Part 1: What Are Take Profit and Stop Loss
Take Profit refers to a target price set by the user. When the market price reaches this target, the system will automatically execute a closing position operation, converting unrealized profits into realized profits.
Stop Loss means that when the market price moves against the user's position, the system will automatically close the position at the preset price to prevent further losses.
Part 2: Why Use Take Profit and Stop Loss
The Take Profit and Stop Loss functions are extremely useful when you cannot monitor the market trend for an extended period. They can automatically execute trades based on market price fluctuations while you are offline, preventing missed profit opportunities or avoiding increased losses. Anytime you hold an open position, you can set Take Profit and Stop Loss according to your trading strategy.
When you cannot monitor the market for a long time, Take Profit and Stop Loss are very helpful. They can automatically execute trades offline, preventing missed profit opportunities or expanded losses.
Part 3: Practical Demo — Access the Settings Page
Open BitTap, go to the right side of the [Contracts] page or the positions page, and click [Take Profit/Stop Loss].
Part 4: Enter Price and Quantity
Input the Take Profit price and Stop Loss price, set the quantity, and click Confirm. When the market price reaches the preset level, the system will automatically place an order to close the position at the best available price.
Part 5: View and Manage
Settings successful! You can view or cancel the order in [Current Orders]. After manually closing the position, the corresponding Take Profit and Stop Loss will be automatically canceled.
Set Take Profit and Stop Loss properly, and trade without anxiety even when you’re asleep. Set cautiously and trade rationally!