- What are TP/SL orders and how to set them?
A take profit/stop loss (TP/SL) order is an order where you pre-set a trigger price, as well as the post-trigger order price and quantity. When the last price reaches the trigger price, the order is triggered and placed according to the pre-set order price.
Parameter description:
1. Trigger price: When the last price reaches the trigger price set by the user, the TP/SL order will be triggered and submitted.
2. Order price: After the TP/SL order is triggered, it will be placed according to the pre-set order price. The order price can be set as either a limit order or a market order.
3. Quantity: The quantity to be placed once the order is triggered.
Note: Once the market price reaches your trigger price, the order will be triggered and start execution. However, if your stop loss price is set too high or your take profit price is set too low, the order may never be filled if the market does not reach or improve upon your limit price.
Example:
Assume the current BTC price is 100,000 USDT. The trigger price for a TP/SL order can be set above the current price, such as 110,000 USDT, or below the current price, such as 80,000 USDT. Once the price rises to 110,000 USDT or falls to 80,000 USDT, the trigger condition is met and the limit order will be automatically triggered. The order will then be placed according to the pre-set order price and quantity.
Notes:
Before the trigger price is reached, the order will not take effect, even if the market price reaches the order price earlier than the trigger price.
Reaching the trigger price only means the order becomes active, it does not guarantee immediate execution. After the order is triggered, it will only be executed if its fill condition (order price) is met.
- How to set a TP/SL order
1. Log in to the AlphaX app.
2. Tap "Spot" in the bottom navigation bar to enter the spot trading page.
3. Select the trading pair you want to trade, e.g.: BTC/USDT.
4. Select "Buy" or "Sell", then choose "TP/SL".
5. Set the trigger price to 100,000. Set the order price to market price (the order price can be either "Market" or "Limit"), then enter the quantity of BTC you want to buy and tap "Buy BTC".
6. Carefully review your TP/SL order details, then tap "Confirm" to place the order.