades when predetermined profit or loss targets are reached. In futures trading, you can set take profit (TP) and stop loss (SL) by following these steps.
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Set TP/SL Before Opening a Position
- When placing a new order, check the "TP/SL"section in the middle of the page. Here you can enter the TP and SL prices that you prefer to quickly set TP/SL.
- If you require more advanced TP/SL functionality, you can utilize the "Advanced"options located on the right-hand side. These options allow you to set your stop-loss and take-profit levels based on price, PnL%, or profit.
*Note: You have the option to choose whether the TP/SL trigger is based on the last traded price or the mark price.
（1）Setting TP/SL by Price
Specify the trigger price and order price for your TP/SL. Once the trigger price is reached, an order will be placed at the specified order price. This order can be either a market order, which executes immediately at the market price but may be subject to volatility, or a limit order, which is placed in the order book but may not fill in highly volatile markets.
（2）Setting TP/SL by PnL%
Set your TP/SL based on a percentage gain or loss. For example, you can set a take profit at 20% and a stop loss at -10%.
（3）Setting TP/SL by Profit
Set your take profit/stop loss based on a specific profit or loss amount in the quote currency. For instance, you can set a take profit at a profit of 1,000 USDT and a stop loss at a loss of 500 USDT.
2. Setting TP/SL After Opening a Position
- Scroll down to the "Positions"section, select the order for which you want to set TP/SL, and click on "TP/SL".
- In the popup window, you can choose to set TP/SL by price, PnL%, or amount. The TP/SL trigger can be based on either the last price or the mark price.
- Enter the desired values, and the corresponding PnL% and Profit and Loss Amount will be displayed based on the current price.
*Note：
- The system will automatically close your position when the set TP or SL price is reached.
- You can view, modify, or cancel your TP/SL settings in the positions list at any time.
- TP/SL are risk management tools but cannot guarantee complete avoidance of losses. Set sensible TP/SL levels based on your risk tolerance and market conditions.
- Once confirmed, you can view or cancel the TP/SL orders under "Positions" or cancel them directly on the trading view page by clicking the "X" button.